A firm can now be registered in 48 hours: Pilot
28 Nov 2012 4:45 AM IST
The government on Monday said it is making efforts to improve the environment for starting business in the country and any delay in this regard is mostly due to state-level approvals. Corporate Affairs Minister Sachin Pilot said in a written reply in Rajya Sabha that India eased norms to open a business in the country by reducing the time taken to register a company to 48 hours.
He further said that issue of a director’s identification number and name availability of company can be done online within 24 hours. Factors like sale tax, registration, purchase of lands among others, which comes under state government, are responsible for delays in initiating business in the country, Pilot said citing a World Bank’s report titled ‘Doing Business 2012. Doing Business in a More Transparent World’.
The Corporate Affairs Ministry set up a panel under former Sebi chief M Damodaran in August for a study on the existing regulatory framework for doing business.
He further said that issue of a director’s identification number and name availability of company can be done online within 24 hours. Factors like sale tax, registration, purchase of lands among others, which comes under state government, are responsible for delays in initiating business in the country, Pilot said citing a World Bank’s report titled ‘Doing Business 2012. Doing Business in a More Transparent World’.
The Corporate Affairs Ministry set up a panel under former Sebi chief M Damodaran in August for a study on the existing regulatory framework for doing business.
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