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Company Incorporation process Simplified through e-Format and new process

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Company Incorporation process Simplified through e-Format and new process

News Accessed From :

http://www.livemint.com/Politics/oo6x5J9P345aRbta107y2J/Ministry-of-corp...

News Accessed On : 6th October 2016

 

Excerpts from the report:

  • Ministry of Corporate Affairs (MCA) has notified new rules that make it easier to incorporate companies in India, through the use of e-Format
  • It aims to reduce paperwork and reduce incorporation time and related services within stipulated time frames in line with international best practices. International best practices include incorporation time is as low as one day in some leading destinations
  • The Simplified Proforma for Incorporating Company Electronically (SPICE) was notified in the Companies (Incorporation) Fourth Amendment Rules, 2016
  • Part of the Government Process Re-engineering (GPR) program - one of several measures that the government has introduced over the last two years to improve ease of doing business
  • SPICE allows for digital submission of documents for incorporation along with e-Memorandum of Association and e-Articles of Association

Follow this link to read more:

http://www.livemint.com/Politics/oo6x5J9P345aRbta107y2J/Ministry-of-corp...