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India’s Central Registration Centre to Register Companies in 1 Day

India’s Central Registration Centre to Register Companies in 1 Day

In a significant step towards improving the ease of doing business, the Corporate Affairs Ministry will soon centralize the whole process related to registering a new company and strive to complete the processing within a day, reports moneycontrol. The World Bank currently estimates that it takes 29 (working) days in India to register a company. About 50% above world average and bringing it down to only one day would put the country into the best in the world class, says a Forbes opinion piece.

 

Arun Jaitley, Minister for Finance
Arun Jaitley, Minister for Finance

The Central Registration Center (CRC) set up by the Corporate Affairs Ministry, has been launched with the specific objective of providing speedy incorporation-related services within stipulated time-frames which are in line with international best practices. This entity will carry out the processing and disposal of e-forms and all related matters pertaining to registration of companies. Apart from providing timely approvals, the CRC will help ensure uniformity in application of rules.

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