Amazing Benefits Government
Offers To Startups In India
India is a nation where startups can emerge and reach every corner
across the globe. Many prominent names like Tata, Reliance, and
others started their journey from here and managed to spread their
business everywhere. In India, the government has helped millions
of startups to serve people and become part of the economy.
Although ​crowdfunding for startups in India​ is easily accessible
which prepares a suitable environment for these businesses, still,
the benefits the government offers to startups here cannot be
ignored. In this article, we will learn ​how startups in India get
benefits​ from the government.
Benefits Government Offers To Startups In
India
1. Simple Online Registration
Earlier, it was not easy for startups to go through the entire
registration process. Entrepreneurs faced a series of difficulties at
that time. Now, the government has introduced an app for
registration, hence making the whole process online. Anyone
looking to start a business should fill a simple form and provide
necessary documents.
2. Lower Fees
For startups, trademarks and patents are readily accessible by the
government. Now, the patents are examined at low fees. Besides
this, all the facilitator fees are paid by the government, while the
startups bear only statutory fees. As a result, over 70 percent of the
fee burden is reduced for the startups.
3. Funds Are Easily Accessible
The Indian government has an enormous capital, about ten
thousand crore rupees for startups in the form of seed capital. In
addition, financial institutions other than banks are encouraged to
help startups with necessary funds and other resources.
4. Temporary Exemption From Tax
Startups in India are exempted from taxes for three years while
getting ready for the market. The three-year exemption period is
termed as a tax holiday. However, they are required to receive an
IMB certificate to take advantage of the tax holiday.
5. Tenders Are Accessible
Government tenders are readily accessible to startups. Now, new
companies can apply for them without showing any current
turnover and prior experience in the relevant industry. This is a great
advantage of starting a business in India.
6. Research and Development
Research and development are crucial for any startup to expand its
business. Therefore, the government is working on several research
parks that will offer all the necessary R&D facilities for all the
industries.
7. Compliances Are Simplified
Compliances were time-consuming for startups a few years ago.
However, the government has simplified them at present. Startups
can now save money and time. According to the government,
startups need to comply themselves by certifying through the
mobile app.
8. Benefits For Investors
Investors get tax benefits from the government while investing their
money on startups. They are free from any form of tax while gaining
capital. Such a facility allows startups to attract investors every
time they will need money.
9. Choose Investors
Startups are now free to choose any type of investor. Depending on
the financial situation, entrepreneurs can go for angel investors,
startup incubation support, accelerators, banks, V
​ C firms​, and other
organizations.
10. Easy Exit
If a startup wants to close its operation, it can apply for its closure
within a period of 3 months. This makes it easy for a new business
to make an exit in case it faces any loss or due to other reasons.
Success Of Startup India Scheme So Far
Startup India has played a crucial role in driving the enormous
economy of the country. It has given a significant push to the
innovative spirit in the market and industries. Many tech startups
emerged which offered jobs to millions of people. Today, more than
50 percent of young professionals are from the IT sector, directly or
indirectly. Bangalore is a city where every 3 out of 5 company is
working on web development or any other new technology. Almost,
all startups prospered there when the government supported them
with the necessary funds and resources. In addition, the
government worked on development schemes where nations like
Japan, Germany, France, and all SAARC countries could invest their
money in startups in India. Although countries are ready to put their
resources, a significant issue exists from the part of the
bureaucracy and politicians. Due to their pressure, some startups
fail to get along into the market. Still, despite such obstacles, India
can be a great ​startup platform​ for most of the entrepreneurs.
Conclusion
Entrepreneurs can reap several benefits while starting their
business in India. In this article, we have seen how the government
is backing all startups in India with various programs, particularly
Startup India. Besides this, owners can go for any other s
​ tartup
investment platform​. We also observed the IT industry has grown
massively, creating millions of jobs. However, India is not only for
all about the IT field. Other industries such as banking, finance, food
processing, ecommerce, healthcare, marketing, etc. are getting
traction on a large scale. So if you are looking to start a business,
then the government is always there to support you in India.
Reference Url​:- ​Startup Paisa