drastically from between 5 to 15 working days in June 2014, to an average of 0.6 working days
      in March 2017. Similarly, the processing time for name availability applications has been
      brought down significantly from between 5 to 6 working days in June, 2014, to an average of 0.4
      days in March 2017. In addition, more than 90 per cent applications are being approved within
      one working day. This has resulted in speed, greater transparency, uniformity and eradication of
      Ease of Doing Business
            The Ministry has prescribed a Simplified Proforma for Incorporating Companies (SPICe)
      along with e-MOA (Electronic-Memorandum of Association) and e-AoA (Electronic-Articles of
      Association) which eliminates the requirement of physically signing the Memorandum of
      Association (MoA) and Articles of Association (AoA) by the applicant and helps entrepreneurs
      to start business in India, without much hassles. The fee for filing the incorporation form has
      been reduced from ₹ 2,000/- to ₹ 500. The integrated form INC-29 has been replaced with SPICe
      Form. This incorporation form is being processed within 1-2 working days. Electronic
      integration of MCA21 System with the Central Board of Direct Taxes (CBDT) for issue of PAN
      and first TAN to an incorporated company using the Simplified Proforma for Incorporating
      Company Electronically (SPICe) has been undertaken. Stakeholders now submit applications for
      PAN and TAN at the time of submitting applications for incorporation. The PAN allotted by
      Income Tax Department is being affixed on the Certificate of Incorporation of the Company
      from February, 2017. This has resulted in reduction in the number of processes and time taken
      for starting a business in the country.
            SPICe is a more versatile form and leverages on digital technology by eliminating the need
      for hard copies of physically signed documents being attached to an e-form. Using the integrated
      e-form SPICe, stakeholders can apply for five services simultaneously viz., company name,
      company incorporation, DIN of the directors, Permanent Account Number (PAN) and Tax
      Deduction and Collection Account Number (TAN) for the newly incorporated company. Rule 15
      of the Companies Rules, 2014 (Meetings of the Board and its Powers) was amended in 2017 to
      reduce the threshold to “10 per cent” of the networth/ turnover as the case may be against the
      earlier threshold of exceeding 10 per cent thereby needing approval of members instead of only
      board. Common seal under Companies Act, 2013 has been made optional. The requirement for
      obtaining certificate of commencement of business and requirement for minimum paid up share
      capital for all companies have been done away with under Companies Act, 2013.
            The efforts of the government have paid dividends. According to the Doing Business Report
      (DBR) of the World Bank, India has jumped 23 positions against its rank of 100 in 2017 to 77
      among 190 countries.
            The Companies Act, 2013 seeks to bring corporate governance and regulatory practices in
      India at par with global best practices. The corporate sector has been given more flexibility in
      regulating its own affairs, subject to full disclosure and accountability of its actions, while
      minimising Government interference. The Act provides more opportunities for new
      entrepreneurs and enables wide application of information technology in the conduct of affairs
      by corporates. Key features of the Act are given here.
                             Key Features of the Companies Act, 2013
      I. Business Friendly Corporate Regulations/Pro-Business Initiatives