Startup Tripura is an initiative of the Tripura Government which intends to build a strong eco-system for nurturing innovation and startups. The key objective of this initiative is to promote sustainable economic growth and generate large scale employment opportunities in the state of Tripura. This startup scheme will be implemented from 1st April 2019 to 31st March 2024. In this article, we look at Startup Tripura in detail.
Objectives of Startup Tripura
The objectives of the Startup Tripura are listed below:
- To afford appropriate infrastructural support required to enable startups in Tripura.
- To improve the startup culture in the state through strategic investment, policy interventions and such other programmes.
- To develop a platform for accessing multiple avenues that provide financial support to startups in Tripura, in the form of grants, bank loans, fiscal incentives.
- To encourage and inspire youth to actively consider entrepreneurship as a career choice by including appropriate learning modules within the university curriculum, organising relevant entrepreneurship development programs in vocational institutions and in supporting outreach programs, interactions with entrepreneurs, e-calls and entrepreneurship development centres across educational institutions in the state.
- To support and strengthen existing incubators and accelerators in the state. To encourage setting up new incubators in the state in collaboration with the private sector.
- To provide enabling mechanisms to startups, through training and skill development, capacity building, networking, access to knowledge and support services etc.
- To create a strong institutional framework for effective implementation, monitoring and evaluation of this scheme.
- To afford skill-based training to encourage youth to take up startups.
- To facilitate the development of new and support expansion of existing Incubators/common infrastructure spaces.
- To provide a comprehensive one-stop portal for startups to access financial support, administrative support, network of mentors and empanelled project management consultants.
- To encourage all major companies of Tripura to include skill and infrastructure development for startups as an integral component of their Corporate Social Responsibility (CSR) activities.
Any information technology or service based startups are eligible to participate in the Startup Tripura scheme.
Note: The startup should not have been registered or incorporated for more than 4 years from the date of application to avail the incentive under this scheme.
Supports under Start-up Scheme of Tripura
Physical Infrastructure support
The government will setup device testing labs which will provide enterprise software at subsidised rates. Also, the government will allocate cloud space in its State Data Center (SDC), which will be connected to all government incubation facilities and can be used by startups at nominal charges.
Incubation Rental charges
Startups requiring incubation facility offered by the government is free from rental cost for the first three years. Start-up may operate incubation facility from the government for another one year on payment basis after getting approval from the State Level Implementation Committee.
Incentives for Startups
Reimbursement of State Goods & Service Tax (SGST)
The unit can pay SGST to the concerned department and avail reimbursement every year. It is applicable only for the SGST payers and for the startup maximum total turnover of INR 1 Crore for the first three years of operation.
Industrial Promotions Subsidy
Reimbursement for the travelling expenses and the cost incurred to participate in State and National level IT trade/industry fares and exhibitions held outside the state will be covered under the Industrial Promotions Subsidy.
Patent Filing Cost reimbursement
The cost for filing a patent application will be reimbursed to the incubated startup companies with the limit of Rs. 2 lakh per Indian patent awarded. For awarded foreign patents, maximum limit up to Rs. 10 lakhs can be reimbursed.
Marketing Development Support
Any entrepreneur with an innovative product or a service which generates revenue but in need of guidance and funding to scale-up business can apply for the marketing development support under the scheme.
Reimbursement of Capital Investment
Once the Start-up council approves the business plan and the evaluation of the product, then the state government will provide subsidy up to 80% of the total cost of the project but not exceeding 10 Lakhs.
To promote Startup industries, the government offers onetime recruitment assistance of Rs. 10,000 per employee for the first year.
Performance Linked Support
The startups which have a growth rate of 15%, as per audited accounts, are eligible to get a grant of 5% on turnover, within the limit of Rs.10 lakhs for 3 years from the date of incubation.
Assistance for Start-up Funding
The government will encourage banks and other financial institutions/Angel Investors/to enhance their facilities to set up dedicated desks for startups in respective branches to fund for commercialisation and business expansion. Also, the government would encourage angel investors network and various seed capital funding agencies to enter into a partnership with industry/Startup associations in the state.
Ease of Doing Business
- To reduce the time to set-up a business to 12 days or lesser.
- To establish favourable labour and intra-state goods.
- Startup cell would be set up to provide necessary assistance to startup industries.
- Startup portal will be established with the components like investor organisations, trade organisations, regulatory environment, policies, programs, events and service providers.
Startup Tripura Portal
This Startup Tripura is expected to launch soon and will serve the following services:
- Online application
- Status tracking
- Approvals for registration
- Apply for incentives
- Download the registration certificate
Post by Karthiga
IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.