MCA eases norms for One Person Companies, lets NRIs in By IANS | Published on Wed, Feb 3 2021 22:06 IST | 0 Views
New Delhi, Feb 3 : The Ministry for Corporate Affairs (MCA) has amended the rules to allow One Person Companies (OPC) to grow without any restrictions on paid up capital and turnover. An official statement said that the amendment would allow their conversion into any other type of company at any time, reduce the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non-Resident Indians (NRIs) to incorporate OPCs in India. According to the government, the move will directly benefit startups and innovators in the country, especially those who are supplying products and services on e-commerce platforms, and will bring in more unincorporated businesses into the organised corporate sector.