Our Honourable Prime Minister, Mr. Narendra Modi has put in tremendous efforts to launch the Start-up India, Stand up India campaign which has helped entrepreneurs in India to start up their own ventures and fulfil their dreams whether they are financially well off or not. India is a young country and around 65 % people are in the age group of 15 to 65 years. He has highly motivated youngsters to be innovative and start their own ventures to help our country fight with the age old problems of unemployment and lack of skill development.
Narendra Modi’s Start up India, Stand up India has come as a realization of the dreams who dare to take risk. India would now emerge as the top destination for foreign investment after USA and China. India has moved 13 points from 142nd rank to 130th rank after a lot of initiatives taken by Narendra Modi our honourable Prime Minister. The World Bank earlier reported that there are lot of issues in the business index of India, which needs to be resolved, but due to these great initiatives taken by our current Government, the ranking has been immensely improved. Improving India’s ranking has been a focus for the Narendra Modi led Government since 2014. Among the South Asian Economies, India has made a remarkable improvement in business regulation. India’s ranking has moved from 134 to 130.
With improved World Bank rankings for doing business in India, the registration of business in India will soon be a 1 day process. The Ministry of Corporate Affairs have planned to crunch the days for registration and approval of the company name to just 1 working day by re-engineering the entire system and automating the processes. The rules and the procedures have been reduced all the more from 36 to 24. This greatly enhances the ease of doing business in India. With Singapore being the best ranked nations, a higher ranking means there are higher regulations for doing business in the specific country. These rankings are based on some 10 point indicators as shown in the table below.
By June quarter, MCA will come up with a new regulation where you can register and draft the memorandum of association, even if you don’t have a suitable name. The ministry has drafted a contract with Infosys to manage the time taken for processes and manage for prior delays. Earlier according to the World Bank rules it took 2-7 days to just incorporate a name and if you are unlucky it could be even a year. One of the major results of this re-engineering which came to the forefront was that 14000 applications were processed and 70 percent applications were cleared with their processes within a day while 30 percent were still struggling with proper name selection for their businesses. The companies are now working to shift the name selection processes also to a one day process.
Two of the companies which have experienced this change are Wiziwig Learnings and Parnasa Mediworld, for these two, it was a just a one-day affair. Now you can just file up the Memorandum of association even if you are not very sure of the name of the company. It earlier took 23 days to register an entire new business in Mumbai. While India was ranked 142 among 189 countries, the ranking has been improving further under Narendra Modi’s supervision. According to reports India has 53.97 points. Prime Minister Narendra Modi has ensured to make India a business friendly destination. Considering other countries, the US has been ranked seventh, Britain (eight), China (90), Sri Lanka (99), Nepal (108), Maldives (116), and Bhutan (125).
There are other major benefits that entrepreneurs are experiencing these days. The norms for minority investor protection have been improved upon in India. Getting connection for electricity is much less expensive in India.
Register your company today, especially when the Government is taking efforts to make the process easier. Fagnum helps you in getting your company a legal existence and enjoy the benefits of being the owner of your company. Do you still have reasons to crib before starting your business?