Ministry of Corporate Affairs has automated incorporation process to improve setting of a business. Now one can register a company in a day. The ministry has signed a contract with Infosys to register a company within a stipulated timeline.It has provided even penalties on delay.
The world bank’s ease of doing business ranking estimated last year at 2-7 days time for name registration, name approval & company registration, which was quiet high compared to the process followed by other countries.The ROC is free from the task of registering companies given that an average of 300 companies register across the country everyday,though LLPs are still in the jurisdiction of ROC. Even if you have not selected the name you can register and the memorandum will be generated.Now reserve your name in one day, file & receive incorporation certificate in 1 day. By June end this year reserve name and file and receive incorporation in one day. MCA moves to centralized processing of incorporation proposals at a new centre in Manesar(Gurgaon) instead of ROC. MCA will release a new form which will crunch the entire process into one.