Tuesday, 12 July 2016

Start-Up India (5 ways to possibly resurrect Start-Up India campaign again)

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In our last blog w discussed why Start-Up India is failing to get expected response http://ca4you.in/blog/2016/07/08/start-up-india-5-reasons-start-up-india-is-failing-to-elicit-favorable-response/
In this article we will explore the ways which could possibly help this campaign achieve its objective i.e. to increase number of entrepreneurs and have more Online Business Registration:
1-    Tangible Benefits: No Start-Up has ever worried on paying Income Tax as it takes atleast 3-5 years for a startup to operationally break even. Hence Income Tax exemption is not a great benefit for any startup (as promised under Startup India campaign). Rather government should bring more tangible benefits like exemption of Service Tax Registration Fees, Waiver of annual compliance fees for 3 years which will atleast allow start-ups to not worry on some of the fixed cost they incur and would be a very tangible benefit for start-ups.
2-    Clear Definition: Start-up should be defined in a very unambiguous manner so that no to create any scope of discrepancy later on. The definition could be as simple as that Start-Up needs to Private Limited Company or LLP who have a dynamic website and an Android App. It will save Government so much pain to find out whether it is a tech start-up or not.
3-    Ease of Access to Scheme: If you google start-up India, you will find various company registration consultants who would be willing to ‘help’ you with company formation, llp registration, private company incorporation but you will not get a single site wherein you get process of registering as a start-up!!!! Government should have a website (single window system) wherein any one can easily go and register their start-up. Keep it Simple Silly!!!!
4-    Ecosystem: Government should allow various ministries to concentrate on having right ecosystem such as HRD ministry should come out with policies to ensure more digitization of educational content.
5-    Debt Funds: Government should allow access to low interest (8% maximum) debt fund of small denomination (say Rs 20 Lacs) with collateral. And the clearance of the same should be within 7 days. True, there will be some misuse of funds like people may actually buy a car with this money but as it will be a collateral loan, the chances of NPA will minimize.
Hope this blog was informative for you. Get further updates on not only Accounting/Book-Keeping/Government Compliances but also about all new rules and regulations/opportunities for funds which will be your industry specific
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