After announcing a 100% tax exemption for three years and a slew of other initiatives in the recent Budget 2016-17, the government is all set to launch a website for startups by next week and begin the registration process seeking to encourage entrepreneurs and promote ease of doing business in the country.
“In another week’s time, we are going to start the startup portal and the process of registration of startups also,” said Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek.
“We are also working with state governments to ensure that self certification work in case of labour and skill developments laws are put in place for startups,” he added.
There was no information provided on the exact functionalities of the site.
Recently, DIPP issued its definition of the term ‘Startups’, by including:
- Private Limited, LLP or Partnership set up less than 5 years earlier.
- Annual turnover less than 25 cr. in all of the past 5 years.
- Is working towards innovation, development, or services driven by technology or intellectual property.
Abhishek said that under the government’s ambitious ‘Start-up India’ initiative, there are also plans to establish a ‘Fund of Funds’ “which intends to raise Rs 2,500 crore annually for four years to finance startups.”