Incubation Facilities
The goal of ICAI START PROGRAMME is to promote entrepreneurship and thereby facilitate practical application of knowledge for public use. ICAI aims to coordinate, synergize and leverage the various strands of excellence driving innovation and entrepreneurship & wishes to facilitate the creation of ideas and inventions that benefit society.
The ICAI provides various types of INCUBATION facilities for the promotion and development of Startups
Pre – Incubation
This support is offered to applicants having an idea which can be converted into a startup venture and have not yet incorporated a company/LLP. This support will only be provided to an active member of ICAI who is desirous of opening a startup and whose idea gets selected through Incubation Admission Procedure. The period of Pre-Incubation will be of 1 month and the support will be provided virtually through a Mentorship model. The applicant can access the meeting rooms available at the Incubation centre twice in a month with a minimum of 3 days advance notice and subject to availability. The support also includes access to library services available at the Incubation Centres of ICAI alongwith Networking Opportunities with Incubated Startups.
Incubation
This support will be offered to startup ventures having at least one of the Director/ Co-founders as an active member of ICAI and which are registered entities (incorporated as Private limited company under Companies Act 2013 or registered as LLP under the Limited Liability Partnership Act 2008) and have developed initial prototype or validated their product/services in the market with some initial customer base. This condition for incorporation as company under Companies Act 2013 or registered as LLP under the Limited Liability Partnership Act 2008 may be relaxed for recently passed out members, provided they incorporate their startup within 3 months of Incubation at ICAI Incubation Centres. Such entities will be provided physical infrastructure (access to workstations, internet connectivity and meeting rooms) for a period of six months at the Incubation Centres of ICAI subject to the availability and meeting up of selection criteria, along with the host of other services such as Mentoring and Advisory, access to library services and webinars conducted by the Committee on MSME and Startups, networking opportunity with incubated start ups, access to the services of the empanelled service providers and connect with investors and Venture Capitalists and all other benefits as mentioned in the agreement.
Virtual Incubation
This support will be offered to startup ventures having at least one of the Director/ Co-founders is an active member of ICAI and which are registered entities (incorporated as private limited company under Companies Act 2013 or registered as LLP under the Limited Liability Partnership Act 2008) and do not require physical infrastructure (working space) at the Incubation Centre. This condition of incorporation may be relaxed for recently passed out members, provided they incorporate their startup within 3 months of Incubation at ICAI Incubation Centres. Such entities will be provided following services such as Mentoring and Advisory, access to library services and webinars conducted by the Committee on MSME and Startups, networking opportunity with incubated startups, access to the services of the empaneled service providers and connect with investors and Venture Capitalists for a period of six months.
ELIGIBILITY FOR INCUBATION:
- At least one of the Director/ Co-founders of the startups must be Chartered Accountant (an active member of ICAI).
Startup means the startup defined under Gazette notification no. GSR 364(E) dated 23rd May, 2017 and revised thereafter from time to time issued by Ministry of Commerce & Industry, department of Industrial Policy & Promotion. - Any Member desirous of availing incubation facilities has to incorporate a private limited company under the Indian Companies Act 2013 or registered as LLP under the Limited Liability Partnership Act 2008 and apply in the prescribed format along with required documents. If a company/LLP has not been registered, an application may be made in the names of all promoters/ founders; however, the promoters/ founders must ensure that the company/LLP is registered within a period of three months from the date of approval of the application for admission in Incubation Centre.
- If any of the Director/Cofounders is an employee of Government shall be granted incubation only upon submission of “No Objection Certificate” from the competent authority.