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It is all about good news for the rising startups.

ICAI has recently announced that Committee for Members in Industry & Business (CMI&B) has launched a 15- seater incubation center exclusively for CAs in ICAI Bhawan, BKC Mumbai.

In its endeavour to promote startups by CAs, the incubation center located in Mumbai, will provide the space and ecosystem required for the healthy and fast growth of a startup.

The eligibility criteria to apply for the incubation is,

1.  At least one of the co-founders/directors of the startup should be a qualified Chartered Accountant

2. Startup should meet the definition stated by the DIPP in the official Gazette Notification no. 364(E)

Here’s what the notification states,

G.S.R. 364(E).—This notification is being issued in supersession of Gazette Notification No. G.S.R. 501(E) dated May 23, 2017.

Definitions

1. In this notification,-

(a) An entity shall be considered as a Startup:

i. Upto a period of seven years from the date of incorporation/registration, if it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India. In the case of Startups in the biotechnology sector, the period shall be upto ten years from the date of its incorporation/ registration.

ii. Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded Rs. 25

iii. Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation. Provided that an entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘Startup’.
crore

Explanation:

An entity shall cease to be a Startup on completion of seven years from the date of its incorporation/ registration or if its turnover for any previous year exceeds Rupees 25 crore. In respect of Startups in the biotechnology sector, an entity shall cease to be a Startup on completion of ten years from the date of its incorporation/ registration or if its turnover for any previous year exceeds Rs. 25 crore.

Interested startups who meet all the eligibility criteria, can visit the link for filing online application.

Here’s a link to the official press release issued by ICAI - Click here

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