Every entrepreneur has to register his business legally one day or another. There are various registration options available that varies from one country to another. But, India is known for complicated business laws which leads to frustration among entrepreneurs. An entrepreneur needed to fill a number of forms to just get his business incorporated in India. But, not anymore.
To ease the troubles of Indian entrepreneurs, Ministry of Corporate Affairs (MCA) introduced a facility to file integrated application for incorporation in form INC-29 on 1st May 2015. Now, entrepreneurs will be able to incorporate using a single e-form INC-29.
INC-29 will provide following services through a single e-form:
(i) Allotment of Director Identification Number
(ii) Allotment of Name of a Company
(iii) Incorporation of a Company
The new e-form will be available at MCA website.
The Ease of Doing Business survey captures the ease with which one can open, conduct and close down businesses. India was ranked 142 among 189 economies by the World Bank in 2015, down two notches from the preceding year. In 2006, when the index was launched, India was ranked 116. On the crucial ‘Starting a Business’ parameter, India was ranked 158, again down two places from the preceding year.
PM Narendra Modi has made it a personal mission to improve India’s scores on this parameter. He said he wants India to be at 50th position in two years among countries ranked by the World Bank in its annual Ease of Doing Business survey.
So, this is one of the steps taken by Indian Government to improve India’s ranking on the globally tracked parameter of ease of doing business. The government wants to reduce the time taken to register a company in India to 1 day.
In past several years, the number of startups in India has increased exponentially in fields like technology, agriculture, education, e-commerce etc. So, we can hope that this step will surely contribute towards rise of Entrepreneurship in India which in-turn is beneficial for the economic development of the country.
Also, PM Narendra Modi is a strong supporter of entrepreneurship. He made his intentions pretty clear by his initiative Make in India. As a result, Indian entrepreneurs are hoping for support from the Indian government so that they can compete in the global markets & make India proud.