Startups in West Bengal
- What is a startup?
A startup is a young company just beginning to develop. Usually startups offer innovative
products which are currently not available in the market.
- Who can form a startup?
- Private Limited Company (The Companies Act,2013)
- Registered Partnership Firm (The Indian Partnership Act,1932)
- Limited Liability Partnership (The Limited Liability Partnership Act,2008)
- One-person companies are also eligible under the Start-up India Initiative.
- How the startups are financed?
The startup companies are financed by the small business loans by the banks, govt. sponsored aids, incubators who provide capital as well as advice and also by grants received from the nonprofit organizations.
- State Govt. initiative for startups:
Startup Bengal, an initiative of the Government of West Bengal, facilitates startups to access the
various resources of the Startup Eco System available in the State. The objectives are to create an
enabling environment to address the aspirations of youth and to engage with all stakeholders of
Startup eco-system for strengthening the start-ups with appropriate incubation & mentoring
infrastructure as well as incentives, to develop human capital, to provide fast track statutory
support and network of appropriate funding agencies.
- How can one take the advantage of the Startup Policy in West Bengal?
One must apply for VAT registration. The Commercial Taxes Department will need to be satisfied that it is for setting-up a new business which will eventually make sales of goods on which VAT will be charged. One has to furnish full details regarding the location of the business premises and a summary of business plans.
It is also necessary to have Profession Tax registration before applying for VAT registration.
- Registration process for a startup business:
One must submit e-application for VAT registration along with all the details required through
the web portal http://wbcomtax.nic.in. All the details regarding registration process can be
accessed through http://wbcomtax.nic.in/e-Services/user_manual_guideline.htm. One can
also apply for voluntary registration and pay VAT once they make taxable sales.
For Profession Tax registration e-application can be made through the web portal
http://wbprofessiontax.gov.in/ and all the required information regarding how to apply for profession tax registration can be collected through