Start-Up India- Stand Up India, finally the most awaited policy of the government of India to boost Small Business companies, and start-ups in India is launched. Rs.10,000cr of the package is announced for startups to boost employment in India with lots of new benefits for new start-ups. Here is a guide for how to get funds from the “start-up India” package and how to register for start-up India and much more.
How to Get Funds from Start-Up India? – Benefits of Start-Up India
In Start Up India Movement, which was started by Narendra Modi Government, they try to reduce the problem faced by new entrepreneurs (businessmen), register new start-ups, get funded, guide and many more, which will be reduced by now (hopefully). Prime Minister Narendra Modi pitched “Yes, we have a million problems but at the same time we have over a billion minds”.
Start UP definition by Government Of India
As stated in official document of the start-up India project, “Startup means an entity, incorporated or registered in India not prior to five years, with annual turnover not exceeding INR 25 crore in any preceding financial year, working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.”
Benefits of Start-Up India – Features/Benefits for New Entrepreneurs
1. If you are a new start-up, you can now register your start-up with one click. Yes, the government of India will launch a new portal and mobile app where you can register your start-up in one minute. Mobile App to be launched on 1st April 2016.
2. New start-ups will be exempted from income tax for 3 years. For starting 3 years, no income tax at all, not even inquiry about IT details.
3. If you gain capital for your start-ups, you will be exempted from that too, with no tax on the capital gain.
4. If you want to register a patent for your start-up or your innovation, you will get an 80% rebate in the patent filing.
5. Initially Rs.2500cr is approved for start-ups, later Rs.10,000cr will be provided in the next 4 years. This fund is apart from Mudra Bank Yojana.
6. If your start-up wants to exit, there will be a policy for Faster exits for startups (Insolvency and Bankruptcy Bill), eg: wind up within 90 days.
7. Government of India will bear all costs and provide legal facilities to register your patents, designs, and trademarks.
8. Atal Innovation Mission:sector-specific incubators, 500 tinkering labs, pre-incubation training, a seed fund for high-growth; PPP model being considered for 35 new incubators; 31 innovation centres at national institutes, 7 new research parks like IIT-M. 5 new bio-clusters. Below is a list of start-up centres and incubators.
9. Start-Ups will get Credit Guarantee. Which will be helpful for them to get a Business loan.
10. There will be an effort to make world-class incubators in India.
11. Government of India will Launch Innovation-Focused Programs for Students. A Grand Challenge program NIDHI (“National Initiative for Developing and Harnessing Innovations) will be launched.
12. Government of India to emphasise boosting start-ups in the biotechnology sector.
In USA, Where start-up culture is quite popular, creates 75% of jobs in the USA (only 35% of start-ups). So, to give more employment, start-up India is a good movement. Here is a guide to getting Fund from Start Up India;
1. To get funds from start-up India, first of all, you need a business plan. What you are going to create, what type of facility you are going to provide.
2. Create a presentation of your business plan. To raise funds from private funds, Angle investors or from government, you must have a strong presentation of your business plan. Below is a sample ready-to-use Template for pitching your Business for Funding, Try it.
3. After that, submit this presentation to your guide/mentor which will be provided by the government of India and show them your presentation.
4. By 1st April 2016, Govt. of India will lunch the website, and submit there your presentation to get funds for your start-up.
5. There will be terms and conditions by govt of India to get funds (which will be available on the website of start-up India), read them carefully before applying for funds.
The clear picture to get funds for start-ups via start-up India will be clear after the lunch of the website/portal. Till we will update you with the most available guide/information about start-up India here.
If you want to start a new Start-Up and looking for Business ideas, do check out below links;
- 1. 32 Small Business Ideas with low investment, which can create a big business.
2. Small business ideas with investment of Rs.10000.
3. Some Passive income ideas for business.
4. If you want to go into food business or restaurant business, check this link.
Also, do check out Prime Minister Modi’s speech at the launch of Start-Up India, quite motivational.
Also Read:-
- Top 7 Best Unique Online Business Ideas
- Top 10 Small Business Starts with an Investment of Rs.10000
- 33 Small Business Ideas with Low Investment
- Difference Between PMEGP Loan vs Mudra Bank Business Loan
- Pradhan Mantri Suraksha Bima Yojana Benefits