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The decision to start a business is huge. Before making a decision to start a new business, we must consider the pros and cons of the business. We should consider all the aspects of the business in which you are entering.
Starting a business in India in the current scenario is going to be beneficial to the government of India, which is taking various measures to improve the business condition of the country. The current ranking of India for ease of business is 63rd out of 190 countries.
The objective is to bring India among the top 50 nations in which doing business is easy and beneficial. Make in India and Start-up India Action Plan are the initiatives taken by the Prime Minister to reach the goal of getting into top 50 business friendly nations.
To promote investment in Indian businesses, the government is encouraging Foreign Direct Investment. The government has made many policies to encourage FDI. FDI is allowed up to 100% in most of the sectors except for the sectors which are capped.
The government is making efforts to ease up the process of starting a business in India. SPICe is used to ease the process of incorporating a business in India. The form SPICe+ replaces the existing SPICe form. For all new company incorporations, online filing of SPICe+ form is required.
SPICe is Simplified Performa of Incorporation of Company Electronically. It has replaced the previously lengthy process of incorporation. It has reduced the cost of incorporation of companies and also is saving time by doing incorporation through a single window application.
SPICe+ form looks to offer around 10 services by three Central Government Ministries and Departments. This form is an integrated web form with a single window for numerous services. Other forms that are required to be filed along with SPICe+ form include AGILE PRO, SPICe+ AOA and SPICe+ MOA.
The new integrated web form provides for the following:
Part A- Name Reservation
To incorporate a new company under SPICe+, we cover the following aspects:
The advantages are as follows:
SPICe+ has made starting a business in India easy. It is a completely online process which saves us from a lot of paperwork and visits to the offices of a register. Company Registration through SPICe+ has made the implementation of compliance easy and user-friendly.
The easy process of registration of a business attracts investors to start a business in India. Approximately, more than one Lakh companies are registered in India every year. More than 9,000 companies are registered every month.
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