"This will be a big boost for startups," Finance Minister Nirmala Sitharaman said while presenting the first paperless Union Budget.
Residency limit to set up an OPC reduced from 182 days to 120 days
Photo Credit: Reuters
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.
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