Government Launches CPC for Efficient Company and LLP Filings
Central Processing Centre (CPC) streamlines filing processes under companies law and LLP Act, promoting ease of doing business with faceless and time-bound operations
New Delhi: In order to improve the ease of doing business in the country, the government has started operating the central processing centre or CPC for filings under the companies law and LLP Act in a time-bound and faceless manner. As of now, 4,910 forms have been received by CPC after commencing operations. The forms shall be processed in a time-bound and faceless manner, the corporate affairs ministry said in a release on Friday. As per the statement, the government said that initially, 12 forms and applications under the companies’ law would be processed at the CPC and from April 1 onwards, other forms and applications would be processed through the centre. “Later, forms/applications filed under Limited Liability Partnership (LLP) Act are also proposed to be centralised,” it said.
The ministry, which implements the companies and LLP laws, has already operationalised the CRC and Centralised Processing for Accelerated Corporate Exit (C-PACE). “The CRC, C-PACE and CPC will ensure speedy processing of applications and forms filed for incorporation, closure and for meeting regulatory requirements so that the companies are incorporated, closed, can alter and raise capital, and are able to complete their various compliances under the corporate laws with ease,” the release said. Based on filing trends, the ministry also said it is expected that about 2.50 lakh forms would be processed through CPC annually, once it is fully operational. “With the establishment of CPC, the jurisdictional Registrar of Companies (RoC) will have to focus more on their core functions of inquiries, inspection and investigation for ensuring robust corporate governance,” the ministry noted.
A total of 1,02,063 companies and LLPs were incorporated in FY 2013-14 and the count rose 92 per cent to 1,95,586 in FY 2022-23. “Incorporation of companies and LLPs till February 14 of the current financial year has been the highest as compared to any of the previous financial years,” the ministry said.