Startup means an entity (Private, Public, Proprietary, Partnership Firm), incorporated in India,

  • 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; and

  • Not prior to seven years and in the case of Biotechnology Companies this period shall be up to 10 years; and

  • With annual turnover not exceeding INR 25 crore in any preceding financial year; and

  • 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 such entity is not formed by splitting up, or reconstruction, of a business already in existence and should not have been formed by the demerger or reconstitution of a business already in existence;

  • Provided that such entity is not a holding company and it is not a subsidiary of any firm already in existence or except the subsidiary of any startup;

 

 

Eligibility Conditions

  • Location: The company/entity be registered in Haryana under the Haryana Shops and Commercial Establishment Act, 1958 ; and

  • Employment: The company employs at least 50 (fifty) per cent of its total qualified workforce in Haryana, which shall not include contract employees.

 

Exit Conditions

  • If the company is found guilty on any charges of fraud or if the company is found to have made any false declarations to claim any benefits from or derived under this policy. Legal action shall be initiated to recover all financial assistance provided to such an entity.

  • Once an entity ceases to be recognized as a start-up; the Government or entity through which the Government makes its investment will be eligible to exit its investment in the start-up and guidelines for exit will be framed for channelizing investments into the startup.