BSP

This is a policy for entrepreneurs to boost entrepreneurship in the state of Bihar and it was launched in July 2022 .

The government of Bihar is making continuous efforts to improve the economy. In this process, the Bihar government has started the Bihar Startup Policy. This policy is to boost entrepreneurship in the state of Bihar. The primary objective of this startup policy is to accelerate the growth of the MSMEs sector in Bihar.

• Up to a period of ten years from the date of incorporation/ registration, if it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008).
• Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded one hundred crore rupees.
• The entity is working towards innovation, development or improvement of products or processes or services, or it is a scalable business model with a high potential for employment generation or wealth creation.
• Provided that an entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘Start-up’.
• 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.

• Bihar’s startup policy was launched in Bihar in the month August 2022 to boost entrepreneurship in the state.
• Young Bihar entrepreneurs would get a loan of 10 lacks without interest for ten years. This sum will be allocated as seed money under the Bihar Startup Policy.
• Enhanced incentives of 5 per cent for female entrepreneurs, in addition to a grant of 3 lakh rupees for businesses that participate in “rigorous training for product improvement and finance.”
• In addition to shared office space, there are financial incentives and other amenities available.
• Created a startup platform for young business people in the state of Bihar who is interested in taking advantage of the policies and programs available to them.