India offers income tax exemption for startups!
There are so many reasons why India is the best location for new startups. Not least that for three years in a row, they have offered income tax exemption for such businesses. Of course, the cost-effectiveness, ease of recruiting staff, and other business-friendly laws and initiatives also make India the ideal location for any startup business. Keep reading to find out more.
Business friendly laws
India recognizes the considerable value that startups bring to its economy; that is why they have deliberately gone out of their way to create the most conducive environment. You will find that they offer income tax exemption for startups and self-certification for labor laws and fast track patenting. India even offers easy company windup in case things do not go to plan.
The Indian government has even begun to reduce the number of procedures that startups need to go through. Currently, it has gone down from 12 that took around 26 days to process, to 6, which means you can get your business up and running in as little as six days! Good news for startup entrepreneurs, indeed!
Conducive business environment
It’s not just India’s laws that make setting up a business from scratch more straightforward, but also the overall environment. You will find that many types of premises, such as offices and manufacturing plants, are widely available.
Entrepreneurs also have no trouble finding people for smaller tasks related to setting up a business in India.
For example, if you need your office carpets cleaned before you open or need a meeting catered, you can use sites like Snupit to find a reliable professional. You can even search locally to be sure that you will get the help you need right away.
Cost-effectiveness
There is a reason that many international companies began to outsource a large part of their business to India rather than host it in their native countries. Primarily, it is the huge saving that can be made on all sorts of overheads, from labor to utilities to rent.
The good news is that such savings are also up for grabs for smaller startups. Indeed, something that any savvy entrepreneur will not ignore. After all, the less they have to spend on outgoing costs, the more there will be left in profit, which can make the difference between long term success and folding in the first few months.
Ease of recruiting staff
Not only is employee pay cheaper than elsewhere in many parts of India, but because of the lower costs of living, you can get more’ bang for your buck’ too.
Many people of working age in India have at least an undergraduate degree, if not an even higher qualification. That means you can fill your startup with highly educated and highly qualified personnel for much less than you would need to pay out anywhere else in the world.
Final thoughts
There are a great many advantages to setting up your startup business in India. It could save you money, make things run more smoothly, and even help ensure your enterprise’s long-term success.