Ease of Doing Business

The Ministry of Corporate Affairs has taken a number of measures to improve doing business environment in the Country. To facilitate ease of doing business, the Ministry of Corporate Affairs has introduced an integrated INC-29 form for incorporation of companies, omitted requirement for minimum paid up capital, made mandatory common seal for companies optional and done away with filing for commencement of business. Other departments have also taken steps with emphasis on simplification of existing rules and procedures and use of information technology for ease of doing business and to make governance more effective and efficient.

The Ministry of Corporate Affairs has established a Central Registration Centre (CRC) under Section 396 of the Companies Act, 2013 (Act) having jurisdiction all over India for speedier processing of incorporation related e-forms in 1 to 2 days. CRC Phase-1 for approval of Name availability e-from had started operations on 26.01.2016. CRC Phase-II for processing incorporation forms for companies is undergoing stabilization and optimization.

This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha yesterday.

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DSM/KA
(Release ID :142296)