Is Bihar the state where your imaginary startup is located? Bihar Startup Policy 2024 stands a chance of becoming the thrilling one you have all been waiting for!
This project by the Government of Bihar is a step towards making an environment where the prospective entrepreneurs and startups are provided easy facilities and lessens struggles to get started.
But all is not lost in Bihar. Submit further paragraphs to learn about the Bihar Startup Policy, its benefits, and how to get started!
About Bihar Startup Policy 2024
Launched in August 2022, Bihar Startup Policy is designed to transform the state of Bihar into a center of invention and new business.
It gives credit to the fact that these organizations, because of their capacity to facilitate economic growth and create jobs, are real drivers of development.
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| Name of the Policy | Bihar Startup Policy |
| Objective | Creating a sustainable environment for the effectiveness of innovation startups |
| Eligibility Criteria | Who has registered as a private limited company or a limited liability partnership (LLP) in Bihar. |
| Mode of Application | Online |
| Application fee | – |
Objective of Bihar Startup Policy
The main focus of this policy will be on creating a sustainable environment for the effectiveness of innovation startups. This includes supporting them with financial assistance, infrastructural support, and mentorship, and making their operations easier by removing some regulatory measures.
Benefits of Bihar Startup Policy
The Bihar Startup Policy offers a compelling package of benefits for registered startups:
- Seed Funding: Young upcoming entrepreneurs who are looking to start a new venture can avail of loans at 0% interest, which is up to Rs. 10 rupee annually during the course of 10 years.
- Matching Loans: Seed investments by angel investors registered for sprouting start-ups allow matching debt contributions, lowering interest to 10% upto Rs. rupee. From the state, I am asking for 50 lakh.
- Fiscal Incentives: Funders may have a part of their budget covered by reimbursements from incubators for supporting startups, and they can also receive some financial incentives in the form of investments returned from their inchoate ventures.
- Regulatory Ease: The policy intentionally seeks to redesign the regulatory process for startups, eliminating the complex requirements of legal and administrative hazards.
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Eligibility Criteria of Bihar Startup Policy
To register under the Bihar Startup Policy, your startup must:
- Get registration as a Private Limited Company or a Limited Liability Partnership (LLP) in Bihar.
- Be less than seven years old from the date of incorporation.
- Be innovative and have a scalable business model.
Documents Required for Bihar Startup Policy
The specific documents required for registration may vary, but they likely include:
- Startup registration documents
- Business plan
- Audited financial statements in case auditing has been completed.
- Letters of Patent or related ownership agreements.
How to Sign Up for the Bihar Startup Policy for 2024
The registration process is likely to involve:
- The first step of this process is to visit the official portal and register your startup.
- Also, the applicants complete the online application form.
- Uploading necessary documents.
- After the application has been submitted for formal review.
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Steps for Log In under Bihar Startup Policy
Once registered, you’ll be able to log in to the portal using your credentials to:
- Track your application progress
- Have access to the relevant resources and updates.
- Claim particular benefits which match with the process.
Contact Details
If you have any later questions or need further details, you can seek help at the Department of Industries, Bihar government, via their official website or the contact information stated therein.
