How can a startup avail the benefits under SIPP?

How can a startup avail the benefits under SIPP?

The Scheme for Facilitating Start-ups Intellectual Property Protection (SIPP) provides numerous benefits to start-ups. To begin, the SIPP has designated facilitators who will assist new businesses in obtaining intellectual property protection. The Government will bear the cost of the Facilitators. The government issued guidelines to start-ups regarding how to choose a facilitator in a notice dated 08.06.2016.

How to register as a Startup?

• The first step

Determine whether your entity meets the criteria for being designated as a startup. The following organizations qualify as start-ups:

*An entity incorporated under the Companies Act of 2013.

*An entity formed in accordance with Section 59 of the Partnership Actof 1932.

 *A company formed under the Limited Liability Partnership Act of 2002.

NOTE: A public limited company is not considered a start-up

• The second step

Check to see if your company meets the following requirements:

 *Has a turnover of less than 25 crores in the previous five fiscal years.
 *Works on the development, deployment, and commercialization of   new products, processes, or services based on technology or intellectual property.
 *Finally, a legal entity will be identified as a startup only for the first 5 years after incorporation.

• Third, obtain any of the following documents:

1. A recommendation from an incubator established in a post-graduate college in the country in the format specified by DIPP; or

2. A letter of support from any incubator funded by the federal or state governments to promote innovation; or

3. A recommendation in the format specified by DIPP (with regard to the innovative nature of the business) from any Central Government-recognized incubator; or

4. A letter of funding from any incubation or angel fund/PE fund/accelerator or angel network duly registered with the Securities and Exchange Board of India endorsing its innovative nature of business; or

5. A letter of funding from the federal or state governments as part of any scheme to encourage innovation; or

6. An Indian Patent Office patent filed and published in the Journal in areas related to the nature of the business being promoted.

After obtaining the above-mentioned documents, you can use the SIPP Scheme to file patents, trademarks, and designs for your start-up, and you can easily approach Intepat for pro-bono services.