In last few years, India has changed rapidly. After the launch of Make in India campaign, lots of new things happening in India and many people are not aware of it.
Recently, Wiziwig Learnings and Parnasa Mediworld, two new startup in India, were able to register a new company, in a single day.
Yes, you heard it right, you can now register your company in 1 day.
Earlier the process was tidy and lengthier. 7 days to reserve a company name and 5 days minimum to pay stamp duties and other formalities.
Now, with a new Pilot project by Indian Government, all this can be done in a single day.
Since the launch of program, a team of 28 company secretaries along with some executives from Infosys making it possible to register a new company in a single day.
Government is shifting to a centralised processing of incorporation proposals at a new centre in Manesar (near Gurgaon) from Registrar of Companies (RoC).
Since the starting of this pilot program, Minister of Corporate Affairs (MCA) has minimized the time taken to occupy a company name to 1 day. Ministry is making the use of Engineering and automated system which is likely to do a faster job than a manual check.
As a result, in just 1 month around 14000 application were processed. Around 70% of applications were cleared on the same day and remaining applications were rejected due to their names, which could not be accepted due to policy. Now it’s a matter of a day, to find if your application was rejected or accepted.
On Monday, there is high load due to applications submitted on Friday and from Tuesday to Friday, it’s zero balance, mean no balance work for next day.
The World Bank’s Ease of Doing Business rankings estimated last year that, on an average, it took two-seven days to reserve the name for a company and another five days to complete the incorporation formalities. “If you were unlucky, it could take more than a year to get the name approved,” admitted an officer.
According to a report by Doing Business org DB2016,
India made starting a business easier by eliminating the minimum capital requirement and the need to obtain a certificate to commence business operations. This reform applies to both Delhi and Mumbai.