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How to register your start up in Assam? Find out here

By The Assam Tribune
How to register your start up in Assam? Find out here

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Guwahati: Starting a business may seem very tough and time consuming but now one can easily register their business under start up schemes provided by the government to enjoy benefit. Government of Assam made it quite easy by creating ecological start-ups in Assam known as the "Startup Assam" under Assam Start up Policy 2017, making Assam the entrepreneur hub of Northeast India. The primary focus of the Start up Policy is to generate employment, helping start-ups in their initial stage and encouraging entrepreneur culture in the state.

The main objective of the policy is to provide the required funding to enable start-ups in Assam and develop a procedure of problem-solving and the culture of entrepreneurship in the State.

Eligibility Criteria for Start up Registration under the Startup Assam policy are as follows:

• The company formed should be a limited liability partnership/ private limited company/ partnership firm.

• The firm should be a new firm or existing firm not older than 7 years and the annual turnover of the company should not exceed Rs 25 crores.

• The firm must undertake innovative schemes, development, deployment or commercialisation of new products.

• The firm should be a new establishment and should not be an expansion of extension of an existing business.

• The firm incorporated in Assam should employ at least 50 per cent of its total qualified workforce from Assam, which shall not include contractual employees.

The Assam State Government will provide 50% subsidy for the purchase of related hardware and software of computers, if all the following conditions are satisfied:

● The startup with the legal bill as proof of purchase.

● The date of purchase should be after the notification of the policy circulated.

● The self-attested note needs to be enclosed specifying the use of purchased items and ensuring that the items purchased will not be resold for 1 year from date of purchase.

My Assam Startup ID (MASI) is a unique ID granted to "Startups" that is applied for the recognition in the Startup Portal which is duly approved by the concerned authority. Startups with valid MASI become eligible to apply for benefits under the Assam Start-up Policy.

For MASI Recognition the following set of documents has to be submitted while registering for Startup recognition:

●Certified copy of Incorporation

●Proof of innovation has to be enclosed as per any of the following:

o DIPP Startup India recognition certificate; or

o Startup has a patent filed in the entity name and published in the Journal by the India Patent Office in areas affiliated with the nature of business being promoted; or

o Sanction / Assurance Letter of funding / grant to the entity by Government of India or any State Government as part of any specified scheme to promote innovation; or

o Letter of funding by any Incubation Fund/ Angel Fund/ Private Equity Fund/ Accelerator/ Angel Network duly registered with Securities and Exchange Board of India that endorses innovative nature of the business; or

o If an entity doesn't possess any of the above mentioned four documents, they may submit a one page write-up / note explaining innovative nature of the applicant entity.

The applicant entity is encouraged to share its business plan along with the note on innovation.

Registration Procedure

Step 1: To register for Startup Assam, visit the official website of Assam Startup:

Step 2: The eligible entities can register for a startup using the startup registration link.

Step 3: After registration, the application will be reviewed by the Officer from Department of Commerce and Industries (Nodal Department), the state startup certificate will be issued within 10 days of applying after all the submitted documents are verified.

Email: [email protected]

Contact no: 1800-345-3957

Check out the Operating Guidelines for Startup Assam Policy here.

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