Now, register your company in one day

[Lalit]

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Speed Registration for Companies is welcome news for businesses!

[h=1]Now, register your company in one day[/h]SiddharthIt usually takes five days to register a company in India, but for Wiziwig Learnings and Parnasa Mediworld it was a one-day affair.
| TNN | Mar 19, 2016, 05.58 AM IST

NEW DELHI: It usually takes five days to register a company in India, but for Wiziwig Learnings and Parnasa Mediworld it was a one-day affair.

And it wasn't just the two of them. Two other companies were also incorporated in a day, marking the successful launch of a pilot project by the ministry of corporate affairs in Delhi. Since Thursday, when the pilot was launched, 28 company secretaries are huddled in the ministry of corporate affairs' conference room in the capital's Shastri Bhawan along with a couple of officials and some executives from Infosys, trying to ensure that companies can be registered within a day. Over the next few weeks, as the system stabilizes, anyone would be able to register a company in a day as the government moves to centralised processing of incorporation proposals at a new centre in Manesar (near Gurgaon), instead of doing it with the Registrar of Companies (RoC). The World Bank's Ease of Doing Business rankings estimated last year that, on an average, it took two-seven days to reserve the name for a company and another five days to complete the incorporation formalities. "If you were unlucky, it could take more than a year to get the name approved," admitted an officer.

Since the end of January, the ministry of corporate affairs has crunched the time taken to select the name to one working day. It involved re-engineering the process and moving to an automated system, which is far less time consuming than doing it manually. In addition, automation has helped reduced the number of rules from 39 to 26 steps.
[h=2]The result: in one month, 14,000 applications were processed. On an average, 70% of the applications are cleared within a day and the remaining 30% are given an additional time to resubmit as the names suggested by them are not acceptable. "But everyone gets to know within one working day if their application has been accepted or not. There is zero balance from Tuesdays-Fridays while there may be some additional work on Mondays due to applications filed on Fridays," said an official. Now the stage is set to move to the second stage and turn the name selection exercise and the incorporation process into a one-day exercise.[/h]



By the end of the June quarter, MCA will release a new form, which will crunch the entire process into one. Even if you have not pre-selected the name, you can register and the memorandum of association will be generated. The ministry has signed a contract with Infosys which stipulates clear timelines and a penalty for delays.


http://timesofindia.indiatimes.com/business/india-business/Now-register-your-company-in-one-day

 

[yesmohan]

Registrar of Companies could easily comply adherence to the new rules by making the applicants to date the applications on the date of sanctions.

 

[vgane]

Registrar of Companies could easily comply adherence to the new rules by making the applicants to date the applications on the date of sanctions.

Had a Hearty laugh!

 

[yesmohan]

It is true.
One of my family friends died some 3 months back. I helped the family to get the insurance amount from LIC of India.
As per the norms of LIC, the claim amount has to be settled within 15 days from the date of claim application.

LIC people have received the policy, death certificate, a letter from the claimant, KYC documents etc. and took their own time to complete the formalities of verification etc.
Then they gave the claim form after 20 days and get it signed from the claimant.
Settled the amount in 10 days from the date of claim application. Earlier letter is not a part of the application.
As per the records LIC has complied with the norms and settled within 10 days from the date of claim application.

 

[yesmohan]

In Banks, there will be a time norms board displayed indicating how much time would be taken for each type of translation.(say 5 to 10 minutes)

The time starts from the customer started the transaction with the counter clerk / cashier.

The waiting time after taking the token will not be included.

 

[krish44]

All fine .registering a company in one day.

Now what to do with the company.

Who will write the nature of business and article of association?

The million dollar issue is a company has to have some utility.

It is a good idea to start company in names of people who do not have anything in the world except their names.

Later on decide what to do with it.

I was reading about two employees in a web designing co. in noida -marketing manager and HR chief [a woman] who walked off taking away the companys clients and

contacts and starting their own company doing the the business of the web designing company,

There was a film Rocket singh - ranbir kapoor plays a fellow who does the same and takes away the clients of his company and executes the order at lower price.

This is high class initiative when owners are dumb and do not have the brains but have capital alone.

So many start ups are coming up .

If one has no job , one can feel good saying one has a start up.

If he has a company registered , he can go the nearest bank and collect money .

Who knows his start up can be sold after sometime to someone who wants one?