Company Matters -One Person Companies (OPCs)-Allowing their conversion into any other type of company at any time

To decriminalize the Limited Liability Partnership (LLP) Act, 2008 Easing Compliance requirement of Small companies by revising their definition under Companies Act, 2013 by increasing their thresholds for Paid up capital from “not exceeding Rs. 50 Lakh” to “not exceeding Rs. 2 Crore” and turnover from “not exceeding Rs. 2 Crore” to “not exceeding Rs. 20 Cr”. Promoting start-ups and innovators by incentivizing the incorporation of One Person Companies (OPCs): Allowing their growth 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 for an Indian citizen to set up an OPC from 182 days to 120 days and Allowing Non Resident Indians (NRIs) to incorporate OPCs in India.