Easy In, Easy Out: Creating a Friendly Environment for Growing Startup India
Startup India 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 into job providers. The key feature of this move is to facilitate easy entry and easy exit for 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 submission of various documents to government offices. The Startup India move facilitates tracking the registration and applying for new patents through a single app.
The move promises more than just easy entry and registration. Rebates on the patent registrations are offered at 80%. The move helps in the 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 Startup India.
No inspection for 3 years of Startup India businesses in respect of labour, environment law compliance post-self-certification was announced by the Indian PM on 16th January when he launched the ‘Start-up India Movement to give a boost in the ecosystem for the growth of entrepreneurship in India.
These moves ensure that entrepreneurs will not have to concern themselves with the hassle of documents, registration, and 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 Startup India 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 a 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 Startup India because of the lengthy paperwork and the fear of failure to make the daring move.
