Community platform LocalCircles conducted a survey of over 4,400 entrepreneurs and when asked about the wish to shift the business abroad 11% respondents said a yes without hesitation while 20% said they were considering it, but had not yet evaluated in detail.
The decision came as the government is yet to implement policy-level changes that would have reduced the time taken by startups for tax and other compliances to just one hour a month. Also numerous problems faced after GST policy was pointed at for plaguing startups in India.
“With the exception of angel tax resolution for the majority, the last 12 months have not been ideal for the Indian startup ecosystem. Indian startups have been very vocal about the taxation rules in the country and how countries like Singapore have a very startup-friendly tax regime.”LocalCircles said in a statement.
The UK, US and Singapore were their preferred locations nominated by the entrepreneurs who participated in the survey to shift to as the governments have flexible rules and provides incentives to the startups.