New Delhi : To improve the ease of doing business, the government relaxed the procedures for setting up companies by introducing an integrated electronic application form, reports PTI.
The Corporate Affairs Ministry has now allowed entities to apply for Director Identification Number (DIN) and reservation of name, among others, through the single e-form — INC 29. Entrepreneurs now need to only fill out one form — INC-29 — to start a business, which will make compliance and reporting easier.
As part of efforts to improve the ease of doing business in the country, the ministry has also proposed various changes in the new Companies Act, wherein most provisions came into force from April 1 last year. The new e-form has been introduced as part of amendments made to the Companies (Incorporation) Rules.
The new e-form, available from Friday, can be used instead of separately filling up at least five e-forms by entities seeking to incorporate a company in India. It would be in addition to other separate forms that are already available for registering a company. This comes at a time when Prime Minister Narendra Modi-led government is making efforts to improve the country’s overall ease of doing business. INC 29 can be used for registering one person, private, public and producer companies.
The government is looking at ways to improve India’s position to top-50 in terms of ease of doing business globally. At present, the country is at the 142nd place, according to the latest World Bank report in this regard.
