Ministry of Corporate Affairs to Introduce New Measures for Ease of Doing Business

Ministry of Corporate Affairs to Introduce New Measures for Ease of Doing Business

It is expected that the above initiatives will significantly enhance the “Ease of Doing Business –Starting a Business” in the Country and benefit a large number of Stakeholders, said the statement.

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Ease of Doing Business is an integrated aspect of policy making of the government since last few years. In this context, Government has announced to launch new measures for quick and efficient incorporation of businesses and companies process, said the Corporate Affairs ministry.

“The Ministry of Corporate Affairs (MCA) is launching the Government Process Re-engineering (GPR) initiatives for making the Incorporation Process Speedy, Smooth, Simple and reducing the number of procedures involved for starting a new Business,” said the ministry in a statement.

The initiatives will include, Introduction of “RUN – Reserve Unique Name” web service for name reservation and zero fees for incorporation of all companies with authorized capital up to Rs. 10 lakh.

In addition, the process of allotment of DIN will be re-engineered by allotting it through the combined SPICe form only at the time of an individual’s appointment as Director (in case he/she doesn’t have a DIN).

It is expected that the above initiatives will significantly enhance the “Ease of Doing Business –Starting a Business” in the Country and benefit a large number of Stakeholders, said the statement.

The new initiatives are on the lines with the government’s aim to achieve a position in the top 50 countries for ‘Doing Business’ as per the rankings published annually by the World Bank.

“During the past 3 years. The Ministry of Corporate Affairs has contributed significantly towards improvement of ranking in Ease of Doing Business in the country, but there is a lot more scope to further improve, especially with respect to starting a business,” said the statement.

During the last assessment year, the Ministry had undertaken major initiatives such as establishing the “Central Registration Centre (CRC)” for delivering speedy incorporation related services and near real time issuance of PAN & TAN through a single on-line process.

This was achieved by the launch of the Simplified Proforma for Incorporating Company Electronically (SPICe) which delivers five services by two different Ministries through a single form filed on the MCA21 Portal.

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