Update on Company Incorporation in India
As of October 2018, India ranks 77th place in the World Bank’s “Ease of Doing Business” index across the globe. Thanks to DPIIT’s (Department of Industry and Internal Trade) special initiatives to remove bottlenecks for business, India has jumped 53 places in this index over the last two years.
The Kanakkupillai team is happy to share with its readers that the government is putting in place drastic measures this year, in a bid to upgrade India’s ranking in World Bank’s index by another 27 places; so as to reach the top 50 places in the world.
Top 6 reforms being focused by the government towards this effect are as follows –
- Ease of starting a business;
- Getting electricity;
- Dealing with construction permits;
- Getting credit;
- Paying taxes;
- Trading across borders.
On the very first reform – the Ministry of Corporate Affairs is working towards implementing a simple, single clearance process to incorporate a company with seamless registration of permanent account number, Tax Account Number, Goods and Services Tax, Employee Provident Fund Organisation and Employee State Insurance Corporation in flat three days.
This will be definitely a welcome change for new businesses because right now it takes anywhere between 10 to 23 days to incorporate a company in India.
Avail Kanakkupilla’s ‘Company Incorporation’ services NOW. Call us at 7305 345 345.
As soon as further updates trickle in from the MCA on this front – the team Kanakkupillai will bring you upto speed via this page.
Incorporation of a Company – Just like a T-20 Cricket Match
The T-20 world cup fever took the cricket fans by a whirling buzz since its popularity in the year 2007. The games became shorter and so did the frequency of matches, leaving the cricketers with lesser time to prepare for the next upcoming matches viz – a – viz a 50 over World Cup match format. The time may have reduced but the analytics and ingredients that go into preparing the next T-20 match have become even more critical and complex.
The new age Start-up mantra has similarly taken the entrepreneurial world by a whirling buzz, since its first aggressive promotion in the year 2014. The companies have become smaller and also the frequency of upcoming start-ups has become shorter.
However the preparation to set up or incorporate a company needs as extensive or detailed ground-work as that done by a T20 world cup participating team.
From separate coaches to lead bowling, batting & fielding aspects of a team to dietitians, nutritionists, counselors, physiotherapists, doctors – there is this platoon of specialists ensuring that the final result delivered by the team of 11 athletes is nothing short of a success.
The incorporation of a company needs similar detailed background work. So if you are soon to join the world of entrepreneurship, the team of specialists at Kanakkupillai hereby, helps you with that background preparation work. Let us first quickly understand what the basic requirements of forming a company are-
Step I- Following Company Registration Papers need to be filed with the Registrar-
1. The Memorandum and Articles of the company, duly signed by all subscribers.
2. The person who is engaged in the formation of the company has to give a declaration regarding compliance of all the requirements and rules of the Act. A person named in the Articles also has to sign the declaration.
3. Each subscriber to the Memorandum and individuals named as first directors in the Articles should submit an affidavit with the following details:
i. Declaration regarding non-conviction of any offense with respect to the formation, promotion, or management of any company.
ii. He has not been found guilty of fraud or any breach of duty to any company in the last five years.
iii. The documents filed with the registrar are complete and true to the best of his knowledge.
4. Address for correspondence until the registered office is set-up.
5. If the subscriber to the Memorandum is an individual, then he needs to provide his full name, residential address, and nationality along with a proof of identity. If the subscriber is a body corporate, then prescribed documents need to be provided.
6. Individuals mentioned as subscribers to the Memorandum in the Articles need to provide the details specified in the point above along with the Director Identification Number.
7. The individuals mentioned as first directors of the company in the Articles must provide particulars of interests in other firms or bodies corporate along with their consent to act as directors of the company as per the prescribed form and manner.
Step II- Receiving the Certificate of Incorporation
1. Once the Registrar receives the information and company registration papers, he registers all information and documents and issues a Certificate of Incorporation in the prescribed form.
Step III- Corporate Identity Number
The Registrar also allocates a Corporate Identity Number (CIN) to the company which is a distinct identity for the company. The allotment of CIN is on and from the company’s incorporation date. The certificate carries this date.
The company must maintain copies of all information and documents until dissolution.
Should you need any further first-hand information regarding the Company Incorporation Online – please reach out to us at 7305 345 345.
Our specialists will be more than happy to handhold your way towards a new career horizon!!
Until then Keep Reading & Keep Trending!!