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Special incentive scheme 2021 for women entrepreneurs
The increasing presence of women as entrepreneurs has led to the change in the demographic characteristics of business and economic growth of the country. Women-owned businesses enterprises are playing a prominent role in society inspiring others and generating more employment opportunities in the country.
There is need for sustainable growth of women entrepreneurs, to promote a balanced growth in the country, and Startup Karnataka is committed to strengthening the women entrepreneurship ecosystem, through policies and initiatives, and creation of enabling networks.
The startups will be eligible for reimbursement of VAT/CST on any goods that are supplied to the incubatee. To avail these benefits under the Startup Policy, the following eligibility criteria have to be met:
Eligibility Criteria :
- The applicant should be a Startup registered with the Karnataka Startup Cell.
- The startup should be physically incubated in any of the GoK supported incubators.
- This reimbursement incentive will only apply to supplies/purchases made after the date of registration with the Karnataka Startup Cell.
- The Net VAT/CST paid in Karnataka by a physically incubated Startup company/entity with an annual turnover of up to a maximum of INR 50 Lakhs will be eligible for this reimbursement incentive annually for the first three years of being incubated.
- The Reimbursement amount will be released/disbursed on the seniority basis depending upon the Budget allotment of the State Government.
- Reimbursement will be processed annually by the Karnataka Startup Cell.
Mandatory Documents :
- Application form as in Annexure I.
- Duly filled Annexure II if applying through a GoK Supported Incubator.
- If reimbursement is claimed against an International Event/Trade Show participation, the following needs to be furnished: a. Invitation Letter b. Welcome Letter from Organizers. Confirmation of registration and receipt of registration fee.
- Market Research Subscription/ Reports (Web link/Letter/E-mail communications) if applicable.
If reimbursement is claimed against Advertisements / PR in International Print / Broadcast / Online Publications / Google AdWords / social media marketing content, the following need to be furnished:
- a. Photocopies/Scanned documents of publicity material
- b. Web links
- c. Invoice of the payment towards the service providers and payment proofs
Copy of Invoices and Purchase Orders for all Marketing Expenses claimed along with at least one supporting document for each expense. In this regard, the company/unit has to produce proof of stay at the location (hotel bills) along with air travel (air tickets and boarding pass sealed and stamped by airport security) and copy of the passport first and last page and stamped visa.
On receipt of all necessary documents, KITS will duly analyze the Application for eligibility. Post review & assessment of the Application, KITS will arrive at the quantum of reimbursement due and payable. The Managing Director, KITS will finally sanction the eligible amount for reimbursement and the decision shall be deemed final in this regard.
Incentives :
- All Government supported incubators shall be mandated to allocate minimum 10% seats for Startups with women co-Founders on preferential basis
- Provision shall be made to ensure 1/3rd representation of women entrepreneurs, students and teachers etc. in programme to send selected Startups, college and school students, faculty etc., to leading Startup destinations in the country and abroad for getting exposure as well as an opportunity to meet and converse with industry leaders, thinkers and innovators
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