- 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
Dharamraj works for a Surat mill and hardly manages to fend for his family of seven. When sons - Raju, 18, and Brijesh, 19, broke the news of their stellar performance to their dad, he didn't even know why it was such a big deal. Both his sons have cracked the IIT entrance test — Raju securing rank 167 and Brijesh 410. Dharamraj, a daily-wage earner, desperately needs Rs 1 lakh for their admission fees. But that's an astronomical sum, for he barely makes ends meet. Dharamraj and his family live in a rundown mud hut with a tarpaulin thatch at Rehua Lalganj village. Dharamraj owns eight goats, one cycle, and a table fan. They bagged scholarships to prepare for their IIT entrance. But now what? Where to raise the money from? I don't own a single inch of land," lamented Dharamraj. Both boys scored over 95% in their Class X exams, after which they were picked for a scholarship programme. HRD Minister Mrs. Smriti Irani has assured the IIT 2015 topper that his ent...
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