Starting June 2016, Company Incorporation in One Day

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The Ministry of Corporate Affairs (MCA) is making a big move toward shortening the company registration process. Instead of processing applications at Registrar of Companies (RoCs) spread across India, it has tightened the process and is centralising it at a new centre in Manesar, near Gurgaon. By adding automation, the MCA has reduced the number of steps to 26 from 39, according to a report in The Times of India.

At least four companies have been incorporated as per the above method, when the pilot was launched. The effort involved re-engineering the process and moving to an automated system, which is far less time consuming than doing it manually.

Once rolled out comprehensively, information on the status of the application will be delivered the very same day. The roll out is currently scheduled for June. The ministry has signed a contract with Infosys which stipulates clear timelines and a penalty for delays.

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Vakilsearch's resident expert on starting up, compliance and accounting, he holds a Masters in Accounting and an LLB.

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