Bihar Startup Policy:- With relentless efforts being made to build infrastructure and foster industrial growth, Bihar is making rapid development progress. The Bihar state government is dedicated to enhancing the economy’s competitiveness and attaining inclusive growth. Innovation and start-ups are crucial to economic progress. In order to establish an autonomous and transparent eco-system, the Bihar government developed and announced the Bihar Start-up Policy, 2016, which was later revised to become the Bihar Startup Policy 2017.
The State has established a Trust, which serves as the focal entity for putting this strategy into action, with an initial corpus of INR 500 crores. We shall study everything there is to know about Bihar’s startup policy through 2022 in today’s article. We will also learn more about the portal established as part of this programme.
About Bihar Startup Policy 2024
In the month of July 2022, Syed Shahnawaz Hussain, the state of Bihar’s industry minister, introduced the Bihar Startup Policy. The goal of the policy is to encourage entrepreneurship in Bihar. This startup policy’s main goal is to hasten the expansion of Bihar’s MSME industry.The handloom industry, the apparel industry, the handicrafts sector, industries related to the benefit of communities, etc. would be the focus of this policy. In addition to helping with start-up capital, this plan will also offer cash incentives and other helpful facilities during the first term to help and support. These strategies will enhance the number of startups in Bihar’s economy.
There is a startup site for finding entrepreneurs at this policy startup as well. Visit this portal if you’re a man interested in applying for this policy. Any young person or individual would receive a money of Rs. 10 lakh as part of the policy, and it will be interest-free for 10 years.
Objective of Bihar Startup Policy
- Through numerous initiatives such as the “Udyami Bihar, Samridh Bihar Campaign,” the Entrepreneurship Awards, Innovation Challenges, and Business Plan Competitions, among others, introduce, promote, and encourage entrepreneurship education and careers among young people and entrepreneurs.
- Support new businesses by providing seed money and matching grants to improve their viability.
- To raise awareness and encourage entrepreneurship among young people, facilitate the establishment of entrepreneurship development centres and entrepreneurship facilitation centres.
- Encourage entrepreneurship through education by implementing MOOCs (Massive Open Online Courses), internships, and other learning modules at universities and schools.
- Promote the creation of new incubators, common infrastructure places, and co-working spaces, and aid in their expansion if they already exist.
- Give startups access to a complete one-stop platform where they may find financial help (SEBI registered alternative investment funds, appointed angel investors, etc.), regulatory support, a network of mentors, and appointed project management consultants.
- Facilitate quick and efficient legislative clearances for new businesses.
- Give startups the proper institutional support, such as mentoring, encouragement, and trainings and orientations, to allow for their growth.
- Anything else that will support and foster the state’s startup ecosystem
Key Highlights of Bihar Startup Policy
|Launched By||Syed Shahnawaz Hussain, the state of Bihar’s industry minister|
|Under||Government of Bihar|
|Name of Policy||Bihar Startup Policy|
|Objective||To encourage entrepreneurship in Bihar|
|Benefits||A 10 lakh loan with no interest for ten years would be provided to budding Bihar entrepreneurs|
|Eligibility Criteria||Young entrepreneur of Bihar|
|Launch Date||29th July 2022|
Benefits of Bihar Startup Policy
- The startup policy for Bihar was introduced in August 2022 to encourage business in the state.
- A 10 lakh loan with no interest for ten years would be given to young businesspeople in Bihar. According to the Bihar Startup Policy 2022, this amount will be given out as startup money.
- In addition to a grant of 3 lakh rupees, enterprises that take part in “rigorous training for product improvement and financing” will receive increased incentives of 5 percent for female entrepreneurs.
- There are financial incentives and other perks offered in addition to the shared office space.
- a startup platform was developed for young entrepreneurs in the state of Bihar who are interested in utilizing the policies and initiatives on offer to them.
When an entity satisfies the requirements listed below, it will be regarded as a start-up:
- If it is registered as a partnership firm (registered under section 59 of the Partnership Act, 1932), a limited liability partnership, or a private limited company (as defined in the Companies Act, 2013), it may do so for up to ten years after the date of incorporation (under the Limited Liability Partnership Act, 2008).
- Since its formation or registration, the firm has not had an annual turnover exceeding $100 billion rupees.
- If an organization is working to innovate, develop, or upgrade goods, processes, or services, or if it has a scalable business model with a high potential for income or employment creation, it is engaged in these activities.
- With the caveat that a corporation created through the division or reconstruction of an existing business is not regarded as a “Start-up.”
- As long as the startup has an office in Bihar and is either incorporated or registered there.
- If additional applicable taxes related to the company’s operations are due in Bihar.
For the Bihar Start-up Policy, 2022 to be effectively implemented and monitored, a solid governance structure must be built. The governing structure is made up of the following:
- The Bihar Start-up Fund Trust (8SFT), which is governed by the government of Bihar’s Development Commissioner and meets every two years to discuss policy-related issues, collaborate across departments, and assess the results of policy execution.
- The Start-up Monitoring & Implementation Committee (SMIC) will make decisions regarding interdepartmental coordination, policy implementation, and any other issues that the PSC refers for decision-making.
- Start-up support unit’s activity will be monitored by the Preliminary Scrutiny Committee (PSC) as we “as decision-making for the Start-up policy’s successful implementation.
- A single point of contact for a startup, the Start-up Support Unit (SSU) “issues relating to startups.
The following papers are required by the Bihar Startup Policy:
- True Email ID (the email should be valid for at least 1 year).
- Aadhar-linked mobile number with a passport-sized photo
- Aadhar card and Pan card scanned images
- certificate of caste (Not required for general category)
- Educational qualification CertificateProof of entity (If the entity is registered)
- Account Statement
- Given format with information and a signature
How to Sign Up for the Bihar Startup Policy for 2024
- Applicants first need to open the official website for the Bihar Startup Policy to register.
- Now choose the Register option from the homepage.
- The screen will change to a new page.
- Continue after carefully reading the directions.
- Following that, you’ll see an application format in both Hindi and English.
- Choose an application format to download.
- The registration form will then show up on the screen.
- Fill out the application form with your information.
- Click the submit button after carefully reviewing the information.
- Your registration will go through without a hitch.
- The application form should be printed out.
Steps for Log In under Bihar Startup Policy
- Applicants first need to visit the Bihar Startup Policy official website.
- The screen will show the home page.
- Select the Login option from the homepage now.
- On the screen, the updated login form will show.
- In the application form, enter the email address and password.
- The select the login link, after following all these steps you can easily login under the portal.
- Helpline: 18003456214
- Email : [email protected]