Indian startups operating a one-man level to are in for a treat.
On Feb. 1, Indian finance minister Nirmala Sitharaman proposed the scrapping of capital and turnover limits on one-particular person corporations or OPCs. As piece of her funds speech for 2021-22 (April-March), Sitharaman also acknowledged that the residency limit for Indians to position of residing up OPCs in the nation will likely be reduced from 180 days to 120 days. As well, the authorities will allow non-resident Indians to position of residing up OPCs in India, which was as a lot as now prohibited.
These adjustments will succor budding corporations “grow without restriction on paid-up capital and turnover, allowing conversion into some other bear of company at any time,” Sitharaman added. “This is also a tall boost to startups.”
Read the comfort of this story on qz.com. Develop into a member to gather limitless gather admission to to Quartz’s journalism.