Stephen Crowe answers
your common ESIC questions
Early Stage Company
I have looked at the ESIC 100-point innovation test and I don’t meet all the criteria. Does that mean I’m not an ESIC?
No, in fact, it could be quite the opposite.
The 100-point innovation test is a cumulative points system, and you do not need to satisfy all of those criteria. For example, we have clients who are ESIC ready after meeting only 2 of the criteria.
You can also qualify as an ESIC by meeting the principles based test.
Spend 5 minutes using our free online ESIC Predictor let us calculate your 100-points entitlement and you will immediately see your self-assessed ESIC status.
Even if you are not currently an ESIC, this does not disqualify you from being an ESIC in the future. Your circumstances may change as early as tomorrow and we recommend you stay connected with ESIC Hub. Re-evaluate your ESIC status using the ESIC Predictor as often as needed, it’s free or just contact us.
No. It is essential an Early Stage Innovation Company (“ESIC”) meets eligibility criteria under Australia’s income tax laws. A company that satisfies the early-stage test and either the 100-point innovation test or principles based test will qualify as an ESIC. The concept of investment risk is not used to qualify an ESIC.
An existing company selling products and/or services to customers, earning an income and even making a profit can qualify as an ESIC.
Being ESIC ready is open to all innovators, business creators and those looking to grow their existing business, not just your neighbour who spends each week dreaming up the next big game changer and telling you about its high growth potential.
ESIC benefits can flow to those who have spent time building a business from scratch, testing it in the market, saving costs wherever they can and eking out a living. ESIC benefits are open to all sectors of the economy, not only those with high-growth potential.
Ask ESIC Hub how to access the ESIC benefits.