● Navigating the many forms, rues and procedures and conditions of legal instruments concerned, such as the incorporation documents.
● Allowing you to concentrate on various facets of your business so that you don’t have to waste hours learning legal procedures.
● Help particular activities such as branding your name, updating lease documents, addressing possible legal frameworks, and planning incorporation forms.
What are the various benefits/ incentives given by the government to start-ups in India?
● The Government of India has launched a smartphone app and a website for quick start-up registration. Anyone interested in launching as a startup can fill out a basic form on the website and upload the required documents. The whole process is online.
● The Government also provides directories of patent and trademark facilitators (IP facilitators). They will offer high quality Intellectual Property Rights Programs, including quick analysis of patents at lower fees. The government will pay all the expenses for the facilitator and the start-up will bear only the statutory fees. They will experience an 80 per cent drop in patent filing prices.
● A 10,000 Crore Rupees Fund is set up by the government to provide venture capital to start-ups. The government also guarantees lenders to allow banks and other financial firms to supply venture capital.
● Start-ups will be excluded from income tax for 3 years if they receive approval from the Inter-Ministerial Board of Directors (IMB).
● Startups can apply for government tenders. They are excluded from the “prior experience/turnover” requirements common to regular firms responding to government tenders.
● Various compliances for startups have been streamlined in order to save time and resources. Startups are required to self-certify compliance (through the Startup Mobile App) with 9 labour laws and 3 environmental laws.
● People spending their capital gains in investment funds set up by the government would be shielded from capital gains. This would help entrepreneurs draw more investors.
● In case of exit – the start-up can close its business within 90 days from the date of the winding-up application.