Naming Your Company: MCA’s Simplified New Procedure

636

To further reduce the time to register a company, the Ministry of Corporate Affairs (MCA) has completely changed the name approval process for new companies. To make this possible, the MCA has forged a tie-up with software major Infosys and has set up a Central Registration Centre in Manesar, near Gurgaon.

It’s time to startup now

Why the CRC is better
Up until now, the name approval process was manual. Every form went to a state RoC officer. Some RoCs would process the application quick, others would take their time. Moreover, arbitrary rejection of an application was common. Of the many company registration procedures, this was easily the most time consuming.

With the establishment of the CRC, all names will be approved at a single centre. During the trial period, the centre went through a record 14,000 applications in a month, clearing 70% and rejecting 30%. Moreover, it has introduced zero balance in applications from Tuesdays to Fridays.

How this will Change
This single change could reduce the Company Registration process from the 15 to 20 days, to 10 to 15 days. With this and the other changes announced, India is sure to move up on the Ease of Business index this year.

    FAQs

    No FAQs found

    Add a Question


    LEAVE A REPLY