Startup India | Start Up India Schemes- Benefits 2020

What Is Startup India ? 

Startup India is essentially an initiative of the Indian government aimed at encouraging and encouraging entrepreneurship among its citizens.

The general idea involved in launching the Startup India initiative was to create job opportunities for the unemployed through new businesses, while working to build self-employment for individual owners.


This is how Startup India worked:

• Approximately 15,472 recognized startups in India startup

• More than 1,48,897 startup jobs have been reported created by 13,176 recognized startups

More than 45% of recognized startups have at least one or more managers.

Start-Up India registration

The steps included in the Startup India registry make it convenient for startups to rely on government plans for their additional benefits.

These are the steps involved in India startup log:

• Make sure to register your company as a limited liability company, partnership company, or limited liability company.

• Register on India startup site here

• Upload documents in PDF-LOR, foundation certificate and business description

• Witnesses that he fulfills the specified conditions

• Get the recognition number, and that's it!

Startup India loan

The government launched the Pradhan Mantri Mudra Yojana program in April 2015 in cooperation with regulated banks and NBFCs providing Indian startup loans to non-commercial and non-farm small and micro enterprises in their initial or growing phase.

The types of loans granted under Pradhan Mantry Mudra Yojana are:

  • Shishu: A loan of up to Rs 50,000 is granted to startup companies in their initial stages.
  • Kishore: A loan of 50,000 rupees to 5 rupees is granted to new companies for expansion.
  • Tarun: India startup loan of Rs. 5 lakh is awarded to Rs. 10 of Rupees for emerging books.



Startup Jobs Generated

Startup India started Not only did the initial jobs create jobs in a growing unemployment situation in the country, but it also provided more important opportunities on a smaller scale.

Personally, in my opinion, startup jobs guarantee 10 times more exposure than normal work, as they are set to complete multiple job functions, ensuring faster professional growth.

How India's startup system helped startups

India Scheme has helped multiple startups with their financial and other support.

  • The government grants exemption from income tax for new companies during the first three years of profits earned by the company.
  • Exemption from taxes on capital gains 80% off patent costs
  • Simplified registration process


Start-Up India Program: Benefits in 2020

The government of India started the Start Up India program in January 2016 with the goal of encouraging various startups which in turn help create jobs and increase the country's economic situation.

 The start-up plan in India assists Indian entrepreneurs by offering business loans and tax benefits. It is a support pillar to motivate young entrepreneurs to pursue the journey of success.

Note: The Government of India has allocated a fund of Rs. 2,500 million to create innovative new companies along with a Trust Fund of Rs. 500 million.

India Start Up Scheme

The person must meet the following eligibility criteria to apply for the India Start Program:

• The start-up or its establishment must be registered in India for a period of less than 7 years. For new biotechnology companies, less than ten years.

• The annual sales volume should be less than Rs. 25 million.

• The primary objective of the business is to innovate, develop, publish or market new products or services driven by technology or intellectual property.

• It must be a new company and not a result of dividing or rebuilding the company.

• He must have a certificate from the Cabinet

It must be a private company, a registered company or a limited liability company.

 

India Startup Schemes - Benefits

Startups that meet Start Up India Scheme eligibility can benefit from the following benefits:

1. Financial benefits

2. Income tax benefits

3. Benefits of registration

4. Government tenders

5. Great networking opportunities

Picture Source : OfficeChai

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