Company Incorporation becomes easy as Government launches CRC
Find out what's special about Government's new project CRC.
CRC is the Central Registration Centre (CRC), launched lately by the Ministry of Corporate Affairs, Government of India. CRC became officially active from 27, Jan 2016. The CRC has been designed specifically to act as a catalyst of the company incorporation process. The government has been sincerely working towards bringing solid changes in the Indian market scenario to create an environment which encourages potential entrepreneurs. The Standup India Startup India Action Plan is one such large scale initiative by the government towards the aim. The launch of Central Registration Centre is yet another step taken by the government to enhance the ease of doing business in the country. With the launch of CRC, the government is also hoping for timely approvals and a uniformity in application of rules.
One of the major objectives is to encourage young entrepreneurs who are setting up businesses focused around the Digital India initiative. eFilingPortal.in has been introduced for such a purpose so that the new young entrepreneurs can easily set up their Business without any hassle of putting extra efforts for registering their Businesses as a legal entity.
Central Registration Centre, an initiative of the Ministry of Corporate Affairs, is placed under the Government Process Re-engineering (GPR). The Government Process Re-engineering involves a three dimensional approach of automating some of the approval processes. It will be made possible by using advanced software tools and engines, modifying some rules and bringing professionals into play. According to the release, with this kind of innovative and high tech approach, it will be possible to provide speedy incorporation-related services, in line with international best practices.
The release brought forward that the GPR procedure harmonises with the Ministry of Corporate Affairs' intention behind introducing this platform, which is to make it easy to do business in India. In this context the release said that, “It is expected to result in speedier processing of incorporation-related applications, uniformity in application of rules and eradicating discretion. It will also be supplemented by intensive monitoring aimed at providing timely approvals".
Technically the CRC will be taking care of the INC-1 e-forms that are filed as applications for name availability and are submitted online in India. The CRC will process the applications as soon as the next working day.
It is hoped that the launch of CRC will bring positive changes in the incorporation process of companies in India, and will contribute towards revolutionising the face of Indian Market Scenario.
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