The Ministry of Corporate Affairs (MCA), on Monday invited public comments for further simplification of starting a business (name reservation and incorporation) procedure in India.
This is in terms with the Governments initiative to improve the ease of doing business, by simplifying the procedures and reduce the fees for incorporation of company in India.
This is implemented through e-governance initiatives such as the MCA21 portal and SPICe (Simplified Proforma for Incorporating Company Electronically) forms.
According to the Ministry, these reforms that have been undertaken have helped in reducing the procedures for starting a business in India and provide Ease of Doing Business.
Also, the fee for incorporation (of the integrated e-Form SPICe /INC-32) has been reduced from INR 2,000 to INR 500. The cost incurred by a company for a company seal is also eliminated as the requirement for a company seal has been removed vide amendment to the Companies Act, 2013.
Read the full text of the Office Memorandum below.
