Govt. to launch 10-in-1 form to start company faster

Soon, starting a replacement company are going to be much easier. The ministry of corporate affairs will launch a replacement company incorporation form called spice+ on February 15 which will reduce the time taken for starting a replacement company.

According to a report within the Times of India, the new form will have a minimum of five new formalities — EPFO, ESIC & professional tax registration, opening of checking account and GST registration — as a part of a comprehensive package to scale back the time taken while starting a replacement business.
With the assistance of the new form, the govt hopes to scale back the time taken also because the cost of registering a corporation . On a mean , name reservation takes around 3 hours, the publication mentioned. “We are already processing 90% of the forms that we receive during a day,” the daily quoted a politician as saying. Currently, the Spice+ form is being tested, the officer told the daily.