STARTUP INDIA INITIATIVE
Andaman & Nicobar Innovation & Start-up Policy-2018 was launched on 30th December 2018 for the Development of Startups in A & N Islands. The Andaman & Nicobar Islands has become the first UT to formulate Innovation & Startup Policy. The UT portal for Startup India was launched on 5th July, 2019.
The operational guidelines for fiscal incentives under the policy has been notified and uploaded in the National Portal of Startup India and also in the Administration website, wherein the UT Administration has also tried to chalk down certain Fiscal and Non-Fiscal incentives in order to give a support system to the start-ups which includes:-
- Marketing Assistance
One time Marketing/Publicity assistance upto INR 3 Lakh for taking their product/ service to the market.
- Subsidized Incubation/Co-Working space
Subsidy benefit up to 50% of monthly rent of the incubator/co-working space (Subject to a maximum of INR 5000) for a period not exceeding one year.
- Patent Cost Reimbursement
Reimbursement of cost of filing and prosecution of National or International Patent/ Trademark/Copyright application of DIPP recognized Start-ups operating in the region.
- GST Reimbursement
Reimbursement of State GST paid in sales of goods for a period of 3 years upto a maximum of INR 3 Lakh per startup per year.
- Digital Technology Subsidy :-
50% of the capital expenditure for purchase of computers, related hardware, relevant software for DIPP recognized Startups operating in the region, subject to ceiling of INR 1 lakh per start up.
- Power Subsidy
Subsidy subject to limit of INR 5 lakh pa for a period of 3 years.
Benefits for startups
8. Women led Startup
A startup with Founder/Co-Founder as Women with at least 50% equity in the Start-up entity would be considered a Woman led Startup.
Under the Startup Monthly Allowances Incentive, a monthly allowance of Rs 20000/- would be provided to the Woman Led Startup subject to the fulfilling of the eligibility criteria as prescribed in the Notification for Startup Funding & Incentives..