The Department of Industrial Policy and Promotion(DIPP) on Thursday launched a portal and mobile app through which start-ups can gather all latest updates on various notifications, circulars issued by various departments and different funding agencies.
Secretary in the DIPP, Ramesh Abhishek said the portal and app were launched as an integral component of an action plan.
He said it would also provide information regarding incubators and funding agencies recognised for the purpose of recommending startups as part of startup recognition application.
He also said that the ‘Startup India Hub’, which has been established within Invest India, will be a single point of contact for the entire start-up ecosystem which would enable exchange of knowledge.
“The hub will work in a hub and spoke model with governments, VCs, angel funds, incubators, mentors. It will assist startups through their lifecycle, on all aspects, such as providing mentorship, incubator facilities, IPR support, funding,” he said.
Abhishek said a real-time recognition certificate will be available for download upon completion of the application process. Similarly, small and medium enterprises and start-ups, especially in the communications technology sector, would be able to take advantage of the IPR portal.
Start-ups will also be able to find information regarding various notifications issued by government ministries and information about incubators and funding agencies.
Entities that fulfil the criteria as per the definition of startup and are incorporated/registered in India, can obtain recognition as a startup to avail various benefits listed in the Startup India Action Plan.
“Start-ups have to pay only statutory fees, which is minuscule,” he said, adding the hub would start working from Friday. He added that while the fund was already declared in the Budget and accordingly Rs 2,500 crore each year would be released over next four years to SIDBI. All the tax benefits will be extended to budding entrepreneurs after the passage of the Finance Bill.
“The process of recognition is simple and user friendly and involves a single page application form that a user can fill either through a web interface or through mobile app.
Formats of the recommendation/support letters that need to be attached as part of the application form have been published on the portal and mobile app,” he told reporters here.
Abhishek said that a real time recognition certificate is provided to startups on completion of the application process.
“A digital version of the final certificate of recognition is available for download, through the portal and mobile app. A request for certificate of eligibility for tax exemptions from Inter-ministerial Board will be made simultaneously by selection of a simple option,” he added.
DIPP has also set up an Inter-Ministerial Board to verify the eligibility of startups opting to avail tax and IPR related benefits and to provide a certificate of eligibility to innovative startups.
“The board will not take much time to verify. It will happen at a faster pace,” he said.
The board would meet every week. The DIPP is also holding consultations with the Ministry of Corporate Affairs regarding digital signatures.
According to the FAQs of the DIPP, where a recommendation is issued by an incubator without proper examination or without itself satisfying about the innovative nature of the business it shall be “blacklisted” from giving any future recommendation or receiving any benefit from government
This article was originally published in knowstartup.com
Image credit: bigstartups.in