What is the definition and criteria for a Startup recognition in Meghalaya?

The definition of a Startup for the purpose of various support initiatives under the PRIME (Promotion and Incubation of Market-Driven Enterprises) programme is as follows.

  1. The date of incorporation, registration, or date of commencement of commercial production/operation is not prior to seven years.
  2. Its annual turnover does not exceed INR 25 crore, for any preceding financial year.
  3. The Startup should be working towards innovation/ improvement of existing products, services and processes and should have the potential to generate employment/ create wealth.
  4. It is registered in Meghalaya or employs at least 60 percent of its total qualified workforce from Meghalaya which shall not include contract employees.
  5. Such an entity is not an extension of the existing family business or formed by splitting up or reconstruction of a business already in existence.
  6. Startups can have the form of any registered or unregistered entity, as long as the entrepreneur has the intention to formalize and incorporate the business in a reasonable timeframe so in order to adhere to the recent eligibility criteria for Startup recognition under Startup India (Invest India).

 

Updated on July 29, 2021
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