MCA to simplify process for Starting New Company in 2018

ministry-of-corproate-affairs

The Ministry of Corporate Affairs of India which is a ministry for regulating the corporate sector in accordance with law.It is mainly responsible for regulation of companies in industrial and service sector.The current minister of corporate affairs is Arun Jaitley. The current Minister of State for Corporate Affairs is Mr. PP Choudhary.This Ministry primary focus is on the Effective and Efficient administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008 & other allied Acts.

The Ministry is also responsible for administering the Competition Act, 2002 to prevent practices having an adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers through the commission set up under the Act.

Beside Helping in Incorporating and administrating companies and maintaining law and order on the corporate enterprise, the MCA also supervises the following three bodies
1.    Institute of Chartered Accountants of India (ICAI),
2.    Institute of Company Secretaries of India (ICSI) and
3.    Institute of Cost Accountant of India (ICAI).

From time to time MCA brings new initiatives and schemes in India that help in smooth running and improving the overall state of corporate bodies in India.

Important Announcement by Ministry Of Corporate Affairs

As  India is celebrating its 69th republic day, the Mca has decided to Make it more joyful by making an Announcement that will make the process of incorporating and register the business firms in India simple and fast process. Ministry of corporate affairs is launching the Government Process Re-engineering or GPR initiatives for making the incorporation process Fast, uncomplicated, and reducing the number of procedures involved in starting a business.

The Ministry said it would unveil RUN or Reserve Unique Name web service for name reservation on January 26. The initiatives would significantly enhance the “ease of doing business — starting a business” in the country and benefit a large number of stakeholders, it said.Also under RUN, there would be no need for filling INC-1 E-Form and no need for DSC(Digital Signature Certificate).

Other initiatives under GPR include re-engineering the process of allotment of Director Identification Number (DIN) by allotting it through the combined Simplified Proforma for Incorporating Company Electronically (SPICe) form which has 5 services in one E-Form including DIN,Name Reservation,incorporation,PAN and TAN only at the time of an individual’s appointment as director (in case he/she doesn’t have a DIN), it added. The initiatives also include ‘zero fees’ for incorporation of all companies with authorized capital of up to ₹10 lakh and CRC will deliver incorporation approvals within one working day.

Conclusion

If you need any help with company registration under the new initiative. Please feel free to visit our website MYONLINECA Today! Forgetting your company registered anywhere in India.