The Government of Goa has approved the Start-up Policy 2021 on November 11, 2021. People registered under Start-up Policy, 2017, shall continue to be registered under Start-up Policy, 2021, and all incentive applications submitted on or before September 30, 2021, shall be processed as per Start-up Policy, 2017. This policy shall remain in operation for a period of three years from the date of notification of the policy in the Official Gazette
Key points under the Policy are as follows:
- According to the policy, all start-ups registered in Goa will be allowed to operate 24/7. An intimation from Startup Promotion Cell will be issued to the Panchayat and Local Bodies intimating them on the Certified Goa Startups to operate 24×7.
- Start-ups registered with the Government of India under the Start-up India program, and registered with the cell will be exempted from inspection under the following acts:
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- Factories Act, 1948
- Maternity Benefit Act, 1961
- The Contract Labour/Regulations and Abolition Act, 1970
- The Payment of Wages Act, 1936
- The Minimum Wages Act, 1948
- The Employment Exchange Act, 1959.
However, start-ups will need to confirm compliance based on self-certification.
- The Goa State Start up portal (www.startup.goa.gov.in) enables registration of the start-ups, facilitates two-way communication with the Government for updates and reminders on regulatory matters, and access to the repository of information on all state-level as well as national regulatory compliances that are required for new and existing start-ups.
- Through the online single-window, the cell shall receive, process, approve and disburse the incentives eligible under this policy. The cell will execute all provisions within 1 year of the notification of policy.
- The Government will create a Venture Capital Fund to meet the funding requirements of scalable Startups in Goa.
- For start-ups registering patents at National and International levels, the cell will reimburse up to 100% of the cost incurred by the start-up concerned in fees and all other costs associated with patent application, subject to a cap of Rs. 2 lacs for national patents and Rs. 5 lacs for international patents. Funds for the same would be provisioned from the Research and Development Fund.
- For start-ups hiring local talent, 50% of the salary of freshers will be reimbursed, subject to a cap of Rs. 15,000 per month per recruit. Freshers for the purpose of this incentive provision are defined as professionals who have completed their graduation in the last two years. For startups whose work force comprises 60% of locals, a matching grant of up to 25% of salary of the local workforce will be reimbursed. Funds for the same would be provisioned from the Working Capital Fund.
- In order to promote innovation amongst the Goan start-ups, 50% of R&D expenses, including salaries of employees holding Ph.D and Master Degree employed by start-ups will be reimbursed for a period of two years, subject to a cap of Rs. 5 lacs per annum.