Ease of doing business: Govt to speed up company incorporation process

New Delhi: Government will set up the Central Registration Centre (CRC) to speed up services for incorporation of companies as part of larger efforts to further improve ease of doing business in the country. Apart from providing timely approvals, CRC will help ensure uniformity in application of rules and do away with discretion. CRC, being established by the Corporate Affairs Ministry under the initiative of Government Process Re-engineering (GPR), will be formally operational from January 27.

It's being launched with the specific objective of providing speedy incorporation-related services within stipulated timeframes, which are in line with international best practices, an official release said today. GPR involves a three-pronged approach of further automating some of the approval processes. This will be done by utilising advanced software tools and engines, rationalising and modifying some of the rules and engaging professionals to expedite the process of manual scrutiny.

"In the first phase, CRC will process applications for name availability (INC-1 e-forms) submitted online across the country and endeavour to process these by the end of next working day," the release said. More services will be rolled out progressively. According to the release, the GPR exercise is in pursuance of the ministry's objective of providing greater 'ease of doing business' to corporates.

"It is expected to result in speedier processing of incorporation-related applications, uniformity in application of rules and eradicating discretion. It will also be supplemented by intensive monitoring aimed at providing timely approvals," the release added.