Goa State Start-up Policy 2017 approved

Goa State Start-up Policy 2017 approved

Posted by P. Charitha on September 15th 2017

The Government of Goa has cleared & approved the State Startup policy on September 13th 2017, at the state’s cabinet meeting chaired by Chief Minister Manohar Parrikar. The State joins the list of other state following the Startup India Mandate launched by the Prime Minister  in January 2016.
Check out some of the other State Start-up Policies here:
“We want to feature in 25 top start-up destinations in Asia by 2025. Goans can avail benefits of the policy and launch start-ups at different locations across Goa,” said IT Minister Mr. Rohan Khaunte.
The Chief Minister Mr. Manohar Parrikar said, “A number of financial incentives would be given for employing local youth in the start-ups. Facilities are being created for small start-ups at a very reasonable rate.”
The objective of the policy is to provide assistance to the Goan entrepreneurs and local start-ups to create at least 100 successful early stage ventures in the next five years.
The government has taken this initiative in order to create employment of 5,000 new jobs in the IT sector, over the next five years and promote technology &innovation among the start-ups & make them globally competitive.
For this the government of Goa will create a start-up promotion cell which would serve as the nodal agency to register the start-ups established in the state as well as to provide them support in the various legal and human resource aspects. Earlier this year, the Goan Govt. had allocated a fund of about $25 Mn for the IT sector, which included $2.29 Mn for  Start-ups alone.
It also envisages the setting up of state-of-the-art innovation and incubation centres  of at least 2-lakh square feet area across the state in the coming years.
Start-up companies operating in such Incubation Centres will be directly eligible for below mentioned incentives.
All start-up units will be entitled to waiver of lease rental in the incubation centre for 5 years. 
A start-up unit will be entitled to a one time capital fund of Rs 2 lakhs.
100% remission of stamp duty paid to the Government towards lease/purchase made by the unit/start-up (IT/ITES/ESDM) while establishing operations in Goa. This will be a one-time remission with ceiling of Rs. 1 lakh per unit/start-up.
Each unit/start-up will be entitled to a special incentive on generating local employment in the form of reimbursement of 10% of the salary paid out to the local employee; subject to the ceiling of Rs. 3 lakhs per year for a period of three (3) years. 
100% waiver on payment of electricity duty on self-consumption up to 5 years from the date of commencement of operations for new units / start-ups subject to a ceiling of Rs. 2 lakhs per unit/start-up. 
Reimbursement of internet bandwidth usage charges with maximum limit of Rs. 1 lakh per annum for period of 5 years from the date of commencement of operation.
The policy also stated that a maximum of three projects which show immense promise and potential will be eligible for grant of 30 % of a loan interest amount, for the purpose of repayment of the interest component of a loan availed, subject to a maximum amount of Rs 5 lakh per annum, for an initial period of two years. 
The policy will be in force for a period of three years from the present date especially for start-ups.


November 25th 2017

Hi. What is the procedure to start or book this.?

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