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Startups have become the buzz word around the town. Its eminent success here in India and across the globe has seen increased investments in the entire gamut of start-ups. However, prior to understanding how to begin with establishing a start-up, it is important to understand what classifies as being a startup. As defined by the Department of Industrial Policy and Promotion, a startup in India essentially means an entity registered or incorporated in India which fulfills the following parameters:
In case any of such condition is not fulfilled, the entity would cease to enjoy the status of being a startup in India. Further, any entity formed by the splitting up of an existing business organization or is a reconstructed version of the existing business organization would not be defined as a startup. Innovation is the key ingredient for a startup.
India is a progressive country to set up a startup venture given the fact that the Indian government is completely supportive of the idea. However, in order to start a startup in India, the primary task that the entity needs to do is to register the entity as a startup following the requisite procedures. The registration process begins with the registration of the name and obtaining a registration certificate for the entity with that name. This process though seems to be easy, this step becomes the most vital step since the startup journey begins with this very step. The registration of Startup entities in India is pretty straightforward and direct and thus the entities do not find it difficult to register their startup.
The steps towards starting a startup in India include:
Registration of a startup includes four basic steps:
The Indian Government in order to provide thrust to the industry and promote its growth while helping the Indian economy holistically has provided various facilities for the startup community. Some of the major benefits of starting a startup in India include:
Starting a startup requires funding. However, starting a startup in India does not seem to face lack of funding since there are a lot of investors willing to invest in the startup community. Further, the startups can also source funds from crowd funding or they can also apply for an appropriate loan. However, the startup entities should understand the loan eligibility clearly and carefully prior to applying for such loans.
Q: Are NRO/NRE account holders eligible for loans against their fixed deposits?
A: Yes, except for the purpose of relending, carrying on agricultural/plantation activities or for investment in real estate business. Loans against NRE fixed deposits can, however, be utilized for...
Q: What is the maximum value of loans that can be taken against NRE/FCNR deposits?
A: The total value of all loans taken against NRE / FCNR accounts should not exceed Rs. 20 lakhs
Q: Can a loan be given to third parties on the security of an NRE/FCNR deposit?
A: Yes, a loan can be given to the third party on the security of an NRE/FCNR deposits.
Q: What are the purposes for which loans are given against NRE/FCNR deposits?
A: Loans can be taken against NRE / FCNR deposits for the following purposes:
*Personal purpose or for carrying on business activities
*Direct investment on non-repatriation basis by way of...
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.
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