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Friday, 1 June 2018

Getting your Startup Recognized



Get recognised under Startup India Initiative and enjoy the benefits the Government provides to startups in India. Now the requirement to be examined by the inter-ministerial board has been done away with. So you would now require only a certificate of recognition from the Department of Industrial Policy and Promotion (DIPP) and would not be required to be examined by the inter-ministerial board.
Eligibility Criteria
An entity, incorporated or registered in India:
Not prior to seven years, however for Biotechnology Startups not prior to ten years,
With annual turnover not exceeding INR 25 crore in any preceding financial year, and
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
Provided that such entity is not formed by splitting up, or reconstruction, of a business already in existence
Recommendation Letter
So if you think you meet these criteria, apply with a recommendation letter, from:
approved incubator,
industry association recognised by DIPP,
angel/VC holding more than 20% equity in the startup,
government departments which have extended funding
or, give details of patent filed
Letter of recommendation has to be supported by a Brief note or a supporting document regarding the innovativeness of the idea of the product or services offered by the entity. The FORMAT for the above mentioned “Letter of Recommendation,  Letter of Support from Incubator, Letter of Funding from SEBI, Recommendation letter from Industry Association/Organisation” is available on http://www.startupindia.gov.in/startup-recognition.php.
An application for a certificate is processed within a period of 10-25 working days from the date of Application, if accepted, the certificate is available to be procured.

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