Follow these Simple Steps to Register your Startup with DIPP
With an aim to motivate young entrepreneurs and improve ease of doing business, the Commerce and Industry Minister Nirmala Sitharaman, recently announced that startups would now need only a certificate of recognition from the Department of Industrial Policy and Promotion (DIPP )to avail Intellectual Property Rights (IPR) related benefits.
Before this move, an entrepreneur had to go through a very lengthy process of approaching an inter-ministerial board to obtain the IPR benefits.
Here is everything you need to know about how to register your startup with the DIPP
What qualifies your startup to avail these benefits?
An entity (Private Limited Company or Registered Partnership Firm or Limited Liability Partnership) shall be considered a “Startup” —
a) Upto 5 years from the date of its incorporation/ registration.
b) If its turnover for any of the financial years has not exceeded INR 25 crore.
c) It is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.
What all documents are required to register the Startup?
The Startup will have to submit their application along with any of the following documents :-
a. A recommendation in a format specified by DIPP from an incubator established in a post-graduate college in the country.
b. A letter of support from any central or state government funded incubator to promote innovation.
c. A recommendation in a format specified by DIPP (with regard to innovative nature of business) from any incubator recognised by the Central Government.
d. A letter of funding of not less than 20 per cent in equity by any incubation or angel fund/PE fund/accelerator or angel network duly registered with Securities and Exchange Board of India that endorses its innovative nature of business.
e. A letter of funding by the Central or State government as part of any scheme to promote innovation.
f. A patent filed and published in the Journal by the Indian Patent Office in areas affiliated with the nature of business being promoted.
How can the application and documents be submitted to DIPP
Other than manually, the Application and documents can be submitted on the DIPP Website as well as through the mobile app, which has been launched recently.
What IPR benefits have been made available for the startups?
a. 80% rebate on filing a patent application.
b. Fast track mechanism for patent applications.
c. Free of cost facilitation in filing IPR applications.
d. A panel of facilitators has been constituted for assistance in filing Intellectual Property applications.
So every startup entrepreneur out there. Go avail your IPR benefits!!!
About the Author
This article has been authored by Rudraksh Durrani, Intern at LegalNow.