Press Information Bureau

Government of India

Ministry of Corporate Affairs

15-March-2016 17:50 IST

The Government is trying to bring down the average number of days required for incorporation a new company. A Central Registration Centre (CRC) has been set up, which clears applications for name availability within the next working day. In addition, an integrated form INC-29 has been introduced. Minimum Paid up Capital requirement has been done away with. Common Seal affixation has been made optional. Declaration form for Commencement of Business is no longer required.

This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today.

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DSM/KA

Company incorporation streamlined: expedited name approval and simplified procedural requirements reduce time to register for new entities. A Central Registration Centre expedites name availability processing and an integrated Form INC-29 consolidates filings. The minimum paid-up capital requirement is removed, common seal affixation is optional, and the declaration for commencement of business is no longer required, collectively simplifying and accelerating the company incorporation process.