Government of Nagaland publishes Nagaland Start-up Policy, 2019

Jul 29, 2019 | by Avantis RegTech Legal Research Team

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The State Government of Nagaland on June 12, 2019, has published the Nagaland Start-up Policy, 2019, to create a conducive atmosphere for local entrepreneurs and to provide opportunities to establish an entrepreneurial culture so as to bring out more job opportunities for the youth.

The policy will be effective for a period of five years from the date of its notification or until notified, whichever is earlier.

Eligible Startup: As define by the Government of India’s ‘Startup India’ initiative, an entity shall be considered as a ‘startup’:

a.      The date of its incorporation or registration is not prior to seven years. In case an entity is engaged in the biotech sector, the date of incorporation or registration should not be prior to ten years.

b.      Its annual turnover does not exceed INR 25 crore, for any preceding financial year.

c.   It is working towards innovation, development, deployment or commercialization of products, processes or services driven by technology or intellectual property; An entity that develops a business model based on some innovation and makes it scalable for achieving commercial success.

d.    It is registered in Nagaland or employs at least 60 percent of its total qualified workforce from indigenous inhabitants of Nagaland.

e.    Such an entity should not be an extension of an existing family business; or formed by splitting up or reconstruction of a business already in existences.

Nagaland Start-up Policy aims to establish Nagaland as a model startup leader in the region, by creating a culture of entrepreneurship that nurtures creative and innovative youth, allowing them to build successful start-up companies, become job creators and contribute towards building a healthy and sustainable economy.

The Objectives of Start-up Policy, namely:

i.          Facilitate the growth of at least 500 start-ups in the next five years, with a focus on establishing innovative “Made in Nagaland” products and services.

ii.       Establish a world class state incubator, in partnership with global leaders on a PPP mode, which will nurture, guide and support existing and aspiring Startups to become successful business ventures.

iii.          Mobilizing funding for investment in Startups through various interventions, including establishing a Fund of Funds.

iv.      Inculcate and stimulate a culture of creativity, innovation and entrepreneurship by creating the requisite environment for learning and experimentation during all stages of education.

v.           Achieve creation of direct and indirect employment in the private sector.

[Notification No. I&C/C-Startup/12-6/2016(Pt)]


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