IT & ITES organizations which plan to setup their operations in India have a choice to register with the STPI. Although the registration is not mandatory, this registration provides them with benefits like relaxation in Fringe Benefit Tax (FBT), duty concessions for infrastructure and other tax concessions.
Key documents for STPI registraton:
– Clear statement of the project
– Sources of Finance
– Business plan with the detailed marketing strategy
– Financial Plan with five year projections
3 stages of approval process:
– In the 1st stage, the application will be screened by the authorities followed by the validation of the documents.
– In the 2nd stage, the CEO of the organizations makes a presentation with the STPI director and the Head of the New Application Processing Committee.
– The last phase is the approval phase with the following documents being drafted between the STPI and the organization along with the approval letter.
– A legal agreement with the STPI and the organization specifying the terms and conditions.
– Registration cum Membership Certificate, Green Card.
– Application for Customs Bonded Warehouse license.
If all the processes are performed and documents been submitted in time, the license for a period of five years can get issued within 2-4 weeks.
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