Startup definition clarifies eligibility, recognition procedure, and penalties for obtaining recognition with false documentation. An entity qualifies as a startup if within five years of incorporation, below the prescribed turnover ceiling, and engaged in technology or IP-driven innovation or significant improvement of products, processes or services; exclusions include reconstructions of existing businesses and activities lacking commercialization potential. Recognition requires portal-based application with prescribed documentary support or interim arrangements, issuance of a real-time recognition number, certification by an Inter-Ministerial Board for tax benefits, and a penalty for obtaining recognition through missing, different or forged documents.
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Startup definition clarifies eligibility, recognition procedure, and penalties for obtaining recognition with false documentation.
An entity qualifies as a startup if within five years of incorporation, below the prescribed turnover ceiling, and engaged in technology or IP-driven innovation or significant improvement of products, processes or services; exclusions include reconstructions of existing businesses and activities lacking commercialization potential. Recognition requires portal-based application with prescribed documentary support or interim arrangements, issuance of a real-time recognition number, certification by an Inter-Ministerial Board for tax benefits, and a penalty for obtaining recognition through missing, different or forged documents.
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