The Ministry of Corporate Affairs (MCA)
has taken several initiatives to achieve the vision of being a facilitator of
world class governance of corporate and Mission of easing compliance, balancing
interest of stakeholders and achieving excellence in service delivery.
1.
Ease of Doing Business: Ministry of Corporate Affairs has significantly
contributed towards achieving the goal of Ease of Doing Business and is focused
on improving corporate governance practices as the objectives of raising
corporate governance standards and ease of doing business go hand in hand. In
order to facilitate Ease of Doing Business (EoDB) in India and to improve
India’s ranking, the Ministry has strengthened effective enforcement of
Companies Act 2013, Insolvency and Bankruptcy Code 2016, Competition Act 2002,
Limited Liability Partnerships Act 2008 and other allied Acts.
2.
MCA-21: It is an
end-to-end holistic e-Governance project which has been running successfully
and has enabled the Ministry to achieve very high standards of service
delivery, besides providing the Government with a comprehensive National
Corporate Information Database. MCA21 system is also integrated with
registration of EPFO, ESIC, GST, PAN and TAN at the time of incorporation of
companies.
3.
“RUN”: Introduction
of new web service facility called “Reserve Unique Name” (RUN) for name
reservation for companies & LLPs which dispenses with the need for filing a
detailed six page application form, (erstwhile e-form INC-1) and replaces it
with a simple web service wherein only three fields are required to be filed
after login.
4.
Central Registration Center (CRC): A Central Registration Centre is been set up at Indian
Institute of Corporate Affairs (IICA), Manesar for processing applications for
name reservation and incorporation of companies & Limited Liability
Partnership (LLPs), within 1-2 days as opposed to an average of an average of
at least 15 days earlier.
5.
SPICe and SPICe+:
The Ministry introduced an Integrated Incorporation Form – a Simplified
Proforma for Incorporating Company Electronically (SPICe) which extends over 8
different services from three Ministries in a single form. Recently, the
Ministry has notified a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe
Plus’) and AGILE – PRO replacing the existing SPICe form. SPICe+ would offer 10
different services by three Central Government Ministries & Departments
(Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue
in the Ministry of Finance), One State Government (Maharashtra) and Banks.
The services provided under SPICe+ are:
(i)
Name reservation,
(ii)
Incorporation,
(iii)
PAN,
(iv)
TAN,
(v)
DIN,
(vi)
EPFO,
(vii)
ESIC,
(viii)
GST number,
(ix)
opening of bank
account
(x)
Profession Tax
(Maharashtra), at the time of incorporation itself.
This
shall greatly reduce the number of procedures, time and cost in Starting a
Business as measured in Doing Business Report, 2021 and ultimately improve work
culture in the country. It would be applicable for all new company
incorporations. Also, all new companies incorporated through SPICe+ would also
be mandatorily required to apply for opening the company’s Bank account through
the AGILE-PRO linked web form.
6.
A Call Centre with
Helpline No. 1800-114-667 was inaugurated by Investor Education and Protection
Fund Authority (IEPFA) in order to facilitate investors with smooth information
flow that helps speeding up the process of addressing the queries of claimants.
7.
In addition to the
above systemic changes, other initiative taken by the Ministry include:
Introduction by CCI of an automatic system of approval for Combinations under
Green Channel, de-criminalization of 16 compoundable offences under the
Companies Act, revised De-Minimis exemption under Competition Act 2002 for
speeding up Mergers & Acquisitions of companies in the country, launch of
Independent Director’s databank, setting up of Cyber Forensic Lab by CCI,
institution of National CSR awards etc.
Disclaimer:
IN NO EVENT THE AUTHOR SHALL BE
LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR
ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.
Company Formation in New Web is a *BIG CHALLENGE*
ReplyDeleteFaced through following errors since its introduction
1: Unable to read while submitting last page of part B of Incorporation
2: Agile Pro unable to attach passport sized photo less than 100kb although size is already less than 100kb
3: Forms were duly filled and submitted but shows error page on downloading same into pdf
4: unable to view Subscriber detail in e-MOA and e-AOA while using Windows XP, MCA official seems using windows XP only so they send query that subscriber detail is not filled-up
5: forms cant be resubmitted properly because they demand pre-scrutiny which option is locked in the form and form doesn’t allow us to pre-scrutinize.