Steps taken to provide Ease of Doing Business in India
The Ministry of Corporate Affairs (MCA) has taken several landmark decisions and initiatives during this year with the objective of providing greater Ease of Doing Business to all stakeholders and to further enhance the efficiency of the processes under the Companies Act of 2013. Some of the steps are:
- Integrated Incorporation Form- Simplified Proforma for Incorporating Company Electronically (SPICe) introduces under which 8 services from three different Ministries can be applied under a single form.
- Under Companies Act 2013, De-criminalization of technical and procedural violations.
- Run- Reserve Unique Name web service for reservation of name by companies and LLPs.
- Zero Ministry of Corporate Affairs fee for company incorporation up to Rs 15 lakh authorized capital.
- Launched independent Director’s databank.
- Automatic system of approval under Green Channel for combinations introduced by CCI.
- Exemptions from various provisions under Companies Act to Government Companies, Private Companies
Nidhis, IFSC (GIFT city) companies and Charitable companies.
- Issues relating to shares provision modified with Differential Voting Rights (DVRs).
- Securities of unlisted public companies dematerialized.
- More than 14,000 prosecutions under Companies Act 2013 withdrawn.
- Under Companies Act,2013 provisions enabled with regard to Mediation and Conciliation.
- Phase-II of Decriminalization of Penal provisions under Companies Act 2013 initiated.
- First National CSR awards were distributed etc.