New Delhi: Aiming to achieve a position in the top 50 countries for doing business as per the rankings published annually by the World Bank, the government has decided to launch process re-engineering (GPR) initiatives for making the incorporation process speedy, smooth, simple that would reduce the number of procedures involved for starting a new business.
The initiative would be launched by the Ministry of Corporate Affairs (MCA) on the occasion of 69th Republic Day on Friday. Talking about the move, Corporate Affairs Secretary Injeti Srinivas told Millennium Post that the initiative is aimed at creating a friendly ecosystem for people interested in starting a new business as establishment of a new entity would help in generating employment.
"The move would prove to be a game changer for business community as the whole process would become transparent", the secretary said, adding, "In the last 3 years, the ministry has contributed significantly towards improvement of ranking in ease of doing business in the country, but there is a lot more scope to further improve, especially with respect to starting a business."
Under the GPR initiatives, the government would launch RUN (Reserve Unique Name) web service for name reservation on Friday. The beneficiaries of the GPR move would also get registration fee waive off facility for the incorporation of all companies with authorised capital of upto Rs 10 lakh.
As per the new move, the MCA would also offer the facility of allotment of director identification number (DIN) at the time of individual's appointment as Director of the firm in case the person doesn't have a DIN, which would be allotted through the combined SPICe form.