Startups In India To Get 80% Rebate On Their Patent Fee
In today’s evolving world, starting a new venture from scratch is no less than building a space rocket ship. Various processes are involved which make a small company deliver bigger values. Any idea is not proprietary to the venture owner unless patented, there always a possibility that multiple companies work on certain concept which doesn’t exist in the world, but exist in their minds. In order to preserve rights to the idea, huge amount of money is spent on securing it at early stages.
Lucky for Indians, the authorities have reframed process flow for patenting systems. This will aid the startups to get 80 per cent rebate on their fees. Our Indian government has also twisted startup definition so it could be narrowed down to one thing. With the latest liberal definition of startup, it ensures that many startups may get advantages of it and that includes lower fees under the latest patent policy.
These are the some new rules by Indian authorities on patenting :-
- To encourage more patent filings, government authorities has amended Patent rules 2003.
- These rules were informed on 2nd of September.
- Startups will be qualified to receive about 80% rebate in patent fee.
- DIPP (Department of Industrial Policy and Promotion) will abide facilitation costs on behalf of startups.
- To expedited patent registration, the startups are required to pay double the fees while other companies have to pay thrice the amount.
- In order to opt for fast-track mechanism route for filling patent, startups and individual have to pay an application fee of Rs 8,000 and as for established companies; it can be rise up to Rs 60,000.
- With the help of new reframed process, there will be cutting down time for granting patents. Instead of five to seven years, now it will take two-and-a-half years from five to seven years immediately and to one-and- a- half years by next year March.
The old definition of startup was the companies which are five years old and has maximum turnover of Rs 25 crore per year and who are working towards innovation. This year a new definition was added that is as per Startup India Initiative it is a foreign entity, fulfilling the criteria for turnover and period of incorporation or registration. Such startups are eligible for patent fillings. It further states that a startup should be working towards “innovation, development, or improvement of products or processes or services”, or it should be at least being generating employment to huge crowd by having scalable business.
Do share your thoughts about these reformed patent policies for new startups and how helpful it is in our comment section below.
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