Private Limited Company Review of New Company Approval Process

Review of New Company Approval Process

Becoming an entrepreneur has many processes to follow. Mere knowledge on the subject matter and expertise in the same does not suffice the statutory and legal requirements to start a new company. Different aspects are reviewed when one wants to open a new Company. Let us have a look at the review of new Company approval process which has changes over the old approval processes

Company name approval process till February 2016

  • The form to be filled for Company name approval process was Form INC-1
  • Anyone who needed company name to be approved filled in this form and submitted to the ROC offices in the concerned states
  • Such approvals did not happen in a computerized manner but were manually processed
  • The processing time of these requests and issue of final approval differed from state to state

To put a full stop to such unruly way of Company Name Approval Processes and delays in the same, the concerned Ministry announced that CRC – Central Registration Centre would be responsible for all Company Name Approvals vide a circular dated 22nd January 2016

All about CRC – Central Registration Centre

 

  • The territorial jurisdiction of Central Registration Centre is the complete Indian terrain
  • Central Registration Centre will process Company Name Approval Requisition adhering to the Companies Act of India
  • Central Registration Centre comes under the Administrative Control of Registrar of Companies located in New Delhi
  • The effectiveness of the new system and efficiency of Central Registration Centre is witnessed openly in the speed with which company names have been processes within this short period of time. Approvals are being released within 2 to 3 days from the date of submission of the request form
  • The system has been computerized and no manual work is involved in the new method of getting approvals for Company names
  • Approximately 70% of 14000 plus applications received for Company name approval process have been approved in the past one month. The balance 30%  have been intimated for resubmission with changes
  • The zero balance program announced by the Ministry of Commerce has insisted that Central Registration Centre clears off all applications in a quick manner particularly between Tuesday and Fridays every week.
  • The Ministry has plans to centralize this process making it more easy for people to start more and more profitable commercial ventures across the country

All the above substantiate the rapid growth happening in India from a commercial point of view. The plans of Ministry of Commerce for the future is sure to make Company Name Approval process a one day affair soon.

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