Announcements made by Indian Prime Minister Shri Narendra Modi related to startup India and Standup India have lit up the faces of the entrepreneurs. Startups were happy enough to have a new way of acquiring funds and getting things done with great ease but with every new notification, it is getting difficult to understand whether they will be able to acquire benefits of this program or not.
Startups who are really worth and hardworking will only be able to acquire support from the government. A lot of self-called entrepreneurs are going to get sad but it is an extremely good move made by the contemporary government. It was extremely important to ensure that only good startups and great team are able to make it to the other end.
Here we will tell you the various points that will help you conclude whether your startup is eligible for access to the varied benefits under Startup India Standup India:
The startup must be a registered company (PVT) under the 2013 act or registered under the public act of 1932. One must consult the legal expert before getting into the details.
Startups under age of five years will only be allowed to enjoy access to the best of tax exemption programs and other incubation facilities.
Any startup with annual turnover of 25 crores will not be allowed to enjoy the facilities under the Startup India Standup India campaign.
Innovation, technological development, technology deployment, commercialization of new products, services or items are some of the genres specified by government. Startups working on any of these will be provided with access to the free services and can also be exempted from taxes.
Startups working on innovative ideas or development/deployment of new services are only allowed to enter the campaign, strictly. This will help government is sorting cream entrepreneurs and startups from the crowd of copycats.
Any startup trying to improve an existing service or establishment will also be able to enjoy the best access to the resources and exemptions introduced by the government.
Any startup trying to copy an existing startup and enter the campaign will not be allowed. It is important to ensure that the idea is not broken and implemented in pieces in order to mystify the government.
Startup must acquire the requisite certificates from the DIPP and also be under the training program of the incubation centers being established by the government.
Incubation centers will be keeping an eye on the progress of the startups hence it is extremely important to see that startups are recommended by the same.
Any startup that qualifies all these points and works really hard to get a seat at the reputed campaign then their growth is bound to be higher in coming days. Startups will be able to do amazing things with the guidance and support under startup India standup India campaign.
It is going to be one of the life changing experience for the entrepreneurs; it is time for them to start working harder on their companies and start bringing in the requisite change.