The objective is to reduce the regulatory burden on startups. This self-certification will apply to various laws. For instance, payment of gratuity, contract Labour, employees provident fund, water and air pollution acts.
Startup India hub
A startup India hub will be created for the entire startup ecosystem to enable knowledge exchange and access to funding.
Simplifying the startup process
A startup can be started by just filling up a form through a mobile app and online portal.
The government is also planning on a legal support for fast-tracking patent examination at lower costs.
Fund Support by government
Credit Guarantee Fund
Exemption from Capital Gains Tax
Tax exemption for startups
Income tax exemption to startups announced for three years
Tax exemption on investments above Fair Market Value
Setting up of 35 new incubators in institutions
Setting up of 7 new research parks
Promote entrepreneurship in biotechnology
Innovation focused programs for students
Panel of facilitators to provide legal support and assist in filing of patent application
80 per cent rebate on filing patent applications by startups