Indian Government To Make Company Registration A Single day Process

Indian Government To Make Company Registration A Single day Process

India has always had a reputation of  being a very difficult country to do business, as mentioned by World Bank’s “Ease of doing business” index, according to which India ranks 134 out of 189 countries in 2014.

Right now registering a company in India is a 27 days process, thus takes up a lot of time and efforts of the people and this comes up with many other hurdles for instance delay in getting an electricity connection, too many permits required and multiple registrations for different labor laws, etc.

Narendra Modi, who  promised during the launch of the ‘Make in India’ campaign that government would take steps to bring the country’s ranking among the top 50, has actually started working on this. As according to a TOI report, the government has started working to cut down the time for registering a business from 27 days to a single day. The government has readied a raft of measures, such as, single registration for all labour laws, overhaul of tax systems, reduction in the number of permits required, easing up property registration, quick electricity connection and property registration – measures that are expected to make the country a friendlier investment destination, says TOI.

Related: Is Indian Grandfathered Tax Laws A Roadblock For Ecommerce In India ?

The Department of Industrial Policy and Promotion (DIPP) which has been made nodal agency for pushing these reforms along with the other ministries has started working to reform the regulatory structure and overhaul the investment climate. With the help of other state bodies they are trying their best to implement it within 3-6 months.

Reforms in the tax system in the country which has been making a lot of buzz will also be made.

With this, DIPP has also suggested that the requirement of minimum paid-up capital for starting a business should be done away with,  as 90 countries have no such requirement.

Related: Registering Your Company: A Step-By-Step Guide

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Indian Government To Make Company Registration A Single day Process-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Indian Government To Make Company Registration A Single day Process-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Indian Government To Make Company Registration A Single day Process-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Indian Government To Make Company Registration A Single day Process-Inc42 Media
Indian Government To Make Company Registration A Single day Process-Inc42 Media
You’re in Good company