Government of India has
emphasized on the importance of ‘Ease of Doing Business’ as a major pillar of
‘Make in India’ initiative. Hon’ble Prime Minister Shri Narendra Modi has set a
target for India to be ranked among the top 50 countries over the next 3 years
in the World Bank Doing Business Study. In order to achieve this target all the
departments / agencies concerned have come forward and implemented the reforms
in the right earnest. The following are the few notable reforms:
1. Requirement
of minimum paid up capital and common seal under the Companies Act 2013 done
away with.
2. Registration
for Permanent Account Number (PAN), Tax Deduction Account Number (TAN), EPFO
(Employees' Provident Fund Organization) and ESIC (Employee's State Insurance
Corporation) and incorporation of company can be done through a single form on
eBiz portal.
3. Time
taken for obtaining PAN and TAN on eBiz portal has been brought down to T+1
days.
4. Provision
made for applying for company name and Director Identification Number (DIN) at
the time of incorporation with single Form-INC29.
5. Online
and real time registration of ESIC and EPFO has been introduced.
6. Provision
for online payment of EPFO and ESIC contributions has been introduced.
7. Requirement
of bank account for registration with EPFO and ESIC has been made optional.
8. Central
Registry Rules have been amended to record security interests of all types of
property.
9. Number
of documents required for imports and exports have been reduced to three.
10. All
documents for export and import to be submitted electronically with digital
signatures i.e. no physical submission of document.
11. Custom
ICEGATE Portal has been integrated with Food Safety and Standards Authority of India
(FSSAI), Animal & Plant Quarantine, Drug Controller & Wildlife Control
Bureau for imports.
12. Shram
Suvidha Portal launched to issue unique Labour Identification Number (LIN),
submission of common electronic returns under 8 Labour Acts and facilitate risk
based inspections.
13. Insolvency
and Bankruptcy Code with provision of easy and faster exit, passed by the
Parliament.
14. SARFAESI
(Central Registry) Rules have been extended to register extended security
interests.
The above significant
changes will scale down the number of procedures and days taken to start a
business which will slash the costs involved as well. Starting business made
simpler and easier by this step taken by The Government of India. These
remarkable reforms have improved our rank in Starting a Business parameter from
164 to 155 over the last one year.
Have a great day ahead!
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