Portal for start-ups, registration by next week: official

In order to encourage entrepreneurs and further ease doing of business in India, the government said on Friday that a web portal for start-ups will launched by next week, which would also begin their registration process.

"In another week's time, we are going to start the start-up portal and the process of registration of start-ups also," Ramesh Abhishek, secretary of the Department of Industrial Policy and Promotion (DIPP), said at a post-budget interaction here organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

"We are also working with state governments to ensure that self-certification work in case of labour and skill development laws are put in place for start-ups," he said.

Besides the Start-up India initiative launched last year, the DIPP has issued the definition of start-ups and is making it easier for them to file patent applications, Abhishek added.

The Union Budget for 2016-17, presented on Monday, proposed full tax exemption for start-ups for three years.

Besides, a special patent regime has been proposed with a 10 percent rate of tax on income from worldwide exploitation of patents developed and registered in India in order to promote innovations

The Start-Up India action plan has proposed a "Fund of Funds" to raise Rs.2,500 crore annually for four years for financing start-ups.