Starting business has become easier in India as the Ministry of Corporate Affairs (MCA) has introduced a new form INC-29 through which a new company can now be incorporated. The newly introduced form known as Integrated Incorporation Form INC-29 will combine the procedure for getting Director Identification Number (DIN), Name Approval Application and Incorporation Application into a single step.
Prior to the introduction of form INC-29, company incorporation in India takes on average 15 - 30 working days.
To incorporate a new company in India, the applicant would have to first obtain Digital Signature (1-2 Days), apply for Director Identification Number (1 Day), apply for Name Approval (3-4 Days), prepare and sign incorporation documents (3-4 Days) and finally apply for incorporation (3-4 Days).
With the new form, company incorporation in India can be completed within a week as many of the steps have been combined. According to PTI, this new procedure would immensely help entrepreneurs quickly get their business started.
It is great to see the Government taking steps to reduce red-tape and providing a welcoming environment for startups and small businesses.
IndiaFilings.com is India's leading online legal and professional services platform offering a range of services from private limited company registration, LLP registration, trademark registration and tax filing services. The initiative has helped thousands of Entrepreneurs start and manage their business in India by providing quality and reliable professional services online at an affordable price point.
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