26 Feb 2018, 08:43 — 5 min read
The Ministry of Corporate Affairs (MCA) has brought about a transformational change in the company name reservation and incorporation processes ever since it has undertaken the initiative of Government Process Reengineering (GPR) and setting up the Central Registration Centre (CRC) for processing of company name availability and incorporation aspects. The project to transform the processing of company incorporation e-forms was undertaken with one clear objective — applications for name reservation and incorporation of a company should be processed and completed within 24 hours (one working day), in line with the best global corporate practices.
Reserve Unique Name (RUN) web service
Recently, the Ministry of Corporate Affairs took up a bold initiative by introducing the Reserve Unique Name (RUN) web service. Effective from 26th January 2018, it is a simple and easy to use web service for reserving a name for a new company or for change of name of any existing company. Let’s check out the salient features of this newly-introduced service:
Incorporation with ‘Zero Fees’
Along with the introduction of RUN services, the Ministry has introduced Companies (Registration Offices and Fees) Amendment Rules, 2018, wherein it has eliminated the fees charged at various stages of incorporation. Although stamp duty is still being levied, this comes as a huge relief as they have implemented the process of speedy, smooth and simple incorporation with zero fees for incorporation of all companies with an authorised capital of up to Rs 10 lakh.
The Ministry has also reengineered the process of allotment of DIN by allotting it through the combined SPICe form only at the time of an individual’s appointment as director, in case he/ she doesn’t have a DIN. Forms SPICe(INC-32), SPICeMoA(INC-33), SPICeAoA(INC-34), INC-3, INC-12, INC-22, INC-24, DIR-3, DIR-12 and GNL-1 have been revised in order to give effect of the introduction of RUN services in the incorporation procedures.
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Posted byRavi Haresh Kariya
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