Companies may be up in 4 days

New Delhi: Aiming to break into top 50 best countries to do business in, the government has identified areas requiring doing away with complex rules and simplifying procedures to enable businesses to start in four days flat.

With India ranked poorly on World Bank’s Ease of Doing index, finance minister Arun Jaitley on Monday held a meeting to identify areas to improve the business climate and India's ranking by cutting down on steps required to start a venture and make easy credit available.

An eBiz portal will provide one-stop shop for dealing with matters related to the Ministry of corporate affairs as well as registrations of PAN/TAN and employee provident fund/ employee insurance.

“The Ministry of Corporate Affairs, CBDT, the Ministry of Labour and Employment will work towards reducing the number of procedures for starting a business to four and the number of days to start a business also to four,” an official statement said.

Currently, it takes a minimum of three weeks to start a company in India.
Shram Suvidha Portal will be the only portal for filing the return, challan and making online payment for the Employee Provident Fund Organisation and the Employee State Insurance Corp.

The Revenue department and the ministry of shipping will work towards increasing the number of direct delivery consignments to 40 per cent by the end of this month. It will also have to ensure the cost and time to export and import get reduced substantially to bring India within the top 50.