Importance of Start-up India Registration


Importance of Start-up India Registration

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The Government of India has set up an initiative called 'Start-up India' to promote and support entrepreneurs. It aims to create new jobs, foster economic growth and enhance innovation. The initiative provides benefits such as tax exemptions, networking opportunities and mentorship programmes. The registration process is simple and hassle-free. The process requires the applicant to submit proof of identification, address proof, and a description of their business model.

Once the application is approved, the start-up will receive a recognition number and can access various benefits. This includes access to incubator centres and mentorship programs, which provide the necessary physical infrastructure and guidance to help start-ups ideate, collaborate and scale their businesses. Besides, the initiative also offers networking opportunities through seminars and workshops, enabling start-ups to connect with industry professionals and investors.

Moreover, the initiative grants start-ups access to various government schemes and funding options that are designed to support and encourage them. For example, a registered start-up can avail collateral-free loans facilitated by the Credit Guarantee Fund for Startups.

Additionally, startups can self-certify compliance with nine labour laws and three environmental laws by using a smartphone app. In addition, they can be exempted from the prior experience and turnover criteria that are applicable for normal businesses when applying for government tenders. Startups can even get a 80 % rebate on patent filing by registering with the Startup India initiative. To apply for Startup India, one must register as a private limited company or a partnership firm with the Ministry of Corporate Affairs (MCA). The MCA will then verify all documents submitted by the startup. If any of the documents are found to be false, the startup will be penalised.

 

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