The federal government on Monday mentioned it proposes to incentivise incorporation of 1 particular person corporations (OPCs), a transfer that can profit startups and innovators.
Finance Minister Nirmala Sitharaman mentioned incorporation of OPCs can be incentivised by permitting such corporations “to develop with out restriction on paid up capital and turnover, permitting conversion into every other kind of firm at any time, decreasing the residency restrict for an Indian citizen to arrange an OPC from 182 days to 120 days, and permit additionally non-resident Indians to include OPCs in India”.
“This can be a giant enhance for startups,” she mentioned whereas presenting the primary paperless Union Budget
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