Millennium Post
Business

India sees 264 new firms being set up every day in January this year

India saw as many as 264 new companies being set up every day on an average during January with most of them getting registered in Maharashtra.

Starting off the new year on a robust note, the total number of new companies registered with the government touched 8,206 during the month. The overall authorised capital of these entities stood at Rs 943.21 crore, according to the Corporate Affairs Ministry.

New firms have to get registered with the ministry, which implements the Companies Act that governs corporates in the country.

Out of the new ones set up in January, 8,174 entities were registered as companies limited by shares with an authorised capital of Rs 943.15 crore.

About 31 entities were set up as companies limited by guarantees and their total authorised capital was Rs 6 lakh.

‘Under the category of companies registered as limited by shares, Maharashtra had maximum number of registrations (1,563) followed by Delhi (1,356) and Uttar Pradesh (741),’ the ministry said in its latest newsletter.

Two state level and two central level public sector undertakings were registered newly during the month.

Notwithstanding economic sluggishness in recent times, a large number of new companies are being set up every month.

The country had 13.77 lakh registered companies at the end of January. The count of active ones was 9.37 lakh.

In a reflection of substantial corporate activities, as many as 1.4 lakh companies among the active ones ‘were incorporated within the preceding 18 months’ as per the newsletter.

Meanwhile, 2.68 registered companies have been shut down and 27,617 firms are in the process of being closed.

‘...and as many as 1.43 lakh companies have not filed their annual returns/balance sheets (ie, annual statutory filings) for more than three consecutive years, and are classified as dormant,’ it added
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