Company Incorporation in 1 day: Here are the prerequisuites

To promote existing policies like Startup India and Make in India, Modi Government has came up with this initiative which will reduce the incorporation period from 15 days to 1 day.

This initiative will ease the way of doing business in India.
With the introduction  of this form, the applicant will get Company Name approval, Director Identification Number, Certificate of Incorporation of Company, Company’s PAN & TAN number within 1 day only.

Key Features of the Scheme

• Incorporation of Company using SPICe Form (Simplified Performa for Incorporating company electronically)
• Incorporation of a Private Limited Company in One day
• Fee for filing Incorporation Fee has been reduced from Rs.2000 to Rs.500
• Applicant will get Certificate of Incorporation, PAN and TAN number in one single day
• Previously it took about 15 days to incorporate a Company which is now reduced to 1 day
• This is common form to get approval of name, DIN allotment and Incorporation

Requirements to incorporate a Company in India

• 2 persons entitles to become director of Company
• Place of business
• Qualified Professional like Chartered Accountant to sign & Authenticate incorporation forms
• Digital Signatures of all directors
• All directors must have PAN card and One Identity Proof like Aadhar Card or Passport or Election Id

What to do immediately after Incorporation of Company

• Open Bank Account of the Company
• Order Business Stationary
• Appoint Auditor of Company

This blog is written by CA. Ankit Gupta who is a founder member of eMunshe.com , a web portal where Startups can come to register their business, give them legal Identity at the least cost in India.