On corporate governance front, we were expecting the decriminalization under the LLP Act, 2008 and this is a good move to ease the doing of business in India. To relax the compliance burden, the definition of Small Companies is expanded by increasing the thresholds for paid-up capital from ‘not exceeding INR 50 Lakh’ to ‘not exceeding INR 2 Crore’ and turnover from ‘not exceeding INR 2 Crore’ to ‘not exceeding INR 20 Crore’. Further, the Government seems to incentivize the start-ups by allowing One Person Companies (OPCs) to grow without any restrictions on paid-up capital and turnover; the residency limit to set up an OPC is reduced from 182 days to 120 days and Non Resident Indians are permitted to incorporate OPCs.
Tag: Corporate Governance
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