Entrepreneurs/Start-ups may be an individual or group of individuals working towards development of innovative products/ processes/ services and must have a scalable business model with a high potential of employment generation or wealth creation.

Entrepreneurs/Start-ups 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.

Entrepreneurs/Start-ups with no legal registration may be considered for incubation provided the application is submitted in the names of all promoters/founders. Also the promoters/founders must ensure that the Start-up is registered under either form of business entity listed in point 2, within a period of One Year from the start date of incubation at AIC-RMP Incubation Centre.

Further to the criteria mentioned in Section 2, the registered Start-up:

• 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 registration/ company incorporation).
• Its annual turnover (as defined in the Companies Act, 2013) in any preceding financial year must not exceed INR. 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 high potential of employment generation or wealth creation.