There is a perfect opportunity in Bihar for the new generation to start their business through the Bihar Startup Policy 2024. Thus, the Government has incorporated a scheme wherein, up to ₹10 lakh can be availed without interest by startups. If you are an aspiring entrepreneur, this is the perfect opportunity in which to approach sources of funding. In this article, you will find information about the policy, the benefits the policyholder will receive, who is eligible for the policy, what documents are to be provided, and the policy application process.
The Bihar Startup Policy 2024: An Introduction
It must be noted that the Bihar Startup Policy has recently been launched for fresh, talented and young people of Bihar who can receive a financial grant for the creation of new companies. The scheme provides ₹10 lakh without any interest for 10 years and the amount would decrease unemployment to some extent as it promote self employment.
- Scheme Name: Bihar Startup Policy
- Application Mode: Online
- Benefit Amount: ₹10 Lakh
- Interest Rate: 0%
- Department: Department of Industries or Government of Bihar
- Official Website: startup.bihar.gov.in
Advantages of Bihar Startup Policy 2024
- The Bihar government is providing a range of benefits under this policy:
- Financial Support: Interest free up to ₹10 lakh is given for a period of 10 years.
- Additional Funding for Special Groups:Additional Funding for Special Groups:
- Women Entrepreneurs: An additional five per cent of the funding.
- SC/ST and Differently-Abled Entrepreneurs: Another 15% needs to be funded.
- Rigorous Training and Product Enhancement Support: Cash rewards of up to ₹ 3 lakh for participating in acceleration programs.
- Angel Investor Support: When it comes to investments from angel investors, the policy provides for a success fee of 2%.
- Matching Loan: It also receives matching funds from the Bihar Startup Fund Trust to supplement the financing from the SEBI-registered angel groups.
What is a Startup?
By definition, startups bring innovation and creativity, in the form of modifying what is currently available in the marketplace such as the application of apps for grocery delivery or drones in farming. Entrepreneurship is a fundamental element of the contemporary economy and new ventures are characterised by high levels of innovation.
Requirements of Bihar Startup Policy 2024
To benefit from this scheme, businesses must meet the following criteria:
- The startup should be having an age of up to 10 years.
- It should not have an annual turnover of ₹ 100 crore or more for the financial year concerned.
- The business should be involved in product, process or service development whereby the activity has potential of creating jobs in the economy or enhancing the economy.
- The startup must be registered and located in Bihar entrepreneurship competition.
- The company should deposit the appropriate taxes in Bihar.
- Companies that have restructured or have been spun-off from an older company are not startups.
Documents needed for Bihar Startup Policy 2024
To apply for the Bihar Startup Policy 2024, you will need the following documents:
- Aadhaar Card
- PAN Card
- Caste Certificate
- Educational Qualification Certificates
- ID Proof
- Recent Photograph
- Mobile Number
- Any other relevant documents as may be deemed necessary
Bihar Startup Policy 2024: How To Apply Online
These are the following steps need to be followed to fill Bihar Startup Policy 2024:
1. Visit the official website: The website of Bihar startup is www. startup. bihar. gov. in.
2. Select the option on the website labelled as Registration.
3. A customer will then be directed to a new page where all the need to know on the scheme will be provided. Always, acquaint yourself with the information as provided.
4. Fill all the registration steps and you will to be provided with a Login ID & Password.
5. Apply with the help of the link given on www.indianeconomy.in and fill in the application for the particular scheme with your login credentials.
Important Links
Official Website: startup.bihar.gov.in
