To qualify as a start-up, the company must be a recognised business entity, that is not controlled by business owners who already have existing businesses or interests in other undertakings in the same or related sector that exceed 25%. Business owners are also not allowed to have previously owned a business in the same or related sector that has closed down within 12 months of its establishment.
A start-up also cannot be older than 48 months from its date of incorporation. Only start-ups that engage in eligible activities such as manufacturing, pharmaceutical, software development and other innovative activities will be eligible for the grants provided by the Business Start Scheme 2021. Companies that engage in real estate activities or gambling services are also not eligible for the Business Start Scheme 2021.