During the Financial Year 2020-21, the Ministry of Corporate Affairs (MCA) registered more than 1.55 Lakh company incorporations as compared to 1.22 Lakh companies during FY 2019-20, an increase of about 27%.
Similarly, 42,186 Limited Liability Partnerships (LLPs) got incorporated as against 36,176 last year, an increase of about 17%. The increase is significant considering the unprecedented situation faced by the country due to the COVID-19 pandemic.
As part of the Government of India’s drive for Ease of Doing Business, the MCA has taken many initiatives thereby saving as many procedures, time, and cost for starting a business in India. The Central Registration Centre (CRC) continued to function even during the lockdown to enable stakeholders to incorporate Companies and LLPs.
The MCA launched SPICe+ form in February 2020 and thereby integrating 10 different services across 3 Central Government Ministries/Departments (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and 3 State Governments(Maharashtra, Karnataka and West Bengal), viz;
The MCA is continuously striving to transform regulatory environment and has taken several measures in recent past towards Ease of Doing Business like;