Home
Apps
Apps News
Budget 2021: Incorporation of OPCs to Be Incentivised to Boost Startups

Budget 2021: Incorporation of OPCs to Be Incentivised to Boost Startups

"This will be a big boost for startups," Finance Minister Nirmala Sitharaman said while presenting the first paperless Union Budget.

By PTI | Updated: 1 February 2021 12:38 IST

Budget 2021: Incorporation of OPCs to Be Incentivised to Boost Startups

Photo Credit: Reuters

Residency limit to set up an OPC reduced from 182 days to 120 days

Highlights

Budget 2021 will benefit startups and innovators
Residency limit to set up an OPC reduced from 182 days to 120 days
FM Sitharaman said this will be a big boost for startups

The government on Monday said it proposes to incentivise incorporation of one person companies (OPCs), a move that will benefit startups and innovators.

Finance Minister Nirmala Sitharaman said incorporation of OPCs will be incentivised by allowing such companies "to grow without restriction on paid up capital and turnover, allowing conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days, and allow also non-resident Indians to incorporate OPCs in India".

"This will be a big boost for startups," she said while presenting the first paperless Union Budget.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

Does WhatsApp's new privacy policy spell the end for your privacy? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.