What is a Startup India?
Startup India is a drive to help boom the economy with a focus on three areas:
- Simplification and Handholding.
- Funding Support and Incentives.
- Industry-Academia Partnership and Incubation.
Eligibility for Startup India
Per Startup India guidelines an entity can be recognized as a startup if it fulfills the following criteria:
- An organization should be in existence for less than seven years except for biotechnology startups which can be in existence for the last 10 years from its date of incorporation.
- Annual turnover should not exceed INR. 25 crores in any of the preceding financial years.
- It has to be a new organization and not a makeover of an existing one.
The model of the startup should be based on innovation, development, deployment, or commercialization of new products, processes, or services driven by technology or intellectual property.
An organization that wants to be registered with Startup India should be a private limited company, registered partnership firm, or a limited liability partnership.
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