09 February, 2015

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No certificate of commencement required for private companies

Private companies will no longer have to wait for a certificate of commencement to start business operations. The government has done away with this requirement, taking another step to ease doing business in India.

Promoters will only have to inform the Registrar of Companies online, a measure to ensure that starting a business in India is less cumbersome as Prime Minister Narendra Modi pushes to improve India's image as an investment destination.

India is ranked 142 out of 189 nations in the ease of doing business rankings, according to the World Bank. Singapore tops the global ranking. "The procedural requirement to commence business operations was seen as cumbersome. We have changed the provisions to intimation and not obtaining the COB," said to ET a senior official of the Ministry of Corporate Affairs who did not want to be identified.

Source :- Economic Times

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