'Starting a Business', is a very significant parameter for measuring the overall Ease of Doing Business (EoDB) in a country by the World Bank Group for ranking countries every year,in its world-famous annual Doing Business Report. The Ministry of Corporate Affairs (MCA), Government of India, has been striving regularly for past many years for making improvement in the starting a business in India (such as launching of SPICe and Central Reservation Centre), along with taking necessary measures for betterment in other parameters used by the World Bank Group. All these measures resulted in making India the top 100th country among 190 countries of the world over, in respect of the EoDB, as per the Doing Business Report 2018 of the World Bank Group. In this latest report, India's ranking in respect of the parameter 'Starting a Business' is 156th. Hence, it was still required to make the starting a business easier and cheaper in India, as MCA cherishes to bring India among the top 50 countries in the world, in terms of the EoDB.
To improve further India's position in respect of starting a business in India, the MCA most recently launched few more measures on the occasion of 69th Republic Day of the country, which are described on this webpage in brief, to help all interested and concerned entrepreneurs. The latest initiatives taken by MCA seek to make incorporation of all types of companies in India, faster and cheaper, the authorized capital of which falls in the range mentioned below. These latest and lavish Government Process Re-engineering (GPR) initiatives are the following:
- Launching of the web-service RUN (Reserve Unique Name) at www.mca.gov.in:This RUN web-service facilitates faster and easier reservation of a unique company name even before obtaining DSC. It can also be used for changing the name of an existing company. However, this RUN web-form allows choice of only One company name at a time. The prescribed fee for using this RUN service is ₹1000/- per form submission, irrespective of the approval or rejection of the submitted company name. The approved company name will be valid for Twenty Days in case of a new company, and for Sixty Days in case of an existing registered company, counted from the date of approval of the proposed company name. To avail RUN Form, the applicant entrepreneur has to first create a free MCA account, then choose the desired type of a company, and propose a unique name for the specified type of company. The approved name will then be intimated to the applicant through the email address given on the MCA account. There is no need of DIN prior to filing the SPICe e-Form INC-32, for incorporation of the proposed company.
After getting the proposed company name approved by MCA, the applicant is then required to file the e-Form INC-32 (SPICe) for the purpose of incorporation of the said company, with or without a valid DIN. The MOA and AOA will be filed along with this e-Form INC-32 in the respective formats given in the Schedule I. There is no need to file Form INC-7, even in the case of incorporating a company with more than Seven subscribers.
Making the Incorporation Fee Zero: This is applicable to all types of companies and the LLP, to be located anywhere in entire India, provided that, the authorized capital of each of those, must remain up to ₹Ten Lakh. This welcome and lavish facility shall enable the concerned entrepreneurs for saving few thousand rupees on the company incorporation fee. However, eMOA and eAOA - Stamp Duty will still be applicable for incorporation, as per the State of incorporation.
DIN Allotment: The combined SPICe Form also facilitates getting DIN, which will be allotted only at the time of appointment of the director to the newly incorporated company. Form DIR-3 can be used by the existing registered companies for adding new directors.
Thus, the mca company registration process 2018, is undoubtedly very convenient and easier, time-saving, and cheaper to all entrepreneurs with an authorized share capital up to Rs. One Million.
To avail expert, efficient, and economical company registration services in India by our internationally famous law firm of Delhi, interested entrepreneurs may readily ring up over: +91-8800-100-284, +91-81303-00046, Landline: +91-11-2248-1711 ; or send their relevant queries or earnest request at: companies@GlobalJurix.com.