The government on Monday said it proposes to incentivize inclusion of one person companies (OPCs), a move that will benefit startups and innovators.
Finance Ministersaid incorporation of OPCs will be incentivized 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 include OPCs in India “.
“This will be a big boost for startups,” she said while presenting the first paperless.
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