Startup India Policy For Goa

Goa is an urban state with more people residing in towns than in villages.  In recent times, Goa has proven to be an ideal place for entrepreneurs due to good infrastructure, clean environment, and quality manpower. The Government of Goa is playing an important role in providing an environment which would make the startups both competitive and technologically innovative.

BENEFITS FOR STARTUPS IN GOA

• Financial Incentives

These are provided to the startups using the single online window for various activities such as purchasing of land, stamp duty for land, lease/sale transaction of a startup which would not exceed up to Rs.100 and so on.

• Provision of a loan from banks

The new startups in Goa would receive loans for the development of their infrastructure from Economic Development Corporation or banks up to Rs.1 crore.

• Exemption in Patent Fees

The startups in Goa would receive 50% reimbursement in the cost related to fees associated with a patent application which would be Rs.2 lacs for national patents and Rs.5 lacs for international patents.

• Boosting of innovation

The Goa government would promote innovation in its startups by managing 50% of R&D expenses which would also include salaries of Ph.D. holders which would be reimbursed for the period of two years.

• Interest Subvention

Maximum of three projects by the startups showing immense potential would be granted 30% of loan interest amount so that they would be able to repay their interest on loans.

• One-Time Grant

Startups in Goa which show signs of promising Minimum Viable Product are eligible for receiving one time grant of Rs.10 lacs and same would be received from Seed Capital Fund.

• Reimbursement of Trademark Registration Cost

The startups in Goa entering successfully in the service delivery phase are entitled to get reimbursement of up to 50% for the cost of registration of logo and name of their company.

• Reimbursement of Local Talent

Startups hiring local talent from Goa would get 50% reimbursement in the salaries of fresher. Moreover, startup employing 60% of locals would get 25% reimbursement in the salary of fresher.

ELIGIBILITY CRITERIA

• The benefits would be availed by those startups which are registered in the State of Goa for seven years from their date of incorporation
• They have an annual turnover not exceeding Rs.25 crore in any of the previous financial years
• Working on the basis of innovative development powered by internet-based technology

Click here if you wish to get your Startup recognized under the Startup India Program.