STARTUP INDIA HUB - Status Report

STARTUP INDIA HUB

Startup India Hub was operationalised on 1st April 2016 to resolve queries and provide handholding support to Startups. The hub has been able to resolve 23,290 queries received from Startups through telephone, email and Twitter. To seek clarifications pertaining to Certificate of Recognition as a “Startup”, Certificate of

Eligibility to avail tax benefits, seeking information on incubators or funding, one can get in touch with the Hub on Toll-Free number: 1800115565 or email: id dipp-startups@nic.in

LEARNING

Startup India Hub would soon be launching an interactive online learning and development module to educate Startups and aspiring entrepreneurs, through various stages of their entrepreneurial journey. The learning and development module shall be made available through the Startup India portal

RECOGNITION

1231 applications have been received for out of which 428 had the required documents and have been recognised as Startups by DIPP. Rest of the applicants will be provided guidance and support to submit the relevant documents by the Startup India Hub. Out of the total applications received, 99 applications can be considered for tax benefits as only these Startups have been incorporated after April 1, 2016. Out of the 99 applications, all have been considered by the IMB and 5 Startups have been approved for availing tax benefits.

RECOMMENDATION BY INCUBATORS

A maximum fee of INR 5,000 can be charged by the incubators for providing Letter of Recommendation to Startups. In cases where external expert(s) is/are required to assess the innovativeness of a product/service/ process, a maximum fee of INR 10,000 can be charged by the incubators.

AUGMENTING INCUBATORS

In order to augment the existing list of incubators, a module to recognise incubators has been launched. This shall enable incubators to obtain recognition from the Government of India which will allow them to issue recommendation letters to Startups. For more details, visit the link: http://startupindia.gov.in/recognition.php

FACILITATORS

A panel of facilitators has been constituted for providing assistance and support in filing applications for Intellectual Property Rights (IPR), wherein, Department of Industrial Policy and Promotion (DIPP) would bear the facilitation cost.

To avail IPR-related benefits (rebate in fee and free of cost facilitation in filing IPR applications), a Startup would not be required to obtain a Certificate of Eligibility from the Inter-Ministerial Board of DIPP (a Certificate of Recognition of DIPP would suffice).

To get the list of facilitators, visit:



TAX EXEMPTION

The Finance Act, 2016 has made provision for Startups to get income tax exemption for 3 years in a block of 5 years, if they are incorporated between 1st April 2016 and 31st March 2019. To avail these benefits one must get a Certificate of Eligibility from the Inter-Ministerial Board of DIPP.

Tax exemption on investments above Fair Market Value have been introduced for investments made in Startups (as per definition). For details, visit link:



EXEMPTION FROM COMPLIANCES

Startups falling under the list of 36 “white” category industries have been exempted from all the applicable compliances under 3 Environment Laws viz. The Water (Prevention & Control of Pollution) Act, 1974; The Water (Prevention & Control of Pollution) Cess (Amendment) Act, 2003 and The Air (Prevention & Control of Pollution) Act, 1981. To get the list of “white” category industries, visit link:


In order to further incentivize Startups by provision of ease in regulatory compliances, the Apprentices Act, 1961 has been amended. To get details, visit link:


RELAXED NORMS OF PROCUREMENT

Relaxed norms on prior experience and turnover for public procurement for micro and small enterprises have been provisioned in the Procurement Policy of Ministry of MSME. To get details, visit link:




ENABLER

The Insolvency and Bankruptcy Code 2016 has been published in the Gazette. Once the code is notified, Startups shall be able to wind up their business within a period of 90 days from making an application for the same.

A 'fund of funds' of INR 10,000 crores for Startups has been established which shall be managed by SIDBI. The fund will invest in SEBI registered Alternative Investment Funds (AIFs) which, in turn, will invest in Startups. Thus, this fund will act as an enabler to attract private capital in the form of equity and quasi-equity for Startups.

RESEARCH PARKS, TECHNOLOGY BUSINESS INCUBATOR& STARTUP CENTERS

7 proposals for Research Parks, 15 proposals for TBIs and 14 proposals for Startup centres have been recommended by the National Expert Advisory Committee (NEAC) formed by MHRD. These proposals shall be implemented in the current financial year.

COLLABORATION

DIPP will write to top companies to request them to support the initiative by setting up new incubators or scale up existing incubators in collaboration with educational institutes.

HUB AND SPOKE MODEL

DIPP has requested State Governments and administration of Union Territories to set up Startup Hub as well as incubators to help Startups during various stages of development.

Source: http://startupindia.gov.in
Download Link of this report: http://startupindia.gov.in/uploads/pdf/Status_Report.pdf

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