India Makes Business Incorporation Easy: Single Form Introduced For Application Than 8 Separate Forms
In a bid to improve India’s rating on Ease of Doing Business and Incorporation of New Business, the Modi government took a resolute step by launching single-form registration for new businesses. This is to reduce red tape in the incorporation of businesses, which currently requires filling up to 8 forms. The new form, called INC-29, will make compliance and reporting easier and can be downloaded from the website of the Ministry of Corporate Affairs. "Name availability, allotment of Director Identification Number (DIN), company incorporation and commencement of business will now be possible through a single form," a senior said. PM Modi had declared he would strive to improve India’s global ease of doing business ranking which is at 142 in a list of 189 economies. In ‘Ease of Starting a Business’, India is even worse, with its rank of 158. The Prime Minister had said publicly that he wants to raise India’s position in Ease of Doing Business to rise to 50 over the next two years. The red tape that businesses faces while registering in terms of filling 8 different forms for various permissions had peeved most entrepreneurs. Currently, even for a single-person company, the forms required are separate applications for obtaining DIN, obtaining a digital signature certificate, form INC-1 for approval of the name of the company, form INC-7 for registration of the company along with memorandum of association and articles of association, form INC-22 for intimation of registered office and form DIR12 for each director, the Economic Times reported.