Small Entity and/or MSME
Under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 an enterprise whose investment in plant and machinery does not exceed Rs. 25 lakh is termed as a MIcro enterprise whereas one with an investment exceeding 25 lakh but limited to 5 crores is termed as Small Enterprise and those enterprises with an investment more than 5 crores but not exceeding 10 crores are classified as Medium enterprises.
* To avail the fee concession, it is mandatory to submit the documents supporting the above classifications.
Natural Person and/or Start-up
A natural person is a person (in legal meaning, i.e., one who has its own legal personality) that is an individual human being, as opposed to a legal person, which may be a private (i.e., business entity or non-governmental organization) or public (i.e., government) organization.
A start-up is an entity incorporated or registered in India not prior to five (5) years, with an annual turnover of not more than INR 25 Crores (250 million) in any preceding financial year, working towards innovation, development, or commercialization of new products, processes or services driven by technology or intellectual property.
Other than natural person
Other than natural person covers any organization that is not a single natural person but is authorized by law with duties and rights and is recognized as a legal person and as having a distinct identity. This includes any incorporated organizations including corporations, government agencies, and NGOs.