New rules notified by the Ministry of Corporate Affairs (MCA) on Monday will make it easier to incorporate companies in India. Not only will it reduce paperwork it will also reduce the incorporation time, which at present is about four weeks, further improving ease of doing business in India.
The Simplified Proforma for Incorporating Company Electronically (SPICE) was notified in the Companies (Incorporation) Fourth Amendment Rules, 2016.
The MCA, in its official press release, said “the main objective of launching this e-Format pro forma, SPICE, is to provide speedy incorporation related services within stipulated time frames which are in line with the international best practices.”
SPICE is an e-form, yet another initiative in its Government Process Re-engineering (GPR). This move comes as a part of several measures that the government has introduced over the last two years to improve ease of doing business in the country.
Last year, India ranked 130 among 189 countries in World Bank’s ease of doing business index. This year’s rankings are expected in October.