ISO Certified Premium Startup Consultancy Company
ISO Certified Premium Startup Consultancy Company
Introduction:
In recent years, the journey of startups in India has been incredibly fascinating! Indian startups have shown tremendous strength, surpassing even some of the world's biggest nations. In 2016, only 452 startups were recognized, but in 2022, this number skyrocketed to a staggering 84,012! The primary objective of the Startup India Scheme is to encourage startups, create employment opportunities, and boost the country's economy. So far, the government has recognized nearly 1 lakh startups and is providing them with various benefits. The Indian government has also become the largest buyer, prioritizing startups through the GeM portal. To further motivate startups, the government offers tax exemptions under Section 80IAC of the Income Tax Act, providing them with a three-year tax holiday. This has allowed startups to invest their money back into expanding their businesses rather than paying taxes. This is a real success story, where the government has become a partner in fulfilling the dreams of startups and is proudly embracing the mantle of the global startup revolution. The future of Indian startups is shining brighter with each passing day, as they continue to make a mark in the world of entrepreneurship.
Point 1: Access to Government Support
The Startup India Scheme offers government support in terms of funding, guidance, and training. This support can greatly assist startups in initiating and developing their businesses. The government provides two types of support: direct assistance, such as grants, loans, and tax exemptions, and indirect support, such as access to incubator networks and priority in government tenders.
Startups registered under the Startup India Scheme have access to a plethora of benefits, including easier compliance procedures, faster patent processing, and access to government schemes like Atal Innovation Mission and Fund of Funds for Startups (FFS). This helps young entrepreneurs save time and resources while navigating through the initial stages of setting up their businesses.
Furthermore, the government has introduced various funding programs, such as the Fund of Funds for Startups (FFS), which allocates funds to SEBI-registered Alternative Investment Funds (AIFs) that, in turn, invest in eligible startups. This initiative has provided a major boost to startups, enabling them to secure the necessary capital to fuel their growth and innovation.
Point 2: Tax Exemption
Under the Startup India Scheme, startups are eligible for a tax exemption for any three consecutive years out of their first ten years of operation. This tax exemption allows startups to save money and reinvest it into their ventures, fostering their growth and expansion.
Section 80IAC of the Income Tax Act provides a 100% deduction of the profits and gains derived from eligible startups for three consecutive assessment years out of their first ten years. This helps startups to retain more capital within the company, which can be utilized for research and development, marketing efforts, hiring new talent, and upgrading their infrastructure.
By availing of the tax exemption benefits, startups can focus on scaling their operations and becoming profitable without the burden of immediate tax liabilities. This provision has played a significant role in attracting more entrepreneurs to join the startup ecosystem and has spurred innovation across various industries.
Point 3: Access to Incubator Network
The Startup India Scheme provides startups access to incubator networks that can offer crucial resources for their development. Incubators offer various forms of support, such as workspace, mentorship, networking opportunities, and financial assistance, all of which can greatly contribute to the success of startups. Incubators come in various types, including government-backed, private, and university-based incubators.
Startups that become part of incubator programs receive valuable guidance from seasoned mentors and industry experts, allowing them to refine their business strategies and strengthen their market presence. These incubators often have a wide network of connections with investors, potential partners, and customers, which can help startups gain traction and secure funding for their ventures.
When it comes to navigating the complexities of the Startup India Scheme and making the most of its benefits, Neusource Startup Minds India Ltd. emerges as a reliable and expert partner. With their in-depth understanding of the Indian startup ecosystem and vast experience in assisting startups, Neusource Startup Minds India Ltd. has been instrumental in helping numerous entrepreneurs realize their dreams.
Their team of seasoned professionals provides end-to-end support to startups, from the initial registration process to accessing government support, managing compliances, and facilitating funding opportunities. Neusource Startup Minds India Ltd. offers comprehensive services, including business registration, legal and financial consultation, tax advisory, and intellectual property protection.
As an empanelled facilitation agency under the Startup India Scheme, Neusource Startup Minds India Ltd. is well-equipped to guide startups through the application process and ensure a seamless experience. By leveraging their expertise, startups can accelerate their growth and focus on innovation, while Neusource takes care of the bureaucratic and compliance-related aspects.
Conclusion:
The Startup India Scheme has transformed the landscape of Indian entrepreneurship, providing unprecedented opportunities and support to startups nationwide. With access to government support, tax exemptions, incubator networks, and priority in government tenders, startups can thrive and contribute significantly to the nation's economic growth. The Indian startup ecosystem is witnessing a new era of progress and brilliance, and the name of India is shining brightly among the world's startup revolution. As Indian startups continue to soar to new heights, they remain a beacon of hope and inspiration for the youth of the nation, and the future of startups in India looks exceedingly promising.
For those seeking to embark on this exciting journey of entrepreneurship and avail the benefits of the Startup India Scheme, partnering with Neusource Startup Minds India Ltd. can be a strategic decision. Their expertise and support can significantly enhance the chances of startup success and position them for a thriving future in the dynamic startup landscape of India. The golden opportunity offered by the Startup India Scheme awaits the Indian youth, beckoning them to create innovative solutions and chart a path to success in the world of startups.
27 Jul
To start a new business is easy, but to make it successful is difficult . So For success, choose the best." Be compliant and proactive from the beginning and choose NEUSOURCE as your guidance partner.
