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42,186 Limited Liability Partnerships got incorporated in FY 2020-21, an increase of 17% year-on-year

New Delhi, NFAPost: During the Financial Year 2020-21, the Ministry of Corporate Affairs (MCA) registered more than 1.55 Lakh company incorporations as compared to 1.22 Lakh companies during FY 2019-20, an increase of about 27%.

Similarly, 42,186 Limited Liability Partnerships (LLPs) got incorporated as against 36,176 last year, an increase of about 17%. The increase is significant considering the unprecedented situation faced by the country due to the Covid-19 pandemic.

As part of the government of India’s drive for Ease of Doing Business, the MCA has taken many initiatives thereby saving as many procedures, time and cost for starting a business in India.

The Central Registration Centre (CRC) continued to function even during the lockdown to enable stakeholders to incorporate Companies and LLPs.

The MCA launched SPICe+ form in February 2020 and thereby integrating 10 different services across 3 Central Government  Ministries/Departments (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and 3 State Governments(Maharashtra, Karnataka and West Bengal), viz;

  • Name Reservation
  • Company Incorporation
  • Director Identification Number
  • EPFO Registration No.
  • ESIC Registration Number
  • PAN
  • TAN
  • Profession Tax Registration Number for the state of Maharashtra, Karnataka and West Bengal
  • Bank Account number and
  • GSTN Number (on Optional basis)

The MCA is continuously striving to transform the regulatory environment and has taken several measures in the recent past towards Ease of Doing Business like;

  • Revision of Definition of Small Companies which has reduced compliance burden on about 2 lakh companies
  • Zero MCA fee for company incorporation up to Rs 15 lakh authorised capital
  • Incentivisation of incorporation of One Person Companies (OPCs)
  • De-criminalisation of technical & procedural violations under Companies Act

 

 

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