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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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