Govt to simplify norms to start new biz

In a bid to simplify the procedures to set up new businesses, the government will roll out a number of initiatives that will make the incorporation process seamless, reports the ANI. Under the Government Process Reengineering (GPR) initiatives, the Ministry of Corporate Affairs (MCA) is introducing “RUN – Reserve Unique Name” Web service for name reservation. Apart from this, the ministry will introduce zero fee for incorporation of all companies with authorised capital up to Rs.10 lakh. The government is also re-engineering the process of allotment of a Director Identification Number (DIN) by allotting it through combined Simplified Proforma for Incorporating Company Electronically (SPICe) Form only at the time of an individual’s appointment as Director, in case he/she doesn’t have a DIN. During the last assessment year, the MCA had undertaken major initiatives such as establishing the “Central Registration Centre (CRC)” for delivering speedy incorporation related services and near real time issuance of PAN and TAN through a single online process. This was achieved by the launch of SPICe, which delivers five services by two different ministries through a single form filed on the MCA21 Portal. With the above initiatives in place, the government aims to significantly enhance the “Ease of Doing Business –Starting a Business” in India.