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What is start-up scheme?

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start up scheme

In many countries, you find entities known as start-up schemes. These are basically government programs which have been created to develop start-ups. One of the best known start-up schemes is Start Up India.

This is a government program in India which helps small businesses and start-ups launch themselves. This program has many facets and there are a large variety of options for people who want to launch a business.

For example, in many places, the government will give you what is referred to as a micro-loan. In these programs, an extremely small amount of money is loaned for the purposes of creating small businesses. These loans are heavily subsidized by the government, and when getting them you will usually not be required to put up any type of collateral. What’s more, the interest on these loans is extremely small, and you will not be required to pay the money back for many years.

Many of them also cater exclusively to disadvantaged people, such as women. There are programs available for people who are in specific industries such as healthcare services, construction or solar and nanotechnology.

Along with the actual loan, you will also receive support from this agency. This makes it far more likely that your start-up will be successful. The government has created Start-up India Hubs. These offices will help you with all of the work related to incorporation, registration and also grievance handling. There is also an online portal where you can register for the program.

Most importantly, if you qualify for a loan from this program, then you will also get special income tax benefits. For example, you will be exempt from income tax on capital gains for the first three years after incorporation. Not only that, if the start-up invests it’s money they can also claim tax exemption from any capital gains they have received.

Another benefit is that entrepreneurs will receive significant discounts when registering new patents. With this scheme, they will get an 80% rebate on the cost of registering their patent. The process of registering their patent will also be fast-tracked and the government will pay the fees. This is extremely useful because many start-ups are based on the invention of a new product or device, which then needs to be patented.

The registration and incorporation process is also simplified. If you qualify for a loan then there will be a meeting at the Start-up India Hub. In this meeting, the entire process will be explained and you will get help registering your company there and then.

One of the biggest advantages of being a part of this program is that you get priority when it comes to getting government tenders. Scheme members are also not required to have any experience when it comes to working with tenders.

Most importantly, being a part of the scheme also gives you massive networking opportunities. Every year there are two start-up festivals when you can meet likeminded entrepreneurs and network with them.

 

Kossi Adzo is the editor and author of Startup.info. He is software engineer. Innovation, Businesses and companies are his passion. He filled several patents in IT & Communication technologies. He manages the technical operations at Startup.info.

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