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Startup means an entity, incorporated or registered in India :
- Not prior to five years,
- With annual turnover not exceeding INR 25 crore in any preceding financial year, and
- Working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property
Provided that such entity is not formed by splitting up, or reconstruction, of a business already in existence. Provided also that an entity shall cease to be a Startup if its turnover for the previous financial years has exceeded INR 25 crore or it has completed 5 years from the date of incorporation/ registration. Provided further that a Startup shall be eligible for tax benefits only after it has obtained certification from the Inter-Ministerial Board, setup for such purpose.
NEED ADVICE ON THIS?
Not sure if your business qualifies as a Startup under this definition?
Candour Legal’s startup practice advises founders on registration, recognition, and the compliances that come with qualifying and staying eligible for Startup benefits.
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If you are a Startup that has been incorporated or have a disrupting idea and are in the planning stage, it is advisable to consult a lawyer in the initial stages itself as there are many legal aspects like the founders’ legal rights, govt. and domain licenses, local laws, agreements with users and vendors, terms of use, privacy policies and many other related legal processes that should be addressed to avoid conflicts and legal hassles later on.
Consult Candour Legal a top rated Startup lawyer’s Law Firm in India and focus on running your startup business while your lawyer takes care of all the legal compliances.
Candour Legal is known in the Startup Ecosystem as the best law firm around country offering complete legal solutions for the Startups.
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As per the rules of the Bar Council of India, advocates and law firms are not permitted to solicit work or advertise. This website is intended solely to provide general information about Candour Legal and its areas of practice, and is made available to the user only at the user's own specific request. The contents of this website do not constitute, and should not be construed as, legal advice, an advertisement, a solicitation or an invitation of any kind. Candour Legal assumes no liability for any action taken in reliance on the material on this website; readers facing a legal issue should seek appropriate professional advice on their specific circumstances. Use of this website, or transmission of any enquiry through it, does not create a lawyer-client relationship between the user and Candour Legal.
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