Know all about Startup India scheme; make money and be the boss of your own company

What is Startup India scheme? Well, startup is a description under which newly established companies are registered. In short, Startup India Scheme is all about the establishment of small or new businesses. It is usually used for a small company started by 1 or a group of individuals. The things that differentiates startup from other new businesses are that a startup offers a new product/service that is not being given by any other organisation in a similar fashion. Basically, startup is known for its presence in the innovation space. A startup either develops a new product/ service or recreates a current product/service and offers something better. But the question is how can an entrepreneurial minded individual can make money from Startup India scheme. For starters, know that the Indian government helping startups establish themselves by offering a number of special benefits so that they manage to drive themselves into profit as soon as possible or at least establish themselves on a sound footing. 

What is Startup India?

Startups are becoming increasingly popular in India. After all, everyone want o be an owner or part owner of a company. In order to develop Indian economy and attract talented entrepreneurs, the Government of India started and promoted Startup India initiative to recognise and promote such firms in the country. 

Startup India is a an initiative of the Government of India, works to build a strong ecosystem that is supportive for the growth of startups across country. In order to carry on a sustainable economic growth and generate large scale employment opportunities in the nation, the Government through this initiative aims to empower startups and make them grow through innovation and design.

The Startup India scheme has a 19-Point Startup India Action Plan that includes several services like various incubation centres, easier patent filing, tax exemptions, ease of setting-up of business, a massive Rs 10,000 crore corpus fund, and a faster exit mechanism, among various other advantages.

The government has initiated services like Simple process to get a registered name, low cost of formalities, easy access to a fund out of Rs 10,000 crore corpus, no income tax for first 3 years, no prior experience required to have government tenders, various R&D facilities, No time-consuming compliances, Tax saving options for investors, choose your investor or VCs, easy exit and so on. 

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As far as patent costs are concerned, the startups can claim an 80% rebate under the scheme. If a startup applies for a patent, the government will fund the defence of the patent, and give rebate of 80% in the total fees.

Also there would be no inspection carried out on start-ups for first three years regarding labour laws. However, environment law compliance is required only post-self certification by the government. 

For more information on Startup India Scheme, you can visit the official website i.e startupindia.gov.in

Government has also proposed to hold 2 startup fests in a year both nationally and internationally, in order to enable the various stakeholders of a startup to meet each other. This helps in creating huge networking opportunities.