9 Benefits Of Startup India Program That Businesses Can Avail

Startup India, the government initiative, is a boon for enterprenuers. Here are the 9 benefits of startup India program that business in India can avail.

1. 9 Benefits Of Startup India Program That Indian Businesses Can Avail India's corporate regime saw significant changes with the introduction of the Startup India initiative. It aims to promote entrepreneurship and has led to India becoming the third-largest startup destination globally.

2. Employment Generation 1 Opportunity for Employment Startup India provides an opportunity for the generation of employment and wealth, contributing to the growth of indigenous industries. 2 Entrepreneurial Culture The initiative has led to unprecedented growth in the entrepreneurial spirit among the youth of the country.

3. Eligibility and Benefits Eligibility Criteria The eligibility criteria for registration under Startup India include being a private limited company or a limited liability partnership. Approval from the Department of Industrial Policy and Promotion (DIPP) is also required. The company must provide innovative schemes or products and should not be older than five years. Benefits Startups can avail benefits such as self-certification, tax exemption, patent protection, and relaxed norms for public procurement. They also have access to networking opportunities, government tenders, and research and innovation benefits.

4. Simplified Work and Financial Aid 1 Simplified Work Startups are allowed to self-certify compliance with nine labour and environmental laws, reducing regulatory liabilities. 2 Financial Aid Startups registered under the scheme are exempted from tax for the initial three years, encouraging business development.

5. Single Window Clearance and Patent Protection Single Window Clearance Eligible companies can register through a single form via the Startup India mobile application, providing easy clearances for approvals and registrations. Patent Protection The scheme includes fast-track examination of patent applications and a rebate of 80% of the total value of the patent fee.

6. Incubator Setup and Networking Options Incubator Setup The scheme includes an incubator module that endorses public-private partnership, providing startups with the requisite knowledge and support. Networking Options Startups get opportunities to meet other stakeholders at fests conducted twice annually, providing a broader perspective with day-to-day activities.

7. Government Tenders and Research Benefits 1 Government Tenders Startups are given incentives to receive government tenders and are not required to have any prior experience to be eligible. 2 Research and Innovation Startup India encourages research and innovation, with proposals in place to set up seven new research parks.

8. Startup India: A Boon for Entrepreneurs Startup Growth With little compliance and numerous opportunities, Startup India can help entrepreneurs see their business ideas grow, develop, and implement. Business Development The benefits of Startup India, including tax exemption and networking opportunities, provide a conducive environment for business development.