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Modi govt launches single-form registration for new businesses

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  • The move is aimed at reducing red tape in the incorporation of businesses, which currently require up to 8 forms.
  • The Narendra Modi-led BJP government marked Labour Day by making it easier to incorporate a new business.
  • Starting today, entrepreneurs need only fill out one form to start a business, down from the eight they had to submit until now.
  • The new form, called INC-29, will allow make compliance and reporting easier website of the Ministry of Corporate Affairs.
  • Name availability, allotment of Director Identification Number (DIN), company incorporation and commencement of business will now be possible through a single form.
  • The move is in keeping with Modi’s public avowal to improve India’s global ease of doing business ranking.
  • The red tape that businesses faces while registering themselves, including at least 8 different forms for various permissions has been a pet peeve of entrepreneurs.
  • Currently, even for a single-person company, the forms required include separate applications for obtaining DIN, obtaining a DSC (digital signature certificate), form INC-1 for approval of the name of the company, form INC-7 for registration of the company along with memorandum of association and articles of association, form INC-22 for intimation of registered office and form DIR12 for each director, the newspaper said.
  • Source:- Modi govt launches single-form registration for new businesses
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