In order to give fresh start up to Indian youth entrepreneurs and businessman PM Modi on Saturday launched Start up India. The main objective of the startup India is to promote Indian Business on the world map. In this those companies which are started under this scheme need not have to visit different government organizations to get the registration. They just have to do the registration on the mobile app and their registration is done. The registration time required to register a company under this scheme via mobile app is only one day. It means that you can register a company by sitting at your home and using mobile app.
In Start up India the company registration will be done in a single day through a mobile app and government will bear some expenses like patents,trademarks etc.
10 Points about Start up India
- Single Point Registration: PM Modi Government is going to launch a mobile app and a portal from 1 April 2016.From this mobile app you can do the registration of the company within one working day. The portal will work as a single point of contact for clearance, approvals and registrations under this scheme. The site is
- Rs 10,000 crore funding: Indian government will set up an initial corpus of Rs 2,500 crore for this scheme and planning to corpus a total amount of Rs 10,000 crore during next four years. This Rs 10,000 crore will be managed by a board which consists of private professionals from various industries, academia and startups.
- Tax exemptions: Those companies which are registered under this scheme will be tax exempted for the initial three years. It means that the company which is registered under this scheme need have to pay any tax to the Income Tax department for the initial three years. Apart from this the companies need not have to pay any tax against their capital gain for initial three years. It means that if a businessman sells his/her property to start any business under this scheme need have to pay any tax for the amount generated by selling the property.
- No Inspection: If a businessman starts any company under this scheme for the initial three years there would not be any Inspector visit from any Government organization like fire department, income tax department, labour department, environment department etc.
- Self-Certification: The Company started under this scheme need have to get the certificate from different government originations like from labour department certificate, environment department certificates. For this initial three years self-certified certificate from the company will be valid.
- Easy Exit: If a company is registered under this scheme and due to some reason they want to exit or close the business due to loss or any reason. The company owner can easily close the business within 90 days. For this government is bringing Bankruptcy Bill.
- Who will get the benefits: Those companies which are registered under this scheme for the initial five year can get the benefits which are offered by the government for this scheme. But here is a twist their annual turnover must be below 25 cores and they must be involved in innovation of new products, development of technology etc.
- Government Bear the cost: To encourage the companies who are registered under this scheme. Indian Government will bear the cost of patents, trademarks and design of the companies under this scheme.
- Rs 10 crore Funding: Every year Indian government will select 10 companies who are registered under this scheme to provide then a funding of Rs 10 crore for their infrasture development. So that they can be made working at world level. Selection of those 10 companies will be done on pre-defined Key Performance Indicators (KPIs) as having the potential to become world class.
- Credit guarantee: To support the companies those are registered under this scheme a credit guarantee mechanism will be developed to raise debt fund through formal banking system, this banking system will have an annual corpus of Rs 500 crore for the next four years.