The Indian entrepreneurial force has increased extraordinarily in recent years. As per IT industry body Nasscom, India stood third among global startup ecosystems in 2015, just after the US and the UK. The boom in IT industry and fast catching up digitization has been certainly playing a vital role in startup ecosystem in country. Of course there has been tremendous growth in Indian technology startups landscape and in the emergence of creative entrepreneurs and innovative startups. The emergence of Unicorns, which are the privately held companies having over $1 billion in valuation, especially in e-commerce sector have certainly boost up the confidence of entrepreneur and innovators. However, even non technology driven start-ups/companies working in other sectors are also making their presence felt and are attracting the attentions of VCs, Angel, Seeds and other investors.
To further boost the entrepreneurship culture and start-up ecosystem in country, the Government of India has also started several flagship programs prominent among them are “Start-up India, Stand Up India” initiative and creation of Fund of Funds, a government backed startup focused investment fund. Indeed, many incentives and concessions such as income tax exemptions, reduction in patent application fee, fast tracked patent process etc. are being offered by the Govt. to the startups. Recently, the definition of startups has also been enlarged by Department of Industry Policy and Promotion (DIPP) to include entities driving a scalable business model having a high potential of employment generation or wealth creation from an earlier restricted definition which only included the entities activities of which were innovative and driven by technology or intellectual property. Not only this but DIPP has also extended the period of existence for qualifying as startup from earlier 5 years or less to 7 years (10 years for those in biotechnology sector). This expansion in definition has definitely enlarged the scope for entities working in non-tech space to be qualified as startups and to avail incentives.
We, at R&P Legal provide such budding start-ups indispensable services from the stage of incorporation till all the compliances. Our legal experts with their extensive knowledge and experience help in the birth of such start-ups and ignite their productivity to their fullest capability. Our services include:-
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