â€œStart-up Indiaâ€ a key move by the Narendra Modi government acknowledges the importance of new entrepreneurs in the Indian ecosystem and is a move to transform job seekers in to job providers. The key feature of this move is to facilitate easy entry and easy exit to entrepreneurs in the market. A new entrepreneur can get registered with the ministry of corporate affairs in a single day. Register at http://startupindia.gov.in/registration.php
The entrepreneur does not have to worry about the registration and submitting of various documents to the government offices. The â€˜Start-upâ€™ India move facilitates tracking the registration and applying for new patents through a single app.
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The move promises more than just easy entry and registration. Rebates on the patent registrations are offered at 80%. The move helps in funding of outstanding projects. The application of funding is made smoother and it is assured that the norms will be relaxed for the public procurement of start-ups.
â€œNo inspection for 3 years of start-up businesses in respect of labour, environment law compliance post self-certificationâ€ announced the Indian PM on 16th January when he launched the â€˜Start-up Indiaâ€™ Movement to give a boost in the ecosystem for the growth of entrepreneurship in India.
These moves ensure that the entrepreneurs will not have to concern themselves with the hassle of documents, registration and the applications for patents but these are not the only reforms that this entrepreneurial innovation promises, this revolution further assures:
- Protection of intellectual and youth property rights
- Tax exemption for three years
- Funding for outstanding projects
- Easy exit in adverse conditions
The Modi government acknowledges that a significant percentage of the new start-ups are bound to fail and it is essential to ensure that the time and resources allocated towards the project be redirected. To facilitate this, the move helps in the easy exit of businesses. A professional will handle the business dissolution process if the project winds up within ninety days. The project will be then eligible for the fast-track exit from the market.
Easy Exit is further assured by removing the hassle and the obstruction that entrepreneurs face to wind up companies with the least hassle, easy paperwork and in the fastest way to safeguard new entrepreneurs. This will encourage the people who were reluctant to start start-ups because of the lengthy paper work and the fear of failure to make the daring move.