By next week the startups of the country can start their registration process through a portal to be launched by the Government. This is an initiative to boost up the aspiring and potential entrepreneurs and to help them do hassle free business.
According to Ramesh Abhishek, Secretary in the Department of Industrial Policy and Promotion (DIPP), actions have already been taken to accomplish the important initiative of the Government “Start-up India’
Lately, DIPP has announced the definition of startups and is also making it easier for them to file intellectual property rights (IPR), Abhishek said. Also, to make sure that labour and skill developments laws are put in place for startups, they are working jointly with state governments.
The government declared many schemes for startups, including 100 percent tax exemption for three years in Budget 2016-17.
Similarly to promote innovation, a special patent regime has been proposed with a 10 percent rate of tax on income from worldwide exploitation of patents developed and registered in India.
Under the ‘Start Up India Action Plan’, the proposal is also to establish a ‘Fund of Funds’ which intends to raise Rs 2,500 crore annually for four years to finance startups.
The country is home to over 18,000 startups, making it the third-largest in the world after the US and England.