Key points of Start-up India Scheme

Startup India Scheme - Features, Benefits, Eligibility & Registration (bajajfinservmarkets.in)

The Startup India programme, which began on January 16, 2016, has rolled out a number of initiatives
aimed at encouraging entrepreneurs, fostering a robust entrepreneurial environment, and transforming India
into a job-creating hub. The Department of Industrial Policy and Promotion is in charge of these initiatives
(DPIIT). This strategy aims to strengthen startups not only in major cities, but also in rural villages, by
enabling those who wish to start their own businesses.

Start-ups can profit from the Startup India programme in a variety of ways. However, a company must be
recognised as a start-up by the Department of Industrial Policy and Promotion in order to receive these
benefits (DPIIT). The advantages of Startup India are as follows:

Patent Cost Reduction: The majority of businesses in India are patent-based, which means they offer one-
of-a-kind products or services. When registering with a private firm, they must pay a significant charge,
often known as a patent cost, in order to register their businesses. However, under this programme, the
government reimburses patent expenditures to the tune of 80%.

Tax Exemption: Eligible startups are exempt from paying income tax for the first three years following
formation. However, the company must be recognised by DPIIT in order to enjoy this benefit.

Easy Registration: The Startup India registration process is simple and painless. Everything is done in a
single meeting. Furthermore, dedicated officials are available to assist you at all times.

Government Contracts: Everyone wants to get their hands on government contracts because of the high
payments and large projects. Obtaining government tenders, on the other hand, is a difficult task. Startups
are given priority in government tenders under this programme.

Self-Certification: This programme allows entrepreneurs to self-certify their compliance with six labour
regulations and three environmental laws. For the next five years, there will be no employment law
examinations.

Networking Opportunities: The proposal allows entrepreneurs to meet a diverse range of stakeholders from
across the world by conducting two start-up carnivals each year. This contributes to the growth of a big
worldwide network that might be helpful to the organisation.

Apart from the aforementioned advantages, the Startup India programme also provides other benefits such
as efficient adherence, a smoother exit procedure for defective firms, legal aid, patent application tracking,
and a website to combat the dissemination of erroneous information.