Are You An Entrepreneur?

Are you an entrepreneur? Budget 2021: What is there for you?

*One crore to five Crore loan without collateral made easy.

*In a welcome move for Indian startups, FM proposes a one-person company without any restriction on paid-up limit and turnover.

“FM also proposed revising the definition of small companies by raising the capital base to Rs 2 crore from the current limit of Rs 50 lakh.

*The Budget 2021 also focussed on decriminalization of limited liability partnerships, with the flexibility to convert a company to any form or LLP to benefit more than two lakh companies in easing the compliance requirements.

*FM Sitharaman also announced the encouragement of increasing the number of entrepreneurs in India by reducing the residency limit for any Indian to 120 days.

“Incorporation of 1 person company allowed without any restriction on paid-up limit is a welcome move for startups as 2 directors were NEC at a minimum and founders were forced to co-opt others under the Companies Act,” said Dr. Ajay Kummar Pandey, Sr. Advocate, 4C Supreme Law International.

*FM also announced the launch of data analytics, AI, ML-driven MCA 3.0 version, and an ecourt system to be implemented as a special framework for MSMEs.

*In a very significant move, margin money for stand up India was reduced from 25 to 15 percent.
For any requirement legal or loans under govt schemes.
Dr Ajay Kummar Pandey
Advocate & Consultant
4C Supreme Law International

Overall a good budget, expected more for real estate sector