Govt. of India has decided to promote the Start-Up ecosystem in the country. In this connection, various incentives and ease in regulatory compliance provisions are being conceptualized. Start-Ups are defined by Department of Industrial Policy and Promotion (DIPP), as an entity shall be considered as a eligible Startup to apply for recognition in following cases:-
1. If it is incorporated as a Private Limited Company or registered as a Partnership Firm or a Limited Liability Partnership in India up to a period of 7 years from the date of incorporation/registration, however in the case of Startups in the biotechnology sector, the period shall be upto 10 years.
2.Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded Rs. 25 crore.
3. Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
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