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India eyes company registration within hours
Livemint··4 Sept
India is firming up an overhaul of corporate compliance rules to speed company registration and simplify closure, two officials told Mint. The corporate affairs ministry is examining tying some obligations to firm size, sector and risk profile. Company incorporations often take 10 to 15 days now, analysts say. Voluntary closure applications take about two months to process.
Prism
What It Means For You
- The ministry held consultations on five core reform themes through the Indian Institute of Corporate Affairs.
- Themes include platform excellence for the MCA21 portal and technology-enabled compliances.
- Smaller unlisted entities could face lighter compliance under the planned proportional design.
What's Happening
- The exercise builds on the Corporate Laws Amendment Bill, 2026 introduced in the Lok Sabha in March.
- That bill proposes decriminalising civil offences across about two dozen provisions.
- It also proposes exemptions from mandatory CSR and auditor appointment for select company classes.
MCA21 Reform Themes
- The reforms aim to help India reach its developed economy goal by 2047.
- A joint parliamentary committee vetted the amendment bill after March introduction.
- Queries emailed to the corporate affairs ministry remained unanswered until press time.
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