You may now be able to start a new business in five days with minimal processes. The government is set to slash the requirements & time taken for starting a new business from 10 process and 18 days to five processes and as many days.
Ten key services, including name reservation, incorporation as well as registration for various taxes such as goods and services tax, will soon be available via two forms instead of multiple individual ones at present.
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The Ministry of Corporate Affairs will in a month unveil the two new forms — ‘Spice Plus’ and ‘Agile Pro’ — which will replace six forms currently required to avail of these services, a government official said.
These two forms will provide access to GSTIN, PAN, TAN, ESIC, EPFO, DIN, bank accounts and professional tax.
Source: Economic Times
