To improve the ease of doing business, the government on Friday relaxed the procedures for setting up companies by introducing an integrated electronic application form.
The Corporate Affairs Ministry has now allowed entities to apply for Director Identification Number (DIN) and reservation of name, among others, through the single e-form -- INC 29. As part of efforts to improve the ease of doing business in the country, the ministry has also proposed various changes in the new Companies Act, wherein most provisions came into force from April 1 last year.
The new e-form has been introduced as part of amendments made to the Companies (Incorporation) Rules. The new e-form, available from Friday, can be used instead of separately filling up at least five e-forms by entities seeking to incorporate a company in India. It would be in addition to other separate forms that are already available for registering a company.
Its introduction comes at a time when Prime Minister Narendra Modi-led government is making efforts to improve the country's overall ease of doing business. "The application for allotment of DIN up to three directors, reservation of a name, incorporation of company and appointment of directors of the proposed company shall be filed in the integrated form (INC 29)," the Ministry said in a notification today. INC 29 can be used for registering one person, private, public and producer companies.
"The facility to file integrated application for incorporation in form INC 29 is available as an option to the process for separate applications for allotment of DIN, reservation of name and incorporation of a company," the Ministry said. The government is looking at ways to improve India's position to top-50 in terms of ease of doing business globally. At present, the country is at the 142nd place, according to the latest World Bank report in this regard.
As part of efforts to improve the ease of doing business in the country, the ministry has also proposed various changes to the new Companies Act, wherein most provisions came into force from April 1 last year.
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