The Startup / Company / Innovator / Entrepreneur interested in applying for incubation at ARAI AMTIF as an Incubation Centre will be considered as under following criteria:
- The Startup / Company / Innovator / Entrepreneur may be an individual or group of individuals working towards development of innovative products/ processes/ services and must have a scalable and sustainable business model with a potential of employment generation / IPR generation.
- The Startup / Company / Innovator / Entrepreneur may be registered under either form of business entity as follows:
- Private Limited Company (under The Companies Act, 2013); or
- Sole proprietorship Company; or
- One Person Company; or
- A Registered Partnership Firm (under The Indian Partnership Act, 1932); or
- A Limited Liability Partnership (under The Limited Liability Partnership Act, 2008); or
- A “Commercial Establishment” in any other form allowed by Government of India laws or as notified in the Official Gazette.
- The Startup / Company / Innovator / Entrepreneur with no legal registration may be considered for incubation program provided the application is submitted with the name and role of all promoters/founders. The promoters/founders shall ensure that the Startup / Company / Innovator / Entrepreneur is applying for registration subsequently under either form of business entity listed in point 2, within a period of One Month from the start date of incubation at ARAI AMTIF. In an event the The Startup / Company / Innovator / Entrepreneur fails to apply or register subsequently under either form of business entity listed in point 2, within the stipulated period of time, ARAI AMTIF reserves the right to deny or cancel the admission of the promoters/founders from the incubation program as applicable without any notice or further warrant of a reason.
- Further to the criteria mentioned in Section 2, the registered Start-up shall fulfil the criteria’s:
- Must not be older than 7 years from the date of registration/ company incorporation
- Its annual turnover (as defined in the Companies Act, 2013) in any preceding financial year must not exceed 25 crore.
- Must not be formed by splitting up, or reconstruction, of a business already in existence.
- Must be working towards development of innovative products/ processes/services and must have a scalable business model with a potential of employment generation or IPR generation.
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