NEW DELHI: During the Financial Year 2020-21, 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 COVID-19 pandemic.
As part of 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).
The MCA is continuously striving to transform regulatory environment and has taken several measures in recent past towards Ease of Doing Business i.e. Zero MCA fee for company incorporation up to Rs 15 lakh authorised capital, Incentivisation of incorporation of One Person Companies (OPCs) and De-criminalisation of technical & procedural violations under Companies Act etc.