Incorporation of a company in 3 days

The government soon may put in place a seamless process to incorporate a company with speedy registration of Permanent Account Number (PAN), Tax Account Number (TAN), Goods and Services Tax (GST), Employee Provident Fund Organisation (EPFO) and Employee State Insurance Corporation (ESIC) in just three days.

The Department for Promotion of Industry and Internal Trade (DPIIT), is working on the measures to improve India’s Ease of Doing Business. Sometimes, clearances are delayed due to queuing at agencies. Hence, a single clearance process is proposed to speed up the registration of companies.

A single layer of the process in HTML format is proposed, to register companies with central agencies. An alternative to authentication in place of digital signatures will also form part of this plan.

India has been recognised as one of the top improvers for the year by the World Bank. India ranks below 100 in some of the heads like international best practices, property registration, payment and refund of taxes and enforcement of contracts. Hence, the Department for Promotion of Industry and Internal Trade (DPIIT), is taking such measures to set it right so that India can rank higher.

The extensive plan also involves state agencies to bring other agencies on board for integrated clearances of businesses. At present, some issues on name reservation are being sorted out by the Ministry of Corporate Affairs (MCA).

Hence, this seamless process of incorporating a company in flat three days will help India rank higher in the Ease of Doing Business.