We earlier rejoiced over Indian Government’s decision to enable entrepreneurs to start company in India within 24-48 hours. Like most of its promises, the government has backtracked on this decision citing litigation related issues.
“Since now companies are being incorporated within 24-48 hours, online approval of incorporation forms on the basis of certification and declarations given by the practicing professional is not going to be implemented yet” – [corporate affairs ministry/via]
Essentially, in order to speed-up the company registration process, government intended to outsource the verification process (from registrar) to professionals (like CAs), but that needed air-tight guidelines, which was lacking in the earlier plan.
What does this mean? Back to the norm – i.e. minimum 30 days to start a company (+bribe) and almost 30 more days to get service tax et al (+bribe).
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