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Section 2(67A) of the Companies Act, 2017 defines the term as under: [mfn]{This definition was added through Companies (Amendment) Ordinance, 2020 dated April 30, 2020}[/mfn]

(67A) “startup company” means a company that—

(a) is in existence for not more than ten years from the date of its incorporation or such other period or periods as may be specified; and

(b) has a turnover for any of the financial years since incorporation that is not greater than five hundred million rupees or such other amount or amounts as may be specified; and

(c) is working towards the innovation, development or improvement of products or processes or services or is a scalable business model with a high potential of employment generation or wealth creation or for such other purposes as may be specified; or

(d) such other companies or classes of companies as may be notified by the Commission:

Provided that a company formed by the splitting up or reconstruction of an existing company shall not be considered as a startup company;

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