Startup India program was launched to provide funding support, training, guidance, and incubation opportunities to new as well as existing startups. The basic idea behind the launch of this initiative was to make people self-sufficient and enable them to start and run new innovative companies while simultaneously generate employment opportunities for the general population.
How Can Startup India Program Help Your Business?
Startup India is your one-stop destination for everything you need to succeed as an entrepreneur in India. Let’s take a look at some of the benefits you can avail under this scheme.
- Income tax exemption on profits for the first three years to new startups
- Hassle-free registration process
- Tax exemptions on capital gains
- Heavy discount on patents cost
See Also: Top 5 Startup Programs by the Indian Government
1. Financial Assistance
There are innumerable financial benefits of availing the Startup India scheme for any entrepreneur in India. The most prominent one is the massive rebate of up to 80% on patent costs. The program also helps entrepreneurs and startups to complete their patent registration process more efficient and faster.
See Also: The 6 Most Reliable Ways to Fund Your Startup in India
2. Income Tax Exemption
To push the startup India campaign even further, the Government has been providing income tax exemptions to startups for the first three years on profits. Additionally, if a business has invested in certain funds, they might be eligible for exemption on capital gains. However, to qualify for this scheme, companies need to obtain approval from the inter-ministerial board.
3. Quick and straightforward Registration Process
Budding entrepreneurs, who have a little knowledge about starting their startup, can benefit a lot from this program. Under the scheme, citizens can get all the guidance and training at every step of the registration process. The application process is also quite fast and straightforward. Furthermore, participants can get answers to their problems and doubts through a single-window service. More and more startup India hubs are being established across India to guide entrepreneurs about the critical steps they need to take for incorporating and registering their businesses.
4. Ease of Acquiring Government Tenders
In India, the Government tenders are often tricky and complicated to acquire. If you’re inexperienced, you may need to put a lot of effort even to get access to them. Most businesses know that winning government tenders is essential to get lucrative, long-term projects, but acquiring them is a different story altogether. The good news that under the Startup India program, new startups are given priority when allotting government tenders even if they have a little experience.
5. Great Networking Opportunities
Once your startup gets successfully registered with the Startup India program, you’ll gain access to several startups fests every year. These events are organized to encourage entrepreneurship among business owners and offer them excellent networking opportunities.
In conclusion – the Startup India program is not just helping registered companies to excel in their respective fields. It is also providing free, valuable support and assistance to a lot of inexperienced individuals who are planning to start their entrepreneurial journey.
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