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Government’s Gifts To Indian Entrepreneurs–Company Incorporation In 24 Hours

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Doing business in India is tough – it takes almost 2-3 months to really get the ball rolling (right from incorporation to getting business PAN card etc).

MCA (Ministry of Corporate Affairs) has outlined measures to ensure that entrepreneurs can float a company in 24 hours.

..the ministry outlined several measures including online verification and clearance of the name of the company being incorporated, online submissions of statutory forms, and issuing digital certificates of incorporation. “The simplified process of online incorporation of companies is likely to be implemented with effect from 11th August, 2011.

The MCA is putting in place a system that will help companies submit all the required forms online and enable the Registrar of Companies to process the application and issue a digital certificate of incorporation within 24 hours [source]

While this may sound like an utopian thought, Indian government is known to be least friendly to entrepreneurs (as compared to other developing nations). Such measures involve educating different government departments and that’s where such initiatives lose relevance.

Only time will tell how serious the government is in spurring entrepreneurship in India.

via plugged in

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Written by Mjay

July 28, 2011 at 12:09

Posted in Start up Stuff

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