Business
Big Boost For Ease Of Doing Business: Companies, LLPs Can Now Complete Incorporation Processes Through National Single Window System
Incorporation process made easy.
The Union Ministry of Corporate Affairs has announced that companies and limited liability partnerships (LLPs) can now complete their incorporation processes through the National Single Window System (NSWS).
This system is a government initiative designed to streamline and centralise various approvals required at both the central and state levels.
By utilising the NSWS, businesses can secure necessary approvals without the need to interact individually with multiple ministries or state entities.
This innovative portal offers several advantages, including live tracking of application status, prompt responses to inquiries, and enhanced document security.
The NSWS is the host platform for applications that involves approvals from 31 central government departments and 22 state governments.
The Ministry of Corporate Affairs has successfully integrated its systems with the NSWS to facilitate the incorporation of companies and LLPs. This service is accessible via both the NSWS portal and the MCA21 portal.
The government's move to centralise and simplify regulatory services aligns with its broader objective of enhancing the ease of doing business.
Through the MCA21 portal, the ministry offers an array of services, including PAN, bank account, and GST registration, allowing businesses to complete these essential steps in a single application, thereby reducing bureaucratic red tape.
Furthermore, the ministry is currently working on introducing an IT module to manage adjudication of various compliance defaults and lapses in a virtual, contactless manner.
This approach, which has already been used by the Income Tax Department in income assessments and appeals, aims to minimise physical interactions between authorities and businesses while introducing greater objectivity to decision-making processes.
The government's adoption of a "faceless" and centralised decision-making model has already yielded positive results in terms of expediting company closures, with the time required for voluntary business exits significantly reduced.
Additionally, the ministry is actively reviewing regulations to further reduce the cost of doing business in consultation with the business community. These initiatives reflect the government's commitment to promoting a more business-friendly environment in India.
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