Swiftly pushing efforts to improve the ease of doing business and boost the startup ecosystem, the corporate affairs ministry has relaxed the restrictions on One Person Companies, including allowing NRIs to set up such entities, as well as reduced the paid-up capital and turnover thresholds for small companies.
The ministry -- which is implementing the companies law, among others -- has notified the relevant changes close on the heels of Finance Minister Nirmala Sitharaman making announcements related to companies matters in the Union Budget speech on Monday. Besides, the fast track process for mergers under the companies law has been extended to mergers of startups with other startups and with small companies.