Subsidy: Reimbursing part of the rent (a maximum of 50% or Rs.20/sq.ft),
About Scheme
Kerala Startup Mission (KSUM) supports startups in the scale-up stage showing an exceptional performance by providing rental support for their infrastructure built-up space in the Government parks or locations owned or leased by Government agencies. This is provided as a reimbursement of a portion or rent paid as a subsidy for a limited period. Government of Kerala vide G.O (Rt) No. 133/2018/ITD dt 21.05.2018 released an order for the above and accorded sanction to KSUM for implementing the rent subsidy scheme to startups based on pre-defined eligibility. The subsidizing would be in terms of reimbursing part of the rent (a maximum of 50% or Rs.20/sq.ft), whichever is lower and this would be subjected to the growth shown by the startup.
Eligibility criteria
Rent subsidy will be extended only to product startup companies at scale-up space.
The company should be registered as a startup and should have DIPP startup registration to avail of this benefit of rent subsidy.
The company should be operational in Kerala and shall have at least 70% of employees with Kerala domicile.
The company should have at least 10 employees and of which, 70% of them shall be from Kerala.
The company should have annual revenue of at least Rs. 50 lakhs or should have received equity funding of at least Rs. 150 lakhs from external sources.
The maximum area eligible for a subsidy for a company will be 10000. sq.ft. or 70 sq. ft/employee whichever is less.
The maximum period of assistance will be for three years. The subsidy will be given to companies that show a yearly growth in revenue of at least 50%.
The assistance will be given only when the company continues as a startup and meets all regulatory compliances.
Companies who have dues pending against them from any of the Government agencies will not be eligible for the subsidy. The company should submit an affidavit to this extent while applying for the subsidy.
The rent subsidy will be given only as a reimbursement to the Company, after making actual payment of rent to the Government Park concerned.
The rent subsidy will be available for companies operating in Government-owned parks or any other location owned or leased by Government agencies.