Monday, October 25, 2021

Procedure for Startup registrations simplified further in Punjab

To give impetus to industry, the procedure for Startup registrations has been further simplified in the state.

We have  affected amendments in clause 16.3, 16.4, 16.5 and 16.6 of Chapter-16 of the Detailed Schemes & Operational Guidelines 2018, state Industries Minister Sunder Sham Arora said on Tuesday expressing confidence that new procedure will fast-track startup applications and will enable large numbers of startups to get registered and thereafter avail incentives from the State Government.

The notification for the simplified procedure was issued on 16.09.2020 after the approval of Chief Minister, Arora revealed.

The Government of Punjab had notified Detailed Schemes & Operational Guidelines, 2018 on 07.08.2018 wherein the scheme was made for providing incentives to Startups.

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He further informed that as per the amended procedure, the startup shall apply online with Startup Punjab for registration with the State Government. Their cases are then forwarded to various Nodal Agencies as per the sector of specialization of startup. Eligible Provisional certificates will be issued to applicants while their application is under process.  These Nodal Agencies, are such as IIT Ropar, ISB Mohali, IKG Punjab Technical University, Software Technology Parks of India at Mohali, Institute of Nano Science and Technology Mohali (INST), Indian Institute of Science Education and Research Mohali, National Agri-Food Biotechnology Institute etc.

These Nodal agencies evaluate the startup applications and determine whether the startup has an innovative product or service and meets requirement funding. Based on the recommendations made by the Nodal Agencies, Startup Punjab puts up the recommendations to the committee and as approved issues certificates of recognition to the startup applicants as per the Detailed Schemes and Operational Guidelines, 2018.  Recognized startups can then apply for fiscal incentives from the State Government.

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Industry and Commerce Minister further stated that previously, startup applications had to be forwarded to Nodal Agencies multiple times and the procedure was cumbersome. This has now been streamlined and the application is forwarded to the Nodal Agency for processing only once.

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