Finally, the young entrepreneurs and the webpreneurs can heave a huge sigh of relief! Well, the Government of India have launched one of its most ambitious projects,’ Start Up India, Stand Up India ‘on Saturday, January 16 to initiate innovation and liberalize business in India.
While, everybody is celebrating the Startup India movement launched by Prime Minister Narendra Modi, here we give you some reasons why Startup India, Standup India makes an Impact –
Image Source: By DhananSekhar (Own work) via Wikimedia Commons
Startup Founders Can Easily Register through a Mobile App for Startup India
The startup founders do not have to rush anywhere, all they have to do is register on a mobile app. Yes, as simple as that. This Mobile App is scheduled to be released on April 1, 2016.
Investments by Government & Top Investors Including Google and Japan’s Soft Bank
The Government of India under this movement will develop a fund with a total corpus of Rs. 10,000 crore over 4 years to aid all the upcoming startups in India. Moreover, search engine giant Google will offer $15,000 of equity funding for early stage startups under ‘Launchpad Accelerator’ where entrepreneurs can share their ideas by live presentation. In addition, SoftBank has promised to invest up to $10 billion. It has already invested up to $2 billion in Indian startups.
Patent Registration Easy and at a Reduced Price along with Legal Support
PM Narendra Modi announced 80% reduction fees in Patent registration so that newcomers get equal opportunities. In addition, the Central Government is conceptualizing a fast track system for ‘Patent Examination’ so that it can promote awareness about IPRs – Intellectual Property Rights. Also, the startups will be provided a panel of facilitators who will help them submit the patent without much difficulty.
No Regulatory Burden
To reduce the regulatory burden, the startups in Startup India movement will be allowed to adopt self-certification compliance with environment and labor laws. No inspection will be done in the first 3 years.
90 Day Exit Plan
In case your startup fails and you want to wind it soon. The government will not only help you to do so, on a fast track basis but also wind up everything within a period of 90 days. The closure of startups has been included in the ‘The Insolvency and Bankruptcy Bill 2015’. This plan certainly makes an impact as we Indians normally do not start a business by fearing the worst.
Startup India Provides Tax Exemptions to all the Founders
To promote growth as well as profits of the startups, all the startups after April 1, 2016 will be exempted from Income Tax for a period of 3 years. Yes, freedom from tax in profits and freedom from Capital Gain Tax for the initial 3 years is what Startup India is providing to all the entrepreneurs and webpreneurs!
Nevertheless, Startup India, StandUp India initiated by Government of India is all set to create an impact in our lives soon – Are you ready to grab the opportunity?
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