The “Startup Assam” project has been launched by the Assam government to encourage sustainable economic growth and create numerous job opportunities throughout the state. The state government of Assam established a number of incubation centers as part of the Assam Startup Policy 2017 to aid in the establishment of at least 1,000 new entrepreneurs during the ensuing years. Detailed information on eligibility, registration procedure, documents required, and so on is available at https://startup.assam.gov.in/.
What are the goals of Startup Assam Project?
The goals of “Start-up Assam” are as follows:
- To offer the necessary capital for Assamese startups.
- To foster an entrepreneurial culture and a system for solving problems in the state.
- To make it possible for the state’s residents to collaborate with startups in order to live better.
- To build a state-owned incubator for entrepreneurs.
- To support the expansion of at least 1,000 new companies during the following five years
What are the incentive schemes available under Startup Assam Project?
Digital Upgradation Subsidy
If all of the following requirements are met, the State Government will offer a 50% subsidy for the purchase of computers, related hardware, and software:
- The beginning with the legal bill serving as proof of acquisition.
- The purchase date must follow the announcement of the policy’s distribution.
- The self-attested note describing the intended use of the purchased goods and attesting that they won’t be sold again for a year after the date of purchase must be included.
Lease Rental Reimbursement
If the following criteria are met, the State Government will subsidize up to 50%, up to a maximum of 5 lakhs, of the rental cost for the first three years:
- The startup should have at least 5 full-time employees.
- A property has been rented by the company for business purposes. Rent paid to incubators, coworkingspaces, or shared spaces may be covered by this.
- The startup or one of its directors should be named on the rent/lease agreement.
- The startup has bank statements or receipts as proof that the rent has been paid.
Under the following circumstances, the State Government would offer a subsidy of up to 50%, up to a maximum of Rs. 1 lakh, for a period of five years:
- A legitimate electricity bill with the company’s name or the name of one of its directors has been delivered to the startup.
- The electrical costs incurred following the publication of the Startup Assam policy would be taken into account. Any bill that is more than a year old will not be reimbursed.
- The Startup needs to show that the electricity bill has been paid.
Patent Filing Cost Reimbursement
Startup businesses would receive reimbursement for the cost of filing a patent application up to a maximum of Rs. 1 lakh for each Indian patent granted. There is a maximum reimbursement amount of Rs. 5 lakhs for granted foreign patents.
The startup perks are only available if the startup has received My Assam Start-Up ID (MASI) accreditation and meets the requirements listed below:
- The startup must have submitted a patent application and be in possession of the Application Filing Report (AFR), Form 1, Form 5, Form 18, and, if necessary, additional invoice receipts.
- A copy of the patent certificate that was granted to the startup is required.
Incentives for Women, Transgenders, and differently abled
The three-year incentive of Rs. 5000 would be paid under the following circumstances for hiring women, transgender people, and people with disabilities:
- The employee must be a woman, a transgender person, or someone with a disability.
- The worker might be a firm director or founder.
Before the startup applies for the programme, the employee must have worked there for a minimum of 12 months
One-time Idea to Proof of Concept (POC) grant
Startups can avail a one time grant of Rs.5,00,000 (five lac rupees) for taking an idea to proof of concept stage. This amount should be used for further development of product or service.
Scale Up Grant
Each startup can avail a grant of Rs.50,00,000 (fifty lac rupees), including the idea to POC grant. This amount can be used for raw material procurement, marketing, and other activities that will help the startup commercialise the products and services.
Monthly stipends for Entrepreneurs
The following requirements must be met in order for an entrepreneur to be eligible for an allowance of Rs 20,000 per month per Start-Up for a year:
- Startups ought to have a tested prototype or functional model.
- The Start-Up entity’s founders should have a secondary source of income.
- The Start-Up business must have at least one female entrepreneur.
What is the process for registering in Startup Assam Project?
Visit the Assam Startup website to register for Startup Assam. The startup registration link can be used to register an eligible entity for a startup. The state startup certificate will be granted within 10 days of applying after all of the submitted documents have been validated. The application will be reviewed by an officer from the Department of Commerce and Industries (Nodal Department) after registration.