Thu, 11 Jun 2020 05:03:42 +0000

Startup India Guide Part 2 with Rahul in Hindi

BENEFITS FOR START-UP AFTER GETTING REGISTRATION AND RECOGNITION DPIIT

DPIIT - (DEPARTMENT FOR PROMOTION OF INDUSTRY AND INTERNALTRADE)

Intellectual Property Rights (IPR):
Fast-tracking of Startup patent applications.- The patent application of Startups is fast-tracked for examination and disposal. The process is much faster for recognized Startups.
Panel of facilitators to assist in IP applications.-Facilitators are responsible for providing general advisory on different IPRs, Central Government bears the entire fees of the facilitators.
Rebate on filing of application- Startups are provided an 80% rebate in filing of patents and 50% rebate is also provided in filing of Trademarks

Recognized Startups can also become preferred bidders on CPPP (Central Public Procurement portals), which sees over 2,00,000 tenders every year
DPIIT recognized Startups can now get listed as Sellers on the Government of India’s largest e-procurement portal–Government e-Marketplace. Get recognized and visit gem.gov.in/startup runway to avail the benefits!

RELAXATION IN PUBLIC PROCUREMENT NORMS:

Government of India has authorized its Ministries, Departments and Public Sector Undertakings to relax norms in all public procurement. Startups are entitled to avail exemption on:
Prior Turnover (Limit to ₹100 crore)
Prior Experience (the startups get priority in getting government tenders. Also, they are not required to have any prior experience.)

Earnest Money Deposit (the money paid to confirm a contract. It is a deposit made to a seller showing the buyer’s good faith in a transaction)

SELF-CERTIFICATION UNDER LABOUR & ENVIRONMENT LAWS:

To reduce the regulatory burden on Startups, thereby allowing them to focus on their core business & keep compliance costs low.
Startups are allowed to self-certify their compliance under 6 Labour and 3 Environment laws for a period of 3 to 5 years from the date of incorporation.
In respect of 3 Environment laws, units operating under 36 white category industries (as published on the website of Central Pollution Control Board) do not require clearance under 3 Environment related Acts for 3 years.

FASTER EXIT FOR STARTUPS
Operations within 90 days to 180 days for other companies. An insolvency professional shall be appointed for the Startup, who shall be in charge of the Ministry of Corporate Affairs has notified Startups as ‘fast track firms’ enabling them to wind up company for liquidating its assets and paying its creditors within 6 months of filing an application in this regard.

Fund of Funds for Startups
To provide equity funding support for development and growth of innovation driven enterprises, the Government has set aside a corpus fund of INR 10,000 crores managed by SIDBI. The Fund is in the nature of Fund of Funds, which means that the Government participates in the capital of SEBI registered Venture Funds, who invest twice the amount in Startups. The flow of funds is Government SIDBI - Venture Capitals -Startups.

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