This article specifically describes the process of obtaining a ‘Certificate of Recognition’ from Department of Industrial Policy and Promotion (hereinafter “DIPP”).
The Application for obtaining the certificate of start-up recognition can be filed – I) during the application process of Intellectual property rights (“IPR”) i.e. Patent, Trademark, Copyright, Design etc. or ii) after obtaining the certificate of registration. The Process that required being followed differences based upon the mentioned situations. In a case where, an application of IPR is under process, then the application no. would be filled in the start-up recognition application form and otherwise, the registration no. of the respective IPR’s nature shall be mentioned. The Application form is to be submitted online at start-up India site backed by department of industrial policy & promotion (hereinafter “DIPP”).
The following information are required to file along with the application form of Start-up recognition –
1. Name of the Entity
2. Nature of the Entity – Private Limited Company/Limited Liability Company/Registered Partnership
3. Incorporation/Registered No. ( Mandatory )
4. Date of Incorporation/Registration
5. Address of Registered Office
6. Details of authorized representative
7. Details of Directors/Partners
8. Any of the following supporting documents are needed to furnish along with the application form to obtain the Certificate of recognition –
To be noted : If the Government of India or State Government has provided funds as a part of any scheme to promote innovation to the applicant, a Letter of Funding by GOI or State Government is admissible as a legit document to be submit.
To be noted : If SEBI has funded, not less than 20% in equity by any above mentioned Funds which endorses the innovative nature of the business of the entity to the applicant, A Letter of Funding by SEBI can be submitted; or
The list of organisations that can offer for the letter of Recommendation are available on the start-up India site. The format for the above mentioned “Letter of
Recommendation, Letter of Support from Incubator, Letter of Funding from SEBI, Recommendation letter from Industry Association/Organisation” is available online. A Brief note or a supporting document regarding the innovativeness of the idea of the product or services also to submit by the entity along with the application form. With respect to tax benefits, note that, if you opt for tax benefits, your application will go to the Inter–Ministerial Board for evaluation, which may take time. If your aim is only to obtain benefits related to IPR, you can abstain from choosing the tax benefits option.
An application for a certificate processed within a period of 10-25 working days from the date of Application, if accepted; the certificate is available to obtain. Submit the application upon self-certification.
PENALTY FOR FALSE REGISTRATION:
If the application is found to be obtained, without uploading the document or uploading any other document or a forged document, the concerned applicant shall be liable to a fine which shall be fifty per cent of paid up capital of the start-up but shall not be less than INR 25,000/- .
Any industry based start-Up may contact the writer for any guidance on valuation and legal registration and compliances.