New businesses get off to a quick start
"The time taken for processing company incorporation applications reduced drastically, to an average of 0.6 working days in March 2017," the ministry said in a note on its website.
Policy initiatives by the corporate affairs ministry of appear to have made it easier to start a business in the country: In February, it took two days to incorporate a company, while the procedure took just about a day in March. As many as 26 rules have been automated, five procedures for starting abusiness clubbed into one, and as many rules deleted as part of the latest government programme to drive entrepreneurship.
The successful implementation of e-governance initiatives, such as the MCA21 portal and SPICe (Simplified Proforma for Incorporating Company Electronically) forms, has ensured the registration of about 98,000 companies in FY-17, translating into a 60% increase compared with businesses registered the year ago.
Popularised under the broader programme of ‘government process re-engineering’, these initiatives have "…resulted in speed, greater transparency, uniformity, and eradication of discretion", according to the ministry.
"The time taken for processing company incorporation applications reduced drastically (between 5 and 15 working days in June 2014), to an average of 0.6 working days in March 2017," the ministry said in a note on its website.
"Similarly, the processing time for name availability applications has been brought down significantly to an average of 0.4 days in March 2017."