File INC-29 for Name availability, allotment of DIN, Company incorporation and commencement of business
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The corporate affairs ministry will from May 1 have an integrated company incorporation form to make compliance and reporting easier and convenient for corporates.
"Name availability, allotment of Director Identification Number (DIN), company incorporation and commencement of business will now be possible through a single form," said a senior ministry official who sought anonymity.
The new form, called INC-29, will be available on the MCA website. This is part of the government's drive to improve India's ranking on the globally tracked parameter of ease of doing business. This is a priority area for PM Narendra Modi, who has made it a personal mission to improve India's scores on this parameter. The government wants to reduce the time taken to register a company in India to one day.
Modi has said he wants India to be at 50th position in two years among countries ranked by the World Bank in its annual Ease of Doing Business survey.
The Ease of Doing Business survey captures the ease with which one can open, conduct and close down businesses. The country was ranked 142 among 189 economies by the World Bank in 2015, down two notches from the preceding year. In 2006, when the index was launched, India was ranked 116. On the crucial 'Starting a Business' parameter, the country was ranked 158, again down two places from the preceding year.
Entrepreneurs have long complained about the various hassles they face in setting up businesses in India, so much so that many startups prefer to incorporate their businesses in countries such as Singapore. The reasons for this range from a multitude of forms to a plethora of permissions from central and state governments. INC-29 (Economic Times)
"Name availability, allotment of Director Identification Number (DIN), company incorporation and commencement of business will now be possible through a single form," said a senior ministry official who sought anonymity.
The new form, called INC-29, will be available on the MCA website. This is part of the government's drive to improve India's ranking on the globally tracked parameter of ease of doing business. This is a priority area for PM Narendra Modi, who has made it a personal mission to improve India's scores on this parameter. The government wants to reduce the time taken to register a company in India to one day.
Modi has said he wants India to be at 50th position in two years among countries ranked by the World Bank in its annual Ease of Doing Business survey.
The Ease of Doing Business survey captures the ease with which one can open, conduct and close down businesses. The country was ranked 142 among 189 economies by the World Bank in 2015, down two notches from the preceding year. In 2006, when the index was launched, India was ranked 116. On the crucial 'Starting a Business' parameter, the country was ranked 158, again down two places from the preceding year.
Entrepreneurs have long complained about the various hassles they face in setting up businesses in India, so much so that many startups prefer to incorporate their businesses in countries such as Singapore. The reasons for this range from a multitude of forms to a plethora of permissions from central and state governments. INC-29 (Economic Times)
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