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Start-up India is a scheme launched by the Indian government to promote entrepreneurship in the country. The government has made it easier for entrepreneurs to start and grow their businesses.
The Start-up India scheme was launched on January 16, 2016 by Prime Minister Narendra Modi. The main objective of this scheme is to provide a conducive environment for the growth of start-ups in the country and nurture innovation and entrepreneurship at large.
The goal is to create more jobs, reduce poverty and increase self-reliance with the help of new enterprises.
Start-ups are given benefits like capital gains tax exemption, inspector raj exemption, single-point clearance system, etc., which will make it easier for them to do business in India.
Table of Contents
Introduction to India’s Start-Up Scheme
The Start-Up India program is an initiative by the Government of India to support entrepreneurship and promote innovation.
The Start-Up India program is an initiative by the Government of India to support entrepreneurship and promote innovation. The program was launched on 16 January 2016 by Prime Minister Narendra Modi with the objective of creating jobs for 10 million youth in the next five years, as well as encouraging entrepreneurship at a grassroots level.
What are Eligible Activities for Eligibility?
The government of India has announced a program called “Start-Up India” to encourage entrepreneurship. Under this program, the government will provide some benefits for new start-ups.
What qualifies as an eligible activity for Start Up India?
The following activities qualify as eligible activities:
1) Setting up a new business in any sector (except defense)
2) Setting up a business in an existing non-government organization or company if you are not an employee of that company/organization
3) Setting up a business in an existing government organization or company if you are not an employee of that company/organization
4) Starting your own venture after working with another entrepreneur for at least three years
5) Starting your own venture after working with another entrepreneur for at least six months
The Complete List of Loans Available Under the Start-up India Scheme
The Start-up India Scheme was launched by Prime Minister Narendra Modi on January 16, 2016. The scheme is a part of the government’s Startup India Action Plan to support startups in India.
Under the scheme, the government provides a list of loans that are available for startups. These loans are given by various banks and financial institutions. The list includes:
1) Micro Units Development and Refinance Agency (MUDRA) Loans
2) Kishore Vaigyanik Protsahan Yojana (KVPY)
3) Innovation Fund (IF)
4) Technology Development Board (TDB)
5) Rural Electrification Corporation Limited (REC), etc.
What Does the Scheme Offer and How Does it Help Companies?
The Startup India Scheme is a joint initiative of the Indian government and NITI Aayog. It offers various benefits to startups.
The scheme provides equity-free capital assistance up to Rs 10 lakhs for innovative startups who are looking for seed funding. It also offers tax benefits and exemptions, including income tax exemptions for 3 years, 100% deduction of profits up to Rs 1 crore for three years, no capital gains tax on investments in qualified startups, and no restrictions on foreign remittances.
The scheme also helps companies by providing them access to various schemes like the Atal Innovation Mission (AIM), Technology Development Fund (TDF) and Industrial Productivity Fund (IPF).
Which Companies Can Benefit from this Scheme?
Companies that are not big enough to have in-house copywriters for their marketing campaigns can benefit from this scheme. They don’t need to spend time and money on hiring these writers for their marketing campaigns.
It is also suitable for companies that are too busy to write content, especially when they are launching new products or services.
How Does One Apply For The Scheme?
The Start-up India Scheme was launched on the 25th of January 2016 by Prime Minister Modi. It aims to create a supportive environment for budding entrepreneurs in India. The scheme has been successful in creating a more favourable environment for start-ups in India.
The application process is fairly simple and straightforward. You just need to fill out the form available on the official website of Start-up India and submit it with your application fee.
Visit Shram Suvidha Portal of the Ministry of Labour and Employment
Register at the portal and log in. After login click on “Is any of your establishment a startup”, then follow the instructions.
Tips for Applying for the Start-Up India Scheme & What You Need to Know?
The Start-Up India Scheme is a flagship initiative of the Indian Government, which aims to promote entrepreneurship and innovation and foster self-employment. The scheme provides tax exemptions for three years to start-ups with a turnover of less than Rs. 25 Crore.
The eligibility criteria for starting a business in India are:
– Minimum investment of Rs. 10 lakhs or $150,000
– Minimum two years of experience in the area where the new venture is being established
– Minimum 25% contribution by women entrepreneurs
How much can one actually claim?
The Start-up India Scheme was announced by the Prime Minister of India, Narendra Modi on 16th September 2016. The scheme has been introduced to encourage entrepreneurship and promote innovation.
The maximum amount that can be claimed under the Start-up India Scheme is Rs. 10 lakhs (approximately $14,000). This is a sum that can be claimed as a reimbursement for expenses incurred in setting up the enterprise.
Conclusion
The Start-up India Scheme is a great opportunity for start-ups. It will provide you with a number of benefits that will help you grow your business and get the best out of it.
It has been implemented by the Ministry of Commerce and Industry and the Ministry of Finance with an aim to increase self-employment in the country by providing start-ups with tax benefits, easier access to credit, and faster regulatory clearances.
You may also be interested in Stand-Up India, please click here to check out.
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