In a move to improve the country’s overall ‘ease of doing business’ by Prime Minister Modi-led government, the corporate affairs ministry has come out with a new and easier procedure of setting up companies in India.
The ministry has introduced an integrated electronic application form – INC 29 which can be used instead of separately filling up at least five e-forms.
This form will enable corporate entities to apply for Director Identification Number (DIN), reservation of name and incorporation among others. INC 29 can be used for registering one person, private, public and producer companies.
In effect, the government is looking at ways to improve India’s position to top-50 in terms of ease of doing business globally. At present, the country is at the 142nd place, according to the latest World Bank report in this regard. Surely, we have a very long way to go. Nevertheless, these efforts are in the right direction.