Why should you start your own Business?
As a business owner, you have the freedom to set your own hours. Work half days, sleep in, stay up late, or take a day off - it's up to you. You'll be busy at the beginning of your business, but you will be able to free up more time as you scale and learn to delegate. Now you get to set your schedule.
When you own your own business, you can work remotely, from home, in a co-working space, an office, or even at the local coffee shop. When you are on the go, you can work anywhere.
In the case of a fixed salary job, your income is likely to be limited. You'll receive a salary no matter how much you produce or contribute. Starting a business gives you the ability to decide how much money you want to make. That's entirely up to you. The sky's the limit in terms of income when you own your own business. There is always the possibility of earning more and expanding your business.
Why should you start a Business in Karnataka?
The Government's Initiatives:
The state of Karnataka is the first in the country to offer aspiring entrepreneurs in small, medium and major sectors the freedom to begin operations without waiting for approval or permits from the government.
Karnataka's government approved the Karnataka Industries (Facilitation) (Amendment) Bill, which exempts industries from obtaining permissions from multiple agencies for the first three years. Karnataka has been the first state to implement a long-delayed industrial reform and boost investment in various sectors. Interested investors need to submit a proposal to the Karnataka State High-Level Clearance Committee (SHLCC) to start an enterprise or industry.
Friendly Business Climate:
In terms of investments and exports, Karnataka is a leader in India's technology sector. It's also a popular investment location for the auto, electronics, food processing, heavy machinery, and textile industries.
Being one of the five most industrialized states in India, Karnataka has emerged as an attractive investment destination. Business and residence are ideal in the state because of their available opportunities and subsequent benefits along with the government's investor-friendly policy.
Karnataka has had notable success in promoting high-tech industries in critical sectors such as telecommunications, electronics, information technology, precision engineering, automobiles, readymade garments, biotechnology, and food processing. Karnataka's strong base of large and medium-sized industries has created a broad scope for the emergence of a flourishing small-scale sector, which provides considerable employment opportunities to the state's people. Investment opportunities in Karnataka are plentiful, both for domestic and foreign investors.
With 48% of total FDI equity inflows during the FY 2021-22 (through June 2021), Karnataka is the top recipient state. The state ranks 4th in the basket of national exports for merchandise. In 2019-20, the state exported $15 billion worth of goods, 5.2% of India's total exports.
Connectivity and Infrastructure for Industrial Development:
With two International Airports, 14 National Highways and 115 State Highways, and a 3,250 km rail network, Karnataka is well connected to all major markets. A coastline of 300 km is located in the state, with ten minor ports. Mangaluru is the state's major port. In addition, the state is situated along the Bengaluru-Mumbai Economic Corridor and the Chennai-Bengaluru Industrial Corridor.
The Advantages of Starting a Business in Karnataka
- Access to quality power and water, as well as good infrastructure, readily available land.
- The only state with ten distinct agro-climatic zones and nine distinct soil types for growing virtually any kind of agriculture and horticulture crop.
- The International Flower Auction Board in Bangalore facilitates flower exports.
- At Hassan, there is a food processing SEZ. The development of five industrial parks for food processing is underway.
- The Karnataka Grape Processing and Wine Policy 2007 promotes the production and marketing of wine and provides a better remuneration to farmers.
- A robust technical manpower base, as well as a large number of engineering/technical institutions and centres of excellence.
- A technologically savvy workforce with strong English language proficiency.
- Optimum climate, cosmopolitan lifestyle, and a conducive environment.
- Health care facilities, good connectivity, effective law and order, and cordial industrial relations.
- Investor-friendly governance, combined with excellent logistics support and e-governance.
- Mineral resources include Pink and pink multi-coloured granite, grey granite, black and green granite, yellow granite, sandstone, moulding sand, iron ore, manganese, soapstone, aluminous laterite, limestone/dolomite, quartzite, etc.
- Providing a boost to mineral-based industries through the Karnataka Mineral Policy 2008.
- US$ 2.42 billion worth of iron ore and minerals were exported in 2007-2008.
- An enormous amount of agricultural and horticulture resources serves as raw material for numerous food processing industries.
- Excellent infrastructure network for road, rail, and port connectivity.
- A special economic zone exclusively for petroleum and petrochemicals in Mangalore.
- Among the states of India, it ranks 4th in popularity for tourism.
How to Start a Business in Karnataka
How can you register with the Karnataka Startup Cell?
Visit https://startup.karnataka.gov.in/ and complete the online application. After completing the online application form and uploading all required documents, the Startup Reg Certificate application will be processed.
The Documents you need to Upload;
● Certificate of incorporation or registration
● Audited Financial Statements/ Total Revenue generated letter from the CA on the letterhead of the CA, duly signed and sealed (Format provided on the application form)
● Self-Declaration (Format provided with the online application form)
Startup Registration Certificates can be obtained within ten working days of submitting your application, as long as you submit all required documents and qualify for registration as per the Karnataka Startup Policy 2015-20.
These are the steps to register with Karnataka Startup Cell. For various other steps and necessities of starting a business in Karnataka, contact Entrepreneur India or Niir Project Consultancy Services.