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Startup means a company who is new in terms of manufacturing and operations. It is a venture with a new innovative idea in the market with a new inventive service, product, etc. The venture is small in the capital and size of the operations. The funding is either in the form of venture capital from investors within or outside India. This article describes the process of startup registration.
Startup means a new venture/business which is unique to India or a net inflow of product market or something which is not readily available. The start-up is generally defined as that business that is innovative or new inventive setup or influx of new technology: those companies which may reduce the gap in the market.
The process of registration for a startup in India is very simple. The Startup India[1] has come up under the flagship program, called STARTUP-INDIA, 2016, launched on January. The objective was to provide economic development and new wings to the economy. This helps in creating new jobs and employment in the country. The government decided to give as many benefits which reduce the burden on a newly established startup.
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A tax benefit is given to the company or LLP, which has been registered on 1st April 2016. The minimum turnover must be at least 25 Crores or less.
The benefits available in the startup registration given by our government have changed the overall picture of the startups. The startups are given the total corpus or funding by the government of India of Rs. 2500 crore as the initial funding and Rs. 10, 000 crore funding for the next four years. The startups are given benefits such an exemption from payment of taxes for three years, an exemption from capital gain tax, 80 percent rebate over fees of the patent.
If we calculate any startup registration in India from start to end, it has become very easy. Looking from registration to incubation support and funding by the government and tax exemptions, a lot has been added by the government to boost the economy. This government initiative is helping in building a bright future of Make in India and stopping brain drain to foreign countries, by creating ease of doing business in India.
Read our article:Startup India Registration Process – The Complete Guide
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