As a child growing up in a business family, I was always familiar with my family saying that one thing every time any new Startup idea popped up. “Risk bohot hai”. Every time we think of starting a new business the first thing that comes to our minds is that it requires a huge amount of both capital and risks which usually takes aback so many brilliant ideas becoming a reality.
The investment, infrastructure, and the desired return that should be meeting that amount are the things most budding entrepreneurs are usually apprehensive about. Obviously, the risk factor is still there, but with a sigh of relief. Want to know how?
Here are some reformed Startup benefits in India the government offers
REGISTRATION –
What is registration in this era? A piece of cake? Well, it looks like it is. In a country like ours where legal, filing, and registration systems take ages to deal with, now you can remotely register your business through a simple application where all you need is a mobile phone/ laptop and an Internet connection to make your startup dreams a reality.
COST REDUCTION –
One of the biggest startup benefits in India is that the government provides to every startup the reduction of patency fee by 80%, which mainly couldn’t be afforded by small-scale businesses but now is easier for all. A Startup in India now just has to pay the Statutory fees and the facilitator’s fee will be managed by the government.
A HELPING HAND FOR FUNDS –
With the government allocating funds of more than ₹10,000 crores, startups now have an opportunity to get more funds which are usually seen as distress for most budding entrepreneurs. In addition to that, the government has also asked all the major banks to provide financial capital to budding entrepreneurs.
NO TAX FOR THE FIRST 10 YEARS –
Now a company can be called a startup even after 10 years of its existence. Back then, a company came under the title of startup until 7 years of its existence and was left tax-free for 5 years. However, now a company does not have to pay taxes until 10 years of its existence.
EASIER APPLICATION FOR TENDERS BY STARTUPS –
Startups can easily make bids on government tenders if they have the required financial backup. Now, a company doesn’t need to have a certain amount of experience or turnover to bid on government tenders. This creates a great opportunity for everyone involved to learn and earn during the process.
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INFRASTRUCTURE SHOULD NO MORE BE AN ISSUE –
Now that we have the required funds and benefits for starting a potential business, what comes next? Infrastructure. One of the biggest startup benefits in India enjoyed by most budding entrepreneurs is the setting up of several R&D parks. These R&D parks help tackle the issue of not having the infrastructure to build new things. A few such parks have already been set up and the government ensures that more such parks are being set up.
SELF-CERTIFICATION WITH LESS TIME-CONSUMING COMPLICATIONS –
Startups enjoy the benefit of self-certifying their company through the mobile app by following the 9 labor and 3 environmental laws.
INVESTORS SAVE MONEY TOO –
In the process of investing in such startups, even the investors are exempted from paying any taxes. This way, the Indian business industry can grow in versatility.
FREEDOM TO CHOOSE YOUR INVESTORS –
With a lot of firms coming up as venture capitalists to aid startups, they now enjoy the freedom to choose their own venture capitalists that resonates with their idea of business. This helps maintain harmony and smooth functioning of the company.
NOT A PACKED RELATIONSHIP –
One of the benefits of startups in India is that they are not obliged to stay with the government plan when things don’t work out. It’s important to understand that business strategies and ideologies undergo constant change and sometimes it’s harder to understand the line of ideology in the beginning. To aid this, no company is forced to be a part of the government scheme. All they have to do is fill up a form for exiting the service and you can leave the scheme right after 90 days of service.
AN OPPORTUNITY TO MEET FELLOW ENTREPRENEURS –
The government plans to hold startup meets every now and then which helps entrepreneurs meet their fellow entrepreneurs and brainstorm ideas for their business and maintain cordial relations.
With so many benefits offered to various startups by the government, it is easier to start a business on a high.