The government plans to introduce a new version of the integrated company incorporation form in a measure aimed at enhancing ease of doing business that targets reduction in average number of days for incorporating a company to one to two days from more than four days at present.
The reservation of a name, incorporation of company and appointment of directors of the proposed company can be filed in the integrated form. The government said the time taken for registration of a company has already been halved through measures introduced to enhance ease of doing business.
The country current ranks a distant 130 on the index. The corporate affairs ministry, which is tasked with the administration of the Companies Act of 2013 and other laws regulating the functioning of the corporate sector, has been working to simplify the company incorporation process.