The Corporate Affairs Ministry on Thursday said it will be introducing certain initiatives to simplify and expedite company incorporation process.
“On the occasion of the 69th Republic Day tomorrow, the Ministry ... is launching the Government Process Re-engineering (GPR) initiatives for making the incorporation process speedy, smooth, simple, and reducing the number of procedures involved for starting a business,” the Ministry said in a statement.
The Ministry said it would unveil “RUN” or “Reserve Unique Name” web service for name reservation on January 26. The initiatives would significantly enhance the “ease of doing business — starting a business” in the country and benefit a large number of stakeholders, it said.
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Other initiatives under GPR include re-engineering the process of allotment of Director Identification Number (DIN) by allotting it through the 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), it added. The initiatives also include ‘zero fee’ for incorporation of all companies with authorised capital of up to ₹10 lakh.