Startups to enjoy 80 per cent rebate on patent fee
There’s good news for the startups. Read on!
Both domestic and foreign startups could access the fast-track mechanism now for filing patents. This will drastically reduce the time taken to obtain these rights. The government has redefined the definition of startups to ensure them more benefits like lower fees under the latest patent framework.
The government has amended the Patent Rules 2003 to encourage patent filing. As per the new rules on September 2, startups could avail a rebate in patent fees.
A foreign entity, fulfilling the criteria for turnover and period of incorporation or registration as per Startup India Initiative" would be extended the patent filing benefits meant for startups, according to the notification.
The definition of startups has been modified by the Department of Industrial Policy and Promotion to provide more job opportunities. With the revised rules, the startups will be eligible for an eighty per cent rebate on patent fees. The facilitation cost and rebates in the statutory fee for filing applications will be borne by the DIPP.
For the expedited patent registration, the startups have to pay double the fees against thrice the amount for other companies. Under the new clearance route, the application fee for individuals and startups is Rs 8,000. while for established and older companies it is about Rs 60,000.
To avail of intellectual property rights-related benefits, a startup is required to obtain a Certificate of Recognition from DIPP. The amended rules seek to cut the time taken for granting patents to two-and-a-half years from five to seven years immediately and to one-and-a-half years by March 2018.
With the Government bodies displaying an amicable behaviour towards the startup houses, do you think the startups would get benefited?
Please let us know.
Excerpts from The Times Of India