New initiatives for swift incorporation of businesses

To further its agenda of "Ease of Doing Business", the central government will launch a slew of new initiatives for the speedy incorporation of businesses and companies.

The new initiatives -- government process re-engineering -- "for making incorporation process speedy, smooth, simple and reducing the number of procedures involved for starting a business" will be launched on Friday.

According to the Ministry of Corporate Affairs, the new initiatives will enhance "Ease of Doing Business - Starting a Business" in the country.

Subsequently, under the GPR initiative, the government will introduce a "Reserve Unique Name" (RUN) web service.

Further, companies with "authorised capital up to Rs 10 lakh" will be exempt from paying incorporation fees.

 

"Re-engineering the process of allotment of DIN (Director Identification Number) by allotting it through the combined Simplified Proforma for Incorporating Company Electronically form...," the ministry said in a statement on Thursday.

--IANS

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