Prime Minister Narendra Modi initiated the Start-up Scheme in 2016 with the aim to promote the operations of start-ups in India which will generate more employment options in the country. Companies incorporated less than 7 years ago with an annual turnover of less than Rs. 25 Crores can be registered under this scheme.
The business must be willing to work towards the development, innovation, deployment or commercialisation of new products, processes or services driven by technology or intellectual property. However; the entity must not be formed by splitting up or reconstruction of a business already in existence.
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