Eligibility criteriaEntrepreneurs should be Indian citizens and above the age of 18
Entrepreneurs/ start-ups should have at least a POC/Prototype/ working model of the product.
Entrepreneurs/ start-ups may be registered under either form of a business entity as follows
o Private limited company [under the Companies Act,2013] or
o Sole proprietorship company or.
o One person company or
o A registered partnership company firm [ under the Indian Partnership Act,1932]; or
o A limited liability partnership [ under the limited liability partnership act,2008]; or
o A commercial establishment in any other form allowed by the government of India laws or as notified in the official gazette.
Entrepreneurs/start-ups with no legal registration may be considered for incubation provided the application is submitted in the name of all promoters/founders must ensure that the start-up is registered under either form of a business entity listed in point 3, within a period of 1 year from the start date of incubation at ACIC-ASIIC.
Further to the criteria mentioned in section 3, the registered start-up
o Must not be older than 7 years from the date of registration/company incorporation (biotechnology-related start-ups must not be older than 10 years from the date of the registration/company incorporation)
o Its annual turnover as defined in the [Companies Act,2013] in any preceding financial year must not exceed INR.25 Cr.
o Must not be formed by splitting up, or reconstruction, of a business already in existence.
o Must be working towards the development of innovative products/ processes/ services and must have a scalable business model with a high potential for employment generation or revenue generation.
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