Importance of Start-up India Registration
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The start-up landscape has witnessed a significant surge in recent years, with the support of a robust ecosystem and government initiatives like Start-up India. Start-ups are emerging as a leading source of innovation and employment, with the potential to transform our economy in a positive way. This article discusses the Importance of Start-up India Registration and highlights some major advantages that start-ups enjoy after being recognized as such.
Tax Exemption
Recognized start-ups do not have to entertain any taxes for three financial years and incoming funds from incubators or angel investors are also excluded from income tax. This enables start-ups to utilize all of their profits for business growth and expansion. Start-ups are also able to self-certify compliance with labour and environmental laws, which can save time and money.
Enhanced access to government procurement opportunities: Start-ups that are recognized by the Start-up India scheme are eligible for benefits and incentives that enable them to secure government contracts, including a priority process for patent applications and a rebate of up to 80% on application fees. This can significantly reduce the cost of securing intellectual property rights, which is essential for start-ups.
Getting your start-up recognized by Start-up India is easy and can be done by following the steps listed on the MCA official website. However, it's important to work with a reputable firm that has extensive experience in helping start-ups with their legal and compliance needs. FilingPoint is a leading firm that has helped many start-ups with their Start-up India registration and other services.
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