In the endeavor to improve its global ranking in the ease of doing business Ministry of Corporate Affairs (MCA) has established Central Registration Centre that provides speedy incorporation related services in line with best global practices. MCA vide notification dated 01/10/2016 had put forth, SPICe Form for the purpose of incorporation of companies. Such forms are in the nature of linked forms and are to be submitted together while filing for the Incorporation of the company.

SPICe utilizes digital technology and databases to incorporate companies. As this procedure is less time consuming, it has made the procedure simpler and easier. SPICe can only be filed online with the use of auto-generated forms from the MCA site. Even fees have been reduced with the advent of these forms.

The Government has implemented a method where the company can be registered in just one day!  In the last couple of months, the average number of days required to register a company has been only 1.1 days! Clubbing of rules and automating the system has helped to reduce the time consumption in a huge way. Now DIN, Name Approval, Incorporation, Pan and Tan all can be done in one form.

This is in line in with the Ministry’s effort where they first reduced the Government Fees from Rs 2000 to Rs 500 and making the whole registration process centralized. More than 97000 companies have been registered in the last financial year which is higher than previous years.

If we make a comparative study between two i.e. between March 2014 and March 2017 we would understand how drastically things have improved. The time taken for processing company incorporation applications has been reduced drastically from between 5 to 15 working days in June 2014, to an average of 0.6 working days in March 2017. Again the processing time for name availability applications has been brought down significantly from between 5 to 6 working days in June 2014, to an average of 0.4 working days in March 2017.

 This latest updates shall help the start-up to initiate its operation as soon as possible. No doubt the government is working hard to encourage business and executing its plans perfectly.

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