Startups are becoming a new trend in this generation. The Government has started promoting Startups in India. Startup Indian initiative aims to build a strong ecosystem that is vital for the growth of startups. As per recent studies, Indian startups had already raised 7.8 billion in the ongoing year 2021.
To empower startups and achieve growth through technology and ecosystem and to help the economy, many benefits are given to entrepreneurs to establish startups by the Government.
Eligibility For Registration Under Startup India:
According to the Startup India Action Plan, the following requirements are to be fulfilled to get elected as a startup:
- The company must be either an LLP- Limited liability partnership or a PLC-Private Limited Company.
- The business firm must have acquired approval from the DIPP-Department of Industrial Policy and Promotion.
- The company should not have a turnover exceeding 100 crores.
- The company must be working towards the development, improvement, and innovation of products and services.
Benefits Given to Indian Startups:
Simple Process
The Government has launched a website and a mobile app for startup owners to register their startups online easily. However, startup owners need to fill a simple form online and upload the required documents for starting a startup.
Easy access to Funds
A 10,000 crores government funding for startups as a venture for capital. In addition, the Government is providing a guarantee to creditors to encourage financial institutions and banks to provide venture capital to startups.
Tax Exemption
The startup can avail tax exemption for Three consecutive financial years out of it 10 year from the date of incorporation.
R&D Facilities
New seven research banks will be set up to provide facilities to startups.
Conclusion
If you need any help in registering your startup in Startup India to avail startup benefits, seek out Ontaxco-a well-known company. We will help you with all the services needed for startups. We also provide services like trademark registration, compliance for startups, investment, and many more.
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