Do you have an innovative idea that you want to pursue as a startup? Then Startup India is the right platform for you!
Startup India is a plan of action that is aimed at promoting and financing startups. It is an initiative of the Government of India. The campaign was first introduced by our Prime Minister Narendra Modi on 15th August, 2015.
The Indian government has introduced over 50+ startup schemes in past few years. Each Startup scheme is aimed to promote the Indian startup ecosystem.
India is expected to reach over 12,000 startups by 2020.
If you’re wondering “How Startup India is helping businesses?” Here is the answer to your question.
- Easy access to funds
The Government of India has set aside Rs 10,000 crores to fund the startups as venture capital.
The government is also giving guarantee to banks and other financial lenders for providing capital.
2. Exemption from tax for 3 years
Startups will be exempted from income tax if they get a certification from the Inter Ministerial Board.
3. Reduction in cost
Startups will enjoy 80% reduction in the cost of filing patents.
4. Easy process
Government of India has launched a website and a mobile app for registration of startups. Anyone interested in Starting a Startup (Provide link to How to start a startup) can fill a simple form on the website and upload the required documents. The full process can be completed online.
5. R&D Facilities and opportunities
New research centres will be set up to provide facilities and opportunities for startups in the R&D sector.
6. No time-consuming registrations
Numerous compliances have been simplified to save time and money for startups.
7. Apply for tenders easily
Startups can apply for government tenders. They are exempted from the criteria of attaining a particular turnover.
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