Question

Any entity shall be considered as a startup if fulfilling the prescribed criteria

Answer 1

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Answer 2

Any entity shall be considered as a startup if fulfilling the prescribed criteria according to the the new modified guidelines by the government. An entity can be considered a start-up if it is being productive, innovative and improving their products, services and processes with high capacity level of wealth generation.

Explanation:

• A private limited enterprise or a partnership firm that is seven years old  is qualified to be called a start-up in India under the changed guidelines of Start-up in India
• The companies operational for ten years from the date of incorporation are eligible for concessions under the government scheme
• The business entity shall be considered as a start-up if its turnover is less than 25 crore and has not completed seven years from the it is incorporated.

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