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Startup Assam – Everything you need to know

The Government of Assam launched the Startup Assam initiative to promote sustainable economic growth and generate large- scal
The Government of Assam launched the Startup Assam initiative to promote sustainable economic growth and generate large- scale employment opportunities.

Index

  1. Objectives of Startup Assam
  2. Startup Assam Eligibility Criteria
  3. Incentives under Startup Assam
  4. Process of the Registration
  5. Documents Required for MASI Recognition
  6. Startup Assam – Registration Procedure

1. Objectives of Startup Assam

The Objectives of Startup Assam are listed below:

  • To provide funding that is required to enable the startups in Assam.
  • To develop a good mechanism of problem-solving alongside the culture of entrepreneurship in Assam.
  • To allow the citizens of Assam to associate with startups to have a better quality of life.
  • To provide a business incubator owned by the state.
  • To improve the growth of 1000 new startups till the next five years.

2. Startup Assam Eligibility Criteria

Given below are eligibility criteria for the Startup Assam policy:

  • The company has to be formed as a limited liability partnership or private limited company or partnership firm.
  • It has to be a new or an existing firm and not older than seven years. The annual turnover of that company cannot exceed Rs 25 crores.
  • The firm has to work towards the innovative schemes, deployment, development, or commercialization of the new products.
  • The firm cannot be an expansion or extension of any existing business.
  • Applicants have to be adult Indian citizens.
  • Applicants must have a particular existing business in the state of Assam or has to be willing to set up a new business in the state, thus contributing to the economic development in Assam.
  • The citizen should ideally have already demonstrated some traction from the customers.
  • Preference has to be given to those with a full-time core team.
  • The plan or venture should not be belonging to the following industries: alcohol, gambling tobacco, firearms, explosives, and so on.

3. Incentives under Startup Assam

a) Digital Upgradation Subsidy

The State Government is providing 50% subsidy on the purchase of computers, hardware, and softwares if all the following conditions are fulfilled:

  • The Startup with the legal bills as proof of the purchase.
  • The date of the purchase should be after notification of the policy circulated.
  • The self-attested notes need to be very enclosed specifying the use of all the purchased items and ensuring that items purchased will not be resold for a year from the date of the purchase.

b) Lease Rental Reimbursement

The State Government will provide a subsidy of up to 50% subject to a maximum of five lakhs of the rental cost for the first three years if the below-listed conditions are satisfied:

  • The Startup should have employment of at least five people on a full-time recruitment basis.
  • The Startup has to rent a property for all the official purposes. This might cover the rent paid to incubators or shared spaces.
  • The rent or lease agreements should be in the name of the Startup or one of the directors.
  • The Startup has to hold the proof of rent paid through the receipts or the bank statements.

c) Power Subsidy

The State Government has to provide a subsidy up to 50% to a maximum of 1 lakh for the 5 years under the below-listed conditions:

  • The electricity bills which will be generated after the release of the Startup Assam policy have to be considered. Any bill older than the 12 months will not be considered for reimbursement.
  • The Startup should also have proof of the payment against electricity bill.
  • The Startups operating out of the co-working or shared spaces or incubators have to be eligible for the benefit.

d) Patent Filing Cost reimbursement

The cost for filing a patent will be reimbursed to the Startup of the companies with a limit of Rs. 1 lakh per Indian patent. For the awarded foreign patents, the maximum limit is up to Rs. 5 lakhs, which can be reimbursed.

The startup benefits can be availed if the Startup has a MASI recognition, and if the below-listed conditions are satisfied:

  • The Startup should have to be filed for a patent and should also hold the Application Filing Report (AFR), Form 1, 5, 18, or several invoice receipts.
  • The Startup should also have a copy of patent certificates that have been issued.

4. Process of the Registration

The entire process of getting enrolled for the startups and incubation in Assam Startup is listed below:

  1. Click on the “Apply Now” button and then fill-up the form to enroll your Startup for the selection process.
  2. The application will be screened as per the guidelines through a 3 stage screening plus selection process.
  3. The applicant will be also informed about the startup’s or idea’s selection or rejection for the final presentation.
  4. If selected for presentation, the applicant will be called for a presentation of the business plan or idea to several Selection Committee Panels.
  5. Based on the final presentation, the Startup will be either selected or rejected for the incubation in Assam Startup.
  6. After selection, the applicant will be onboarded for the incubation through a regulated process.

5. Documents Required for MASI Recognition

The following set of documents has to be submitted while registering for Startup recognition:

  • Certified copy of Incorporation
  • Proof of Innovation has to be enclosed as per any of the following:
    •  Certificate of DIPP Startup India recognition with a one-page write-up on Innovation.
    • The patent filed in the entity name and the nature of business being promoted with one page write up on Innovation
    • Assurance Letter of the grant provided by the Government of India to the entity to promote Innovation with one page write up about Innovation.
    • Letter of grant issued by any Angel Fund/ Private Equity Fund/ Incubation Fund/ Accelerator/ Angel Network duly registered with (SEBI) Securities and Exchange Board of India.

Note: If an entity doesn’t own any of the above mentioned four documents, they may submit a one-page write-up/note explaining the innovative nature of the entity. The applicant is encouraged to share its business plan along with the letter on Innovation.

6. Startup Assam – Registration Procedure

To register for Startup Assam, visit the official website of Assam Startup. The eligible entities can register for a startup using the startup registration link. After registration, the application will be reviewed by the Officer from the Department of Commerce and Industry (Nodal Department), the state startup certificate will be issued within ten days of applying after all the submitted documents are verified.

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