Government introduces minor changes to start-up definition
The Dollar Business Bureau The Government has introduced some slight changes to the definition of start-up and said that an entity not older than 7 years will now be eligible to get benefits under the ‘Start-up India’ Action Plan. Currently, only businesses incorporated five years back were eligible for sops under the Action Plan, which was announced by the government in 2016. According to the new definition, an enterprise with a turnover of less than Rs.25 crore shall be considered a startup if it has not finished 7 years from its date of registration/incorporation. However, for the start-ups in biotechnology sector, this period shall be 10 years, a notification by the Ministry of Commerce and Industry said. “An entity shall be considered as a startup if ...
RBIs Start-up Action Plan to bring in foreign funds for start-ups
RBI has taken steps to ease doing business and contribute to an ecosystem that is conducive for the growth of start-ups The Dollar Business Bureau New measures to be directed towards enabling framework with respect to cross border transactions to start-ups receiving foreign venture capital Keeping pace with the governments Start-up initiative, the Reserve Bank of India(RBI) is taking lot of effort to create a conducive environment for the growth of Indian start-ups. RBI has launched a Start-up Action Plan to enable easy access of foreign funds for Indian Start-ups, said Jayant Sinha, Minister of State for Finance, GoI, on Friday. Stating that RBI has taken steps to ease business environment, the Minister informed that these measures would be implemented as a part of ...
