Company registration simplified-Now register in 48 hours in India!!! MCA is in its webcast announced the biggest ever viral news- Start your company by filing just one form-INC 29!! So, now, instead of filing separate e-forms for allotment of Director Identification Number, Name of Company and Incorporation of a company, start-ups can only file one single form-INC 29 to incorporate their company. Not only that, separate queue at the back office of the MCA would be present for the processing of INC 29. So, company incorporation in 48 hours actually seems possible in India as well!! This form has become effective from today, i.e. 01st May, 2015 itself! Along with INC 29, MCA is also introducing eform 30 & 31 for the Memorandum & Articles of Association. So, now start-ups have two options at their perusal: Option-1: The Fast Track Route-Filing of INC 29 with a fee of Rs.2000 in addition to the normal filing fees Option-2: The Regular Route with the normal filing fees
Major highlights of the form can be enumerated below:
- There would be separate processing queues at the back office of the MCA which would deal specifically with INC29 submissions. This would fast track the entire process and if all details are fine, you might get your entity ready in record time !!!
- You are also given an option to alter the draft MoA and AoA attached with this eform later by filing INC 30 & 31!
- Through INC 29, one cannot apply for more than three (3) DINs. If there is a set up of 5 proposed directors, DIN for only three can be applied for this form. Hence, in these cases, it would be advisable to obtain DINs separately and then apply through this form.
- You can only put forth One (1) name, whereas in Normal forms, you have a maximum of six (6) options at your perusal. Hence, the name approval process has to be taken up with even more caution and diligence.
- Two resubmissions are allowed whereas via the normal route, only one resubmission is allowed.
- Rejection of one form would lead to the rejection of the others as well. Say, if there is a problem with the name approval details, then the incorporation details also get rejected.
- Section 8 company cannot be incorporated through this form.
Start-Ups have long complained about the various hassles they face in setting up businesses in India. As per recent trends, the entrepreneurs have even been flying out of India to set up their businesses in countries like Singapore and US. (Read our blog: Are Indian Start-Ups Flying Outside India??) The main reason being the uncanny number of forms that are to be filed to set up a business. Many start ups even miss few forms which lead to additional fees and penalty. Due to this incorporating a company has became a night mare for the start ups, especially after the introduction of the Companies Act, 2013. India ranks as low as 158 on the “Starting a Business” parameter, two places down from last year, as reported by the ET. The Narendra Modi Government had promised huge economic reforms for start-ups while its ascent. They indeed meant what they said. This is one of the biggest reforms for the start-up environment in India. This measure is expected to simplify the procedures to a great extent. The PM’s aspiration to rank our country at the 50th position in the Ease of Doing Business Survey seems on the way of achieving reality. So, what are you waiting for? Write to us at [email protected] or visit us at Company Registration to set up your company in the fastest possible time in the industry!!!! ________________________________________________________________________________________________________