Soon Start A Company In Just Three Days As Government Pushes To Enter Top 50 In Ease Of Doing Business Ranking

The government is working on a proposal to allow entrepreneurs to incorporate a company in just three days through a simple, single clearance process, reports Economic Times (ET).

If the proposal is approved, it will allow individuals to obtain a permanent account number (PAN), Tax Account Number (TAN), GST Identification Number (GSTIN), Universal Account Number (UAN) for Employee Provident Fund Organisation (EPFO) and Insurance Number (IP Number) for Employee State Insurance Corporation (ESIC) within the stipulated time.

The Department for Promotion of Industry and Internal Trade (DPIIT) under the Commerce Ministry is currently reviewing the proposal which is aimed at bringing India’s Ease of Doing Business ranking within the top 50. It now stands at 77.

“At present, there are issues on name reservation that is being sorted out by the ministry of corporate affairs,” stated a senior government official.

Single-Layer Seamless Process

Currently, the company incorporation process is cumbersome as files get queued at other agencies, thereby delaying clearances. However, the new proposal aims to fix this by integrating all central agencies in a single-layer seamless process in HTML format.

The government is also looking at alternatives to digital signatures for authentication to speed up registration.

Also Read: Commerce Ministry To Soon Launch ‘Ease Of Doing Business’ Rankings For Districts: Suresh Prabhu