 "indian firms, economy")
More than 141,000 companies have been incorporated in the current financial year till January 10, acccording to data available with the Ministry of Corporate Affairs (MCA). Official sources said this was the highest number of firms incorporated so far under the ministry. More than 44,000 limited liability partnerships (LLPs) were incorporated till January 10, 2024, compared to a little over 28,000 in the corresponding period last year.
Official sources said that this was indicative of increased economic activity in the country. A LLP refers to a type of general partnership where every partner's liability towards the debts of the partnership are limited in nature.
The new registrations are on the Version 3 of the MCA portal, and the government has been working to resolve its initial glitches. “The system is working very well. Calls on our help desk are much fewer than any of the previous year,” an official source said.
Industry representatives said that teething issues have been resolved, such as problems with login, submission, and downloading of forms. “Incorporation is now pretty seamless. The only problem is the issuance of a certificate of incorporation, which takes a lot of time. GST registration is also not seamless,” said Amit Gupta, a senior company secretary.
