Startup India Action Plan Launched by Govt of India Startup India Action Plan The launch of this plan was good music to ears of such people who had dreams of pursuing their own business, but did not have the funding required. The scheme ‘Startup India Action Plan’ was launched because the Prime Minister of India strongly felt that our country has a lot of potential but what was badly needed was a ‘push’ to make those potential ideas grow in the form of new entrepreneurships. Such new potential ideas can now indeed be turned into entrepreneurships and also receive a loan for the startup of the business, provided the idea, process or service is one of its kind or points towards improvement of similar existing ideas, processes or services. On 16th January, 2016, Startup India Action Plan was launched by India’s Finance Minister at Vigyan Bhawan, New Delhi. The plan or scheme spoke about improving the country’s economy and generate large scale employment opportunities by encouraging more entrepreneurships and formation of new companies, partnerships and LLPs. The funding for eligible plans is to be provided by the Government through international banks and other financial institutions who are lending financial assistance for the scheme. What exactly is Startup India Action Plan all about? Startup India Action Plan is an initiative taken by the Government of India for better economic growth, to nurture innovation, generate more employment and to build a strong eco system. Every new innovative idea which is promising and commercial in nature can now shape up into the form of a new entrepreneurship. The plan wants to encourage women entrepreneurs, hence, credit facilities are offered at lower rates to Women entrepreneurs and backward classes. Startup scheme applies to a wide array of sectors from digital and technology to agriculture, healthcare, education etc. The plan applies to Tier 1, 2 and 3 cities and also semi-urban and rural areas. The eligibility for the plan is restricted to new products, processes or services or an improved version of the same. Apart from being commercial in nature, the product, process or service must also have value for workflow or value for customers. Advantages of Startup India Action Plan •
Any new idea working towards innovation, commercialization of new products/services/processes, development or deployment has a new ray of hope to convert into entrepreneurship under this scheme.
•
Startup India Action plan aims to empower Startups to grow through innovation and design.
•
Easy Registration/E-registration available.
•
80% reduction in the application fee.
•
Income Tax relaxed for the first three years.
•
A dedicated web portal and mobile application will be developed.
•
First three years to be inspection free.
•
Easy exit policy available.
•
Female applicants and backward communities have special rates and arrangements.
•
Launch of self-certification system.
•
The scheme is available for a wide array of sectors like digital, technology, agriculture, healthcare, education, manufacturing etc.
With Startup India Action plan coming into effect from April 2016, many new companies are expected to come into the market. Such new companies/entrepreneurships will need assistance for company registration, trademark registration, sales tax, vat and establishment registration. To render such assistance, we have India Startup - a company which helps new entrepreneurs establish their venture effectively in the market. India Startup can be described as a one-stop service organization which renders complete assistance to do with registration of companies and takes care of legal procedures/formalities. India Startup also assists in other areas like converting a Private Limited Company to an LLP, tax computations, sorting out VAT related queries and so on. For new business startups who want to tie up things fast and at a reasonable pricing, there can be no better choice than India Startup where one can expect value added services at a very low cost. The following is a list of documents required for registration of a Private Limited Company, Partnership companies, Limited Liability Partnership and One Person Company: •
PAN of the Directors
•
Address Proof (copy of Passport/ Voter's ID/ Driver's License/ Bank Statement)
•
Passport Size Photographs
•
Address Proof of the place of business (copy of the rental agreement or electricity bill)
•
For registration of Trademark of the company, the procedure requires:
•
Submission of Logo Design
•
Power of Attorney