company law

Streamlined One-Day Company Registration Process in India

Introduction

This document addresses the queries raised by Shri Vishnu Dayal Ram regarding the registration of companies in India and the corresponding processes that have been put into place by the Ministry of Corporate Affairs.

New Company Registration System

One-Day Registration

Yes, the Ministry of Corporate Affairs has initiated a new system aimed at facilitating the registration of companies within a single day. This system operates through the Central Registration Centre, which is responsible for processing incorporation applications.

Integrated SPICe+ Web Form

Launched on February 23, 2020, the integrated SPICe+ web form allows for the completion of multiple registration services in one go. These services include:

  • Name reservation
  • Company incorporation
  • DIN allotment
  • PAN
  • TAN
  • EPFO registration
  • ESIC registration
  • Profession Tax registration (specific to Maharashtra, Karnataka, and West Bengal)
  • Bank Account setup
  • GSTIN
  • First-time registration of shops and establishments in Delhi

Provided that the application is filled out correctly and all necessary information is submitted, the incorporation process is typically completed within one day.

Authenticity Verification Mechanism

Compliance and Certification

Yes, there is a mechanism in place to ensure the authenticity of company registrations. Each application submitted via the SPICe+ web form requires certification by a qualified Professional. This Professional is responsible for certifying compliance with the Companies Act, 2013, and relevant rules.

Verification Process

The certifying Professional must confirm that:

  • They have visited the proposed registered office.
  • The office will be operational for business purposes.

Additionally, the application must include proof of identity and residential addresses for the subscribers and nominees, along with the proof of the applicant company's address. A declaration from the Director asserting the accuracy of the information provided is also required. The Central Registration Centre verifies all these aspects during the application processing.

Conclusion

In conclusion, the Government of India has implemented a streamlined process for the registration of companies that not only enables incorporation within a day but also includes rigorous checks for authenticity and compliance with legal requirements. This initiative enhances the efficiency of business registration in India.