Stephen Crowe answers
your common ESIC questions
Early Stage Company
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.