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To achieve economic growth and development in any country, having a strong business ecosystem is a must. To support entrepreneurship in India, the government has launched the Startup India Initiative. This initiative has played a significant role in fostering entrepreneurship and helping Indian startups grow. As a result of this, India is gradually becoming the startup hub of India. This Startup India initiative also introduces the DPIIT recognition or the Startup India Registration. This particular registration offers many benefits to newly established businesses in India. In this blog, we will explore 10 different ways in which startup India registration helps create a vibrant startup ecosystem in the country.
Access to Funding
For a newly established business, there is usually a cash crunch. Further, obtaining funds is not an easy task for new businesses. However, with the introduction of Startup India registration, it is now easier for entrepreneurs to access various funding options. DPIIT-recognised startups are eligible for different schemes, such as the Startup India Seed Fund Scheme and the Fund of Funds for Startups. This allows them to allocate funds to startups. Besides, even venture capital firms are more attracted to invest in the startups registered under DPIIT.
Tax Benefits
Recognised startups in India are given options to avail substantial tax benefits. Startups get the benefit of availing benefits under section 80 IAC and also the angel tax exemption from the government by applying for it. These benefits encourage growth and motivate the startups to get more opportunities.
Ease of Doing Business
Having the startup India registration further also simplifies the process of regulation of startups. This makes it easier for entrepreneurs to set up and carry on business operations. Further, startups can enjoy many benefits such as self – self-self-certification, minimal labour law compliances, and faster approvals from the government authorities. This lets the startup owners focus on the business objective rather than utilising their time to take care of compliances.
Protection of Intellectual Property
Intellectual properties are an important part of a business’s assets. Especially if your business is working on an innovative idea. Which is also one of the prerequisites to being a registered startup. Hence, all startups need to get their trademark, patent and other registrations. Further, when a startup is DPIIT recognised, the govt allows them to opt for a fast-track application on a Patent grant. It also allows them a 50% rebate on the fee for filing patent and trademark registrations. Apart from that, since business owners rarely have the full knowledge of the best ways to protect their IPs, startup India also provides a list of facilitators that can help startups understand the entire concept of IPs and make it the most effective for their business growth.
Networking Opportunities
For all newly formed businesses or old businesses, networking is a fundamental aspect. As a part of the Startup India initiative, the government also makes extra efforts to allow startup owners to build connections. They organize various networking events, seminars, workshops etc. to connect entrepreneurs to mentors, investors, consultants and other like-minded, growth-centric individuals. These interactions may times lead to business relationships, collaborations, partnerships and also to an increased knowledge of the market.
Market Access
DPIIT-recognised startups have access to many government procurement opportunities. They also get a chance to list their startup on the government-approved online marketplaces. This allows them to get a deeper understanding of the market. Further, it helps them participate in various tenders and contracts with government agencies. This is one of the best market opportunities that the government can get. Besides, having ties with the government and affiliated agencies can significantly boost the revenue and credibility of the business.
Support for Women Entrepreneurs
Today, with the help of these schemes, there is also a rise in the number of women entrepreneurs in our startup ecosystem. This provides special benefits and other support systems for women entrepreneurs. This includes faster and cheaper patent filings, access to special funds created just for women entrepreneurs and access to mentorship programs.
International Expansion
All new businesses have high ambitions for the growth of their business. When you start a business, you do so to make it a global brand like McDonald’s, Sephora, or Starbucks. To help the DPIIT-recognised startups achieve this paradigm, the DPIIT offers various programs and incentives to help the startups get the global recognition that they deserve. It also provides them an opportunity to showcase their innovations globally, fostering international collaborations. To learn about सबसे पास की किराना दुकान कब तक खुली रहेगी click on this.
Skill Development
All entrepreneurs with a growth mindset know that continuous learning and skill development are a part and parcel of growth. The Department of Promotion of Industry and Internal Trade also offers various programs and initiatives to help with the skill development of startup founders and their teams. These different programs, seminars, webinars, etc. help in learning business management, technological developments, and marketing techniques.
Recognition and Validation
Lastly, the DPIIT recognition certificate provides official recognition and validation to the startups. This recognition is a tool which can boost the startup’s goodwill and brand image in the market. This makes it easier to attract customers, partners and investors.
Conclusion
The introduction of DPIIT recognition under the Startup India scheme is a game changer for Indian business owners. It offers a wide range of benefits ranging from 80 IAC tax benefits for startups, angel tax exemption, fast-track processing of patent applications, access to funds, etc. Hence, the Startup India registration has become an important catalyst for entrepreneurs in India. As India continues to grow its startup ecosystem, this initiative will play a crucial role in shaping the business ecosystem of our nation.
The Startup India registration is a game-changer for entrepreneurs and startups in India. It offers a wide range of benefits that not only reduce the initial challenges of starting a business but also provide ongoing support for growth and innovation. Through access to funding, tax benefits, ease of doing business, and numerous other advantages, Startup India registration has become a vital catalyst for entrepreneurship in the country. As India continues to nurture its startup ecosystem, this initiative will play a crucial role in shaping the future of entrepreneurship and innovation in the nation.
