Start Up India Stand Up India Scheme Benefits
The “Start up India Stand up India ” plan was initialized by central government on last year’s Independence Day. This is one of the most important initiatives taken up by the government in the recent years. It cannot be denied that the economic instability is a primary factor that prevents a large number of businesses and industries to flourish. This in turn leads to unemployment. The unemployment rate has been increasing at a constant pace and it was very necessary to deal with the situation.
The startup India stand up India is a program comprising of several factors which will be included for the small and start up business organisations. If implemented correctly, these factors can definitely bring about a complete revolution in the economy of India and. In this article we are going to have an overview about those steps.
It is a fact that, attaining license and certification for starting up a business can be really difficult in India and individuals have to face a lot of hassle before they could even start a business. This self certification strategy shall reduce regulatory issues. It will be applicable in certain laws that incorporates labor contract, gratuity payment, fund management, air and water pollution.
Start up India Hub
An All India hub shall be created which will be a single point for initializing business foundations in India. This is an excellent idea since it is going to help the entrepreneurs for exchanging knowledge and have access to financial aid. Before starting up the business, small business owners and individuals shall have proper insight regarding the future of their business within India and abroad.
Registration through App:
An online portal which makes the use of technology at its best. With this option, start up business owners shall have a lot less hassle for opening an account and registering for their business. Almost every citizen knows the usage of smartphones and registration through app will be very less time consuming and fast procedure.
This is a fast track system which offers examination of patents at much lower costs. The startup business owners do not have a huge capital to pay for the patent protection. With this plan, the system is going to promote adoption and awareness of certain intellectual property rights by startup organisations.
National Credit Guarantee Trust Company
In the present economic condition of India, it might become tough for the start up business companies to gather capital and maintain the flow of capital constant to sustain in the market. This NCGTC shall offer excellent support by providing a fund of 500 crore per year which will support the start ups for the next four years.
No capital gains tax:
In the present scenario, the investments shall be solely exempt if they are made for venture capital funds. And this strategy has been implemented in case of start up businesses also. It will be tax exempt if you make investments which are directly related to a certain venture.
No income tax for three years from starting the business
The startup businesses are not required to pay any taxes for the first three years of their business. This policy is definitely going to revolutionize the pace of startup growth in future. At the same time, it will enhance the business expansion for almost all startup orgnisations. Tax exemption shall increase profit, which in turn shall result in a greater number of employment and business expansion.
The innovation related study in different universities and colleges shall lead to the students in developing proper business concepts. An annual incubator grand challenge shall be organized for the preparation and development of world class incubators.
The government has taken up the initiative for the establishment of research parks. The concept of research parks is, to help researchers and other individuals who are looking to pursue their higher studies but are not able to continue their studies due to lack of proper funding.
Ending the practice of “Interviews”:
For the recruitment of different individuals at certain official posts of government, there won’t be any form of interviews. Only the clearance of written online examinations shall be enough for attaining government jobs.
There are a certain panel of facilitators that will offer assistance and legal support while submitting the patents, applications and any other official documents. The legal support will help inexperienced business owners to get the necessary advice and support in case of any emergency situations.
A brief overview about all the factors of “startup India Stand up India Scheme”
|SL No||Key features||Brief description|
|1.||Self certification||Offers self licensing format and effective under certain laws of air, water, gratuity payment, and labor contract and fund management.|
|2.||Start up India Hub||A single point for initializing start up foundation in India.|
|3.||Registration through App||Online portal or the registration of start up business.
|4.||Patent protection||Proper advising body regarding the awareness of intellectual property rights for any start up organization.|
|5.||National credit guarantee trust company||A support committee, that offers funding and capital for the start up business organizations for the next four years after initializing the business.|
|6.||No capital gains tax||Tax exemption in case of investments and earnings from a certain venture project.|
|7.||No income tax from three years after start up||After you have started your business, no income tax shall be levied for the next three years.
|8.||Developing entrepreneurs||Establishment of certain schools and universities that will enable students in learning different aspects of business and generate interest in it.|
|9.||Research parks||Certain organisations and institutes that will help individuals in pursuing their higher studies and research papers.|
|10.||No Interviews||No face to face or direct interview sessions shall be conducted.
Only online examinations shall determine the eligibility of a candidate.
|11.||Legal Support||A supporting body which will be established to support the inexperienced business owners and startups to understand the legal aspect of business.|
The next question that arises is who qualifies as a Start Up and the answer is any new business who’s turnover is less then rs 25cr is a start up.