Key takeaways from the initiatives taken by the MCA towards ease of doing business in India on the occasion of 69thRepublic Day.
No incorporation fee: Companies with authorized share capital up to Rs. 10 lakh can be incorporated in India with Zero registration Fee.
Introduction of ‘RUN’: New web service for reservation of name has been launched for name reservation called “Reserve Unique Name”. It is a one pager e-form into which one name of proposed company can be reserved without obtaining DIN and Digital Signature
Reduction of time limit for reservation of Name: MCA has reduced the time period from 60 days to 20 days for reservation of name
No resubmission for reservation of Name: It can be either rejected or approved in one go.
Simplified process for incorporation of company: by removing the requirement of affidavit with declaration from the proposed directors and promotors.
New process for obtaining DIN: The process of allotment of DIN has been re-designed by allotting it through the combined SPICe form only at the time of an individual’s appointment as Director.