Looking To Build A Startup in Bihar? Know About The State's Recognition Scheme

Are you an entrepreneur looking to start a business in the Indian state of Bihar? If so, you'll want to pay attention to the state's Startup Recognition criteria listed on its website. The state has introduced a set of criteria for recognizing startups operating in Bihar. 

The criteria are designed to support innovative, high-growth potential startups that can generate employment and wealth in the state. In this article, we'll take a closer look at the eligibility criteria that help startups recognized by the Bihar government. Read on to find out how you can take advantage of this exciting opportunity to build your business in Bihar.

The Indian state of Bihar has its set of criteria for recognizing startups operating in the state. These criteria are aimed at supporting innovative, high-growth potential startups that can generate employment and wealth in Bihar.

According to the new criteria, a startup must be incorporated or registered in Bihar and have an office in the state. Additionally, the startup must not have been incorporated or registered for more than ten years and must be structured as a Private Limited, Partnership, or Limited Liability Partnership entity.

Furthermore, the startup's annual turnover for any preceding financial year must not exceed one hundred crore rupees. The entity must not have been formed by splitting up or reconstructing an existing business. The startup should be working towards the innovation, development, or improvement of products, processes, or services, and have a scalable business model with a high potential for employment generation or wealth creation.

The startup Bihar government website mentions the criteria: 

• The date of incorporation/registration is not prior to Ten years.
• The entity must have incorporated as Private Limited or Partnership firm or a limited liability partnership.
• Annual turnover not exceeding one hundred crore rupees, for any preceding financial year.
• An entity not formed by splitting up or reconstruction of an existing business.
• The entity is working towards innovation, development, or improvement of products or processes, or services.
• A scalable business model with a high potential for employment generation or wealth creation.
• Provided Start-up must be incorporated or registered in Bihar and have an office in Bihar.
• Provided further applicable taxes from the operations of the company are payable in Bihar.

The Bihar state government's recognition program aims to foster an entrepreneurial ecosystem that encourages innovation and job creation. The state government believes that the startup sector is vital for Bihar's economic growth and development. By recognizing startups that meet the eligibility criteria, the state government hopes to encourage more entrepreneurs to set up businesses in Bihar.

Startups recognized by the Bihar state government will be eligible for various incentives and benefits, including access to funding, incubation centers, and tax exemptions. Additionally, these startups will be given priority for government procurement and will have access to mentoring and networking opportunities.

The Bihar state government's recognition program for startups is expected to boost the state's economy and create a supportive environment for entrepreneurs. The program is a step towards realizing the state's vision of becoming a hub for innovative startups and creating employment opportunities for its citizens