Ease in laws to register a Company
With Government emphasizing on good governance & ease of doing business, with an aim to make process smooth & easy ,has come up with Ease the process of starting Business
The 30 days process will be replaced by a efficient system capable of finishing the process in 7 days.
Earlier Entrepreneurs had to fill various forms like INC 1 ,INC 7, INC 8,INC 9, INC 10 ,INC 29,DIR 3,DIR 22 individually to start with.Now Government has clubbed all of them UNDER INC 29 .
Before, process used to start with digital signature followed by filling various forms including INC 29 to register a company & INC 22 to notify the address of registered office within 30 days.
Now once digital signatures are done, you need to fill up INC29 following which PAN TAN are registered in system, but as of now DIR 3 which is used to register Director Identification number is carried out separately leading to delay.
Other loopholes which is holding process to become robust are
1.No acknowledgment after INC 29, causing delay in Bank loans.
2.Registration of companies asks for re submission of documents while rejecting proposed name.
Government is aiming to bring India in top 30 countries in ease of doing business by 2017.
And doing away with so many forms is the first step .
