Madhya Pradesh has announced an ambitious startup policy aimed at building a vibrant and dynamic entrepreneurial ecosystem in the state. The Madhya Pradesh startup policy provides incentives for start-ups, such as tax exemptions and subsidies for capital investment. It also provides access to incubators, venture capital funding, mentoring programs, and other resources to support your entrepreneurial journey.
What is Madhya Pradesh Startup Policy 2022?
Madhya Pradesh has announced an ambitious startup policy aimed at developing a vibrant and dynamic entrepreneurial ecosystem in the state.
- The new Madhya Pradesh Startup Policy was unveiled virtually at the Startup Conclave hosted by Prime Minister Narendra Modi in Indore on May 13, 2022.
- To achieve the goal of a Self-Sufficient India and Madhya Pradesh, Madhya Pradesh Startup Policy and Implementation Scheme, 2022 has been enacted.
- Contains its own financial and non-financial facilities to facilitate product-based startups.
- Startup India mainly has a 100% growth in startups registered and certified by the Government of India and a 200% growth in startups registered and certified by the Government of India in the agriculture and agri-food sector. Achieving a growth rate is included.
- The State Government will provide Rs 5,000 per month as rent for new businesses operating in rented premises under this policy.
- Selected startups will receive a monthly salary bonus of Rs 5,000 per employee for up to 25 employees.
- To achieve the goals of the guidelines, five pillars are pursued:
- Institutional cooperation, including easy commercial transactions;
- Promotion of product startups
- Promotion of product startups
- Marketing Collaboration
- To provide financial and non-financial assistance
How Do I Register My Startup in Madhya Pradesh?
A company must follow the simple steps outlined below to obtain a DPIIT Recognition Certificate.
Business Incorporation:
The company must first incorporate the company as a limited liability company or partnership company or limited liability partnership (LLP).
Business Registration with Startup India Scheme:
To obtain the DPIIT Certificate of Recognition, the company must be registered under the Startup India Scheme.
Apply for Startup Recognition:
Applicant should go to Startup India Recognition Portal where he should register with Startup India and obtain DPIIT Startup Recognition Certificate.
Please include the following information in your application for Startup Recognition:
- Entity details: Company type, industry, sector, category, company structure
- number and registration date
- Entity Address
- Authorized Representative Details
- Details of Partners/Directors
- Intellectual Property Rights details
- Funding details
- Recognition received by the entity
Get Startup Recognition Number:
After reviewing the application and supporting documents, a DPIIT Startup Validation Certificate will be issued. The application is approved by the ministry, which assigns the startup a special identification number. Startups can use this number to register for tax incentives.
FAQ: Madhya Pradesh Startup Policy 2023
1. How many startups are there in Madhya Pradesh?
There are more than 1500 registered startups in Madhya Pradesh.
2. How much is the registration fee in MP?
The registry rate is 10.5% (7.5% stamp duty and 3% registration charges).
3. Is Madhya Pradesh’s stamp duty inclusive of GST?
No, stamp duty is collected separately from GST on the sale of real estate.
Wrapping Up
The policy focuses on enabling the environment by fostering collaboration between industry, government, and academia to support innovation. The policy aims to create more employment and economic opportunities for the people of Madhya Pradesh.