As many as 1.55 lakh company incorporations were registered during 2020-21, the Corporate Affairs Ministry (MCA) has said. This was 27 per cent more than the 1.22 lakh companies registered during 2019-20, it added.
Similarly, 42,186 Limited Liability Partnerships (LLPs) got incorporated as against 36,176 last year, an increase of about 17 per cent.
The increase is significant considering the unprecedented situation faced by the country due to pandemic, an official release said.
As part of Government’s drive for Ease of Doing Business, the MCA has taken many initiatives thereby saving as many procedures, time and cost for starting a business in India. The Central Registration Centre (CRC) continued to function even during the lockdown to enable stakeholders to incorporate companies and LLPs, it added.
SPICe+ form
The MCA launched SPICe+ form in February 2020 and thereby integrating 10 different services across 3 Central Government Ministries/Departments (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and 3 State Governments (Maharashtra, Karnataka and West Bengal), viz; Name Reservation; Company Incorporation; Director Identification Number; EPFO Registration No; ESIC Registration Number; PAN; TAN; Profession Tax Registration Number for Maharashtra, Karnataka and West Bengal; Bank Account number and GSTN Number (on Optional basis).
The MCA is continuously striving to transform regulatory environment and has taken several measures in recent past towards Ease of Doing Business including Revision of Definition of Small Companies which has reduced compliance burden on about two lakh companies; Zero MCA fee for company incorporation up to ₹15 lakh authorised capital; Incentivisation of incorporation of One Person Companies (OPCs) and De-criminalisation of technical & procedural violations under Companies Act, the release added.