The government will launch a portal for start ups by next week and begin the registration process with a view to encourage budding entrepreneurs and promote ease of doing business, a top official said today.
Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said that ‘Start-up India’ is an important initiative and steps have already been taken to implement the action plan announced by the government.
Recently, DIPP has issued the definition of start ups and is also making it easier for them to file intellectual property rights (IPR), he said.
“In another week’s time, we are going to start the startup portal and the process of registration of start ups also,” he said here at a Ficci function.
“We are also working with state governments to ensure that self-certification work in case of labour and skill development laws are put in place for start ups,” Abhishek added.
In Budget 2016-17, the government announced a slew of initiatives for start ups, including 100% tax exemption for three years.
Similarly, to promote innovation, a special patent regime has been proposed with a 10% 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 start ups.
The country is home to over 18,000 start ups, making it the third-largest in the world after the US and England.