Is Startup India The Right Choice For You?

This is a Guest Post by Anubhooti Jain, Content Writer at LegalRaasta.

StartupIndia is currently one of the most trending topics in India.  Almost every entrepreneur is aware of this campaign. A campaign started by Prime Minister, Narendra Modi. But, before deciding whether it is a right choice for you or not, let us first understand the whole concept of Startup India more clearly.

Selection_105

There are many times when we feel that we don’t require teachers, especially, after the technological advancement in the past few years. But, here is the thing. Robots and computers teach us a subject but a teacher frames our personality. A teacher is our motivator; she shows us the right path. She inspires us, helps us grow and makes us see paths which no one else can. Startup India and Teachers share a great similarity. Like teachers, Startup India motivates and helps newbies to start their own business.

Startup India is like a catalyst reacting and helping overcome the problems faced by the Entrepreneurs. One being the corruption and complex registration and approval processes and the other one is the pressure of being in competition with well known and well-established companies.

A much-needed initiative by Government which gained much appreciation and in a matter of days became the hottest topic. The campaign is based on an action plan. However, amidst all the excitement and anticipation of entrepreneurs, many overlooked the important details of the campaign. This led to many misconceptions.

So, what are these misconceptions about Startup India?

Setting up a business is no child’s play. Hence, the Government stepped in so as to help the newcomers, the ones who do not have any idea about this entrepreneurship world. But came with this campaign were some misleading concepts.

Similar Read:  Top 8 Big Data Tools for Enterprise Developers

#Misconception 1. No legal registrations.

The problem arose when people thought that campaign saves them from all the legal registrations. Sure, the campaign introduced many exemptions so as to make the whole procedure of setting and running a company easier, but it never meant that legal registrations are not required.

Legality gives a proper backbone to any company or firm. Avoiding it is neither recommended nor is it an intelligent thing to do. Legalities bring identity.

#Misconception 2. All new companies are a startup.

Generally, every new company is considered to be a startup. This general notion is the main reason for this particular misconception. Startup India has its own guidelines which define a startup.

Selection_107

The above chart shows the requirements for your company to be considered as a startup by Startup India.

#Misconception 3. Same benefits for everyone.

Startup India is based on equity, not equality. It gives benefits as per requirements. A teacher will help you as per the help you need. If you already know a subject, there is no point of learning it again. It leads to wastage of time. Which in the case of Startup India can be seen as a waste of resources as well as time? This also affects the economy of the country indirectly.

Now, that we are clear with the definition and the misconceptions,

Why do we need Startup India?

  • The first thing that comes to our mind after reading this question is economic development. Well yes, it’s the biggest reason as to why we need Startup India.
  • Other than that, we need Startup India to inculcate the lost enthusiasm of entrepreneurship. Everyone needs some kind of motivation or appreciation to continue their work.
Similar Read:  The Role of Failure in Rapid Innovation

However, India has ignored entrepreneurs for a very long time. This resulted in the disinterest of people in having their own companies. Realizing these mistakes, government announced this campaign which is a way of appreciation and encouragement.

Benefits of Startup India

Also, Startup India simplifies the whole process of setting up a company along with benefits. These benefits include,

  • Financial Support.
  • Single Startup Hub.
  • Tax Redemption for first three years.
  • No inspection for first three years.
  • Eighty percent redemption while filing a patent application.
  • No turnover or experience required.

Is it a right choice for you?

Now the answer to this particular question differs from case to case. You first need to make sure that you are considered as a startup; startup according to the guidelines provided by Startup India. Then, you need to see what all benefits you are entitled too. This will again be decided according to the action plan of Startup India.

Contemplate whether the whole scheme will help you are not. The whole campaign has been started to help and promote. So, if you are in need of help or motivation, Startup India is the best option for you. But, if you are already familiar and comfortable with registrations and setting up procedure, Startup India won’t benefit you much. It depends on your needs completely.

What is the procedure of registering in Startup India?

Until now, I believe you are pretty much clear about your choices. Now, how to go about it? After you have gone through all legal registrations, you can register yourself in Startup India. All you need to do is visit their official site and fill up a simple form.

Similar Read:  How To Discover Your Target Customers' Pain Points

Selection_108

After the successful submission of the form, a recognition number is allotted to the company. This recognition number, allows the company to avail all the benefits provided under the Startup India scheme. It is very important to note that all the information provided should be true. This information is verified and can cause serious issues if found suspicious or misleading.

We can now easily conclude by saying that as long as the whole concept of Startup India is transparent to every entrepreneur, the campaign will benefit many. Entrepreneurs, however, need to understand that the campaign is useful for the ones in need. It is, therefore, necessary to be thorough with all the guidelines and terms and conditions. Only then, can someone mark this campaign as a right choice or not for his company.

Disclaimer: This is a guest post. The statements, opinions and data contained in these publications are solely those of the individual authors and contributors and not of iamWire and the editor(s).

Category