Business News, Nation, (New Delhi), January 25:-In a bid to simplify the procedure to set up new businesses, the Government will launch a number of initiatives for making the incorporation process seamless.
Under the Government Process Re-engineering (GPR) initiatives, the Ministry of Corporate Affairs (MCA) is introducing “RUN – Reserve Unique Name” Web service for name reservation.
Apart from this, the ministry will introduce zero fee for incorporation of all companies with authorised capital up to Rs 10 lakh.
The government is also re-engineering the process of allotment of a Director Identification Number (DIN) by allotting it through combined Simplified Proforma for Incorporating Company Electronically (SPICe) Form only at the time of an individual’s appointment as Director, in case he, she doesn’t have a DIN.
During the last assessment year, the MCA had undertaken major initiatives such as establishing the “Central Registration Centre (CRC)” for delivering speedy incorporation related services and near real time issuance of Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) through a single on-line process.
This was achieved by the launch of SPICe, which delivers five services by two different ministries through a single form filed on the Ministry of Corporate Affairs (MCA) 21 Portal.
With the above initiatives in place, the government aims to significantly enhance the “Ease of Doing Business -Starting a Business” in India and benefit a large number of stakeholders.
-(NAV, Inputs: Agencies)