For the latest updates, news, and events of Saudi Arabia you can join our WhatsApp group
Non-resident Indians (NRIs) living in Gulf Cooperation Council member states will be able to set up one-person companies (OPCs) in their home country from April, India’s government has confirmed.
Previously, only Indians living in the country were allowed to set up companies. Guruprasad Mohapatra, secretary of the government’s Department for Promotion of Industry and Internal Trade, announced the rule change as part of a briefing on details of the Indian budget for 2021-22.
“The budget incentivizes the incorporation of OPCs by amending the Companies Incorporation Rules to allow OPCs to grow without any restrictions on paid-up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit in India for NRIs to set up an OPC from 182 days to 120 days,” Mohapatra was quoted as saying by WAM, the UAE state news agency.
Under previous rules, OPCs had to wait two years to be converted to limited companies. There was also a restriction on paid-up capital and annual turnover of 5 million Indian rupees ($68,655) and 20 million rupees, respectively.
Both these restrictions have been removed, “so there are no restrictions on the growth of OPCs,” the official said.
According to data compiled by Global Media Insights, there are around 1.5 million Indian expats living in Saudi Arabia who can now benefit from the easing of the OPC regulations.
What's your reaction about this news🥰𝙒𝙚 𝙝𝙤𝙥𝙚 𝙩𝙝𝙖𝙩 𝙮𝙤𝙪 𝙡𝙞𝙠𝙚𝙙 𝙩𝙝𝙞𝙨 𝘼𝙧𝙩𝙞𝙘𝙡𝙚. 𝙋𝙡𝙚𝙖𝙨𝙚 𝙨𝙝𝙖𝙧𝙚 𝙞𝙩 𝙬𝙞𝙩𝙝 𝙮𝙤𝙪𝙧 𝙁𝙧𝙞𝙚𝙣𝙙𝙨 𝙖𝙣𝙙 𝙨𝙪𝙗𝙨𝙘𝙧𝙞𝙗𝙚 𝙩𝙤 𝙤𝙪𝙧 𝙬𝙚𝙗𝙨𝙞𝙩𝙚 𝙗𝙮 𝙘𝙡𝙞𝙘𝙠𝙞𝙣𝙜 𝙤𝙣 𝙩𝙝𝙚 𝘽𝙚𝙡𝙡 𝙄𝙘𝙤𝙣 (𝙇𝙚𝙛𝙩 𝘽𝙤𝙩𝙩𝙤𝙢 𝙤𝙛 𝙩𝙝𝙞𝙨 𝙋𝙖𝙜𝙚) 𝙩𝙤 𝙧𝙚𝙘𝙚𝙞𝙫𝙚 𝙣𝙤𝙩𝙞𝙛𝙞𝙘𝙖𝙩𝙞𝙤𝙣𝙨 𝙛𝙤𝙧 𝙚𝙫𝙚𝙧𝙮 𝙏𝙧𝙚𝙣𝙙𝙞𝙣𝙜 𝙖𝙧𝙩𝙞𝙘𝙡𝙚.🥰
Add us on Snapchat
Follow Us On Google News
Find Jobs Online in any region of Saudi Arabia on KSA Job Site