Have you been experiencing difficulties in applying for online company registration? Here is a list of the amendments to the company incorporation process.
- Companies Amendment Act (2015) – MCA (Ministry of corporate affairs) has allowed private companies to be incorporated without the need for the least paid up capital.
- Name availability was also removed under this Act. Companies Act (2013), notification date (22 January 2016), - This Act makes CRC (Central Registration Centre) the centre for corporate registration in India. It provides services in line with global best practices in the area of incorporation.
- Central Process Re-engineering was created to expedite the process of incorporating companies.
- MCA has introduced SPICe as a replacement for Inc-29. The SPICe has been developed to reduce the number of steps to incorporate a company electronically (incorporate using SPICe).
- Central Board of Direct Taxes (CBDT) has issued a permanent account number (PAN) and tax deduction and collection account number (TAN) to a company incorporated using SPICe.
- To apply for a Direct Identification Number (DIN) with limitations of three directors, stakeholders must consent. The company incorporation process will be simpler if the company is incorporated using SPICe.
- MCA introduced SPICe in place of Inc. 1. To meet the demand for R.U.N., MCA introduced R.U.N., a web-based service that allows you to reserve a name.
- This service, which is also known as resolve unique name, uses a digital signature certificate (DSC) to eliminate the need for a name reservation. This solution has improved the situation for business.
- In accordance with this act, the Ministry of Corporate Affairs has made some modifications on LLP rules 2009 that were published on 18 March 2018 and came into effect on 2/10 2018. Name reservation was replaced by form 1 for incorporation. In addition, form 2 was replaced with form Fillip for incorporation. Before LLP incorporation, ROCS companies were formed in India.
- A centralized procedure for starting a business in India allows for all sections of companies to be listed together in one section of the register. Due to the addition of Rule 38A, the MCA system can be used to register GST, EPFO, and ESIC. The Ministry of Corporate Affairs notified GSR 275 (E) on 29 March 2019 about the company's incorporation.
- The company's incorporation 5th amendment rules, 2019 – MCA made some changes in name availability rules. These changes in rules made a clear instruction to avoid vagueness in name reservation. Name rejection rate and time taken for approval process are consequently reduced. This results in greater transparency, uniformity, and speed.
- MCA made some changes in the incorporation regulation on section 8 companies vide notified no. 411 (E) marked on 7/6/2019, according to which the application for the incorporation of the preferred companies and license must be completed in a single form in SPICe.The application for the incorporation of section 8 companies is now completed through SPICe and centralized e-form. Previously, individual ROCs and RDs were used to create the license.
The changes made in the SPICe application procedure to accommodate MCA are intended to eliminate the need for an ERN (Establishment Registration Number) and shop for labor in Delhi to be provided on the form.