In a major push to attract overseas investment, India's federal government has allowed the country's expats to set up one-person companies.
Indian Finance Minister Nirmala Sitharaman announced the move on Monday in parliament in New Delhi, when presenting the federal budget.
She said the move would benefit start-ups and innovators.
The government has reduced the minimum time an Indian entrepreneur has to spend in the country each year from 182 days to 120 days.
Vijay Valecha, chief investment officer at Century Financial, a financial services company, said the decision would benefit Indian expats to conduct businesses in their home country and increase the number of people seeking NRI status.
He described the new budget proposals that allow no restriction on paid up capital and turnover to incentivise incorporation of one-person companies as a major boost for NRI investments in India.
“The move is especially likely to benefit the Indian real estate sector which typically attracts lots of investment and interest from Gulf and Middle East based expat population,” Mr Valecha said.
“Recent price correction in certain pockets of India real estate clusters coupled with the new budget moves would likely act as huge trigger for fresh impetus to this sector. More expat investors are likely to use this opportunity for investing even in smaller amounts at the start.”
The total investments by the India expat population in the real estate sector is expected to exceed $13.1 billion in 2021 marking a 5 per cent annual growth, he said.
“The provision for one-person company will allow many NRIs who want to relocate to India, to start fresh venture and earn a living, while adding to India’s growth,” said Dr Azad Moopen, founder of Aster DM Healthcare.
When the one-person company scheme was introduced in India in 2019, non-resident Indians were excluded.
This refers to a company formed with a single person as a member as against the customary practice of at least two members.
To be eligible, the member and nominee had to be a resident of India living in the country for more than 182 days. This requirement has now been reduced to 120 days that will encourage overseas Indians to enter the market.
Other takeaways for NRIs were elimination of double taxation on foreign retirement funds and a reduction in the time period of tax assessments.
The proposed doubling of healthcare and wellbeing spending to $30 billion and relaxing the investment cap for foreigners in the insurance sector from 49 per cent to 74 per cent were budget highlights.
“Priority has been given to strengthen healthcare infrastructure and increase access to healthcare facilities, especially in rural areas, which is the need of the hour,” Dr Moopen said.
Dixit Jain, managing director of Tax Experts DMCC, said reducing the time for reopening of tax assessment cases from six years to three years would would reduce litigation and uncertainty.
“It will be a relief to NRIs that we don’t have to maintain the documents for six years,” he said.
The focus on industries and the agriculture sectors was expected to spur growth.
“If we look at incentives given to healthcare, agriculture sectors and the airlines, they have been given liquidity," he said.
India plans to provide more farm loans worth $226 billion from April to ease farmers’ financial stress.
The government's announcement comes as farmer groups have been camping on border of New Delhi demanding a withdrawal of new laws they say will hurt their incomes.
The budget also announced building 100 airports for regional flights and launch of a flight scheme so farmers could transport their produce with subsidised rates.
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UAE currency: the story behind the money in your pockets
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
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Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012
FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
