Half a day is all you need to get into business. As per the Ministry of Corporate Affairs,  which is leaving no stone unturned to improve the ease of doing business, it will now become possible to reduce the time to reserve the name of company to half a day, and incorporate it in one third of a day. As per the Ministry’s website, simplified procedures and a reduction in time and fees, through the successful implementation of e-governance initiatives such as the MCA21 portal and SPICe (Simplified Proforma for Incorporating Company Electronically) forms will make this feasible. As many as 26 rules have been automated, five procedures for starting a business clubbed into one and many rules deleted to make sure that about 98,000 companies were incorporated from April 2016 to March 2017. Using the newly launched integrated e-Form SPICe, stakeholders now apply for Company Name, Company Incorporation, DIN of the directors, PAN and TAN for the newly incorporated company, and avail all five services simultaneously. Also, the fee for incorporation (of the integrated e-Form SPICe /INC-32) has been reduced from Rs.2,000 to Rs.500. These improving statistics are a testimony to the government’s commitment to improve ease of doing business in India. India is targeting an ambitious 40-notch jump in the World Bank’s Doing Business survey this year.

(Live Mint)