Nagaland Startup Policy 2019

Nagaland Startup Policy 2019
Nagaland Startup Policy 2019
The Government of Nagaland has announced Nagaland Startup Policy on 26 February 2019 with an aim to promote and accelerate the growth of local entrepreneurs in the Indian state of Nagaland. The policy is created on the line of Startup India Programme by Central Government of India. The Nagaland Department of Industries and Commerce has been appointed as the nodal department to actualize and implement the Nagaland Startup Policy.

Policy Objectives
1. Facilitate growth of at least 500 startups in the next 5 years with a focus on "Made in Nagaland" products.
2. Establish a world class state incubator in partnership with global industry leaders on a Public Private Partnership (PPP) mode
3. Establish the Nagaland Investor Network to provide a platform for key ecosystem stakeholders
4. Establish Nagaland Innovation Fund, a fund of funds, to inculcate and stimulate a culture of creativity, innovation and entrepreneurship by creating the requisite environment for learning and experimentation. The 25 per cent of this fund will be reserved for the promotion of startups by women entrepreneurs.

Incentives

1. GST Reimbursement: Annual reimbursement of state GST paid for a period of 3 years and up to a maximum of 5 lakh rupees per startup per year.
2. Stamp Duty Reimbursement: 100 per cent reimbursement of stamp duty/registration fee/conversion fee on sale/lease deeds for the first transaction.
3. Digital Upgradation Subsidy: 50 per cent of capital expenditure for purchase of computers, smartphones, related hardware and software subjected to a ceiling of 5 lakh rupees.
4. Broadband connectivity reimbursement: 50 per cent rental reimbursement for a maximum period of two years subject to a ceiling of 2 lakh rupees.
5. Power Subsidy: Power subsidy of 50 per cent subject to a limit of Rs. 10 lakhs per annum for a period of five years.
6. Reimbursement of patent filing cost: 100 per cent reimbursement of the patent filing cost (including filing fees, attorney fees, search fees, maintenance fees) with a maximum limit of 2 lakh rupees for domestic patent and 5 lakh rupees for an international patent. The reimbursement will be paid in two instalments. The first instalment of 50 per cent after the patent is filed and the second instalment of balance 50 per cent after the patent has been granted.
7. Marketing and promotion assistance: Reimbursement of 50 per cent of actual marketing and promotion costs incurred by a startup, subject to a maximum of Rs. 5 lakh per startup.

Selection Criteria of Startup

1. Eligible applicants need to fill an online application and submit it through the Nagaland Startup portal
2. The first level of screening will be done by the Nagaland Innovation Society
3. Selected Startups have to pitch their innovative business idea in front of the Startup Council who will select the Startup on the basis of innovation, business plan, feasibility, scalability and budget.

Reference
Morung Express (http://morungexpress.com/nagaland-startup-policy-2019-aims-for-startup-leadership-in-the-region/)