Saturday, 16 January 2016

Start-up India


16th Jan, 2016

 Start-up India

Start-up

An entity incorporated or registered in India less than five years and having annual turnover less than Rs. 25 crores than the preceding financial year.

It has to work towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.

Features

Dedicated Start-up fund worth Rs. 10,000 crore will be created for funding of Start-ups. 

Start-ups will be exempted from paying income tax on their profit for the first three years. He said the Government is working on a simple exit policy for Start-ups. He also said the Government is working towards fast-tracking of Start-up patent applications. 

He announced an eighty percent exemption in patent fee for Start-up businesses, and said a self-certification based compliance system for Start-ups would be introduced for 9 labour and environment laws. He said the Atal Innovation Mission will be launched to give a boost to innovation. 



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