India to allow NRIs to set one-man companies
NRIs are being invited to take on a direct role in India’s business landscape, with the latest Budget allowing NRI entrepreneurs to launch one-man companies in the country.
This move, the government reckons, will free up funding inflows into various sectors of the economy, and removes much of the red-tape associated with launching a new business in India.
“This will boost investments into the country, certainly,” said Adeeb Ahamed, who heads LuLu International. “There will be no restriction on paid-up capital and turnover. Most important, a one-person company can be converted to any other kind.”
In another move that would please NRIs, especially the wealthy and white-collar professionals among them, the government has also eliminated double taxation for them on foreign retirement funds.
The government has also sprung a surprise by not raising import duties on gold and other precious metals, which too would have been the easy way out.
