Definition

An entity shall be considered as a “Startup” under this policy if the entity is recognized as a “Startup” under the “Startup India” initiative and fulfils the third condition below or fulfils all of the following conditions:

• The date of the entity’s incorporation / registration is not prior to ten years. In case an entity is engaged in the biotech sector, the date of incorporation / registration should not be prior to ten years;
• Its annual turnover does not exceed INR 25 crore, for any preceding financial year;
• It is registered in Assam or employs at least 50 percent of its total qualified workforce from Assam, which shall not include contract employees;
• Such an entity should not be an extension of an existing family business; or formed by splitting up or reconstruction of business already in existence;