The introduction of the Startup India initiative by the Government of India is a major milestone. It is a great opportunity for the generation of employment, wealth and promotion of indigenous industries. The main aim of Startup India is the development and innovation of products and services. It also seeks to increase the employment rate in India.
Here are some of the benefits of Startup India program that a business owner can avail:
Companies are required to comply with various labour law compliance. Many a times startups end up neglecting them. To reduce regulatory liabilities, startups are allowed to self-certify compliance with nine labour and environmental laws. In such a case, no inspection will be conducted for a period of three years.
2) Research and Innovation Benefits:
Startup India Initiative encourages research and innovation among those, who aspire to be an entrepreneur. There are proposals to set up seven new research parks to ensure that facilities are provided to students and startups for research and develop their products/services.
3) Tax Exemption:
The startups registered under the Startup India Scheme are even exempted from tax. This exemption is provided for a period of the initial three years. Any investment which is made by incubators of higher value than the market price is exempted. Even investments made by angel investors are also exempted under the scheme.
4) Patent Protection:
A number of steps are taken under the scheme to protect valuable intellectual property. This includes a fast-track examination of patent applications. Further, a rebate of 80% of the total value of the patent fee is also granted once the patent is filed.
5) An Incubator Setup:
The Startup India scheme includes an incubator module which endorses the public-private partnership. This provides the startup with the requisite knowledge and support.
6) Networking Options:
Under the scheme, startups get opportunities to meet other startup stakeholders at a particular place and time. These meetings are conducted as fests twice, annually. The fests are conducted on both national and international levels.