(a) In this chapter, “qualified business” means a business that complies with this section at the time of a certified capital company’s first investment in the business.
(b) A qualified business must:
(1) be headquartered in this state and intend to remain in this state after receipt of the certified capital company’s investment; and
(2) have the business’s principal business operations located in this state and intend to maintain business operations in this state after receipt of the certified capital company’s investment.

(c) A qualified business must agree to use the qualified investment primarily to:
(1) support business operations in this state, other than advertising, promotion, and sales operations which may be conducted outside of this state; or
(2) in the case of a start-up company, establish and support business operations in this state, other than advertising, promotion, and sales operations which may be conducted outside of this state.
(d) A qualified business may not have more than 100 employees and must:
(1) employ at least 80 percent of the business’s employees in this state; or
(2) pay 80 percent of the business’s payroll to employees in this state.
(e) A qualified business must be primarily engaged in:
(1) manufacturing, processing, or assembling products;
(2) conducting research and development; or
(3) providing services.
(f) A qualified business may not be primarily engaged in:
(1) retail sales;
(2) real estate development;
(3) the business of insurance, banking, or lending; or
(4) the provision of professional services provided by accountants, attorneys, or physicians.