It took Kishore Biyani almost three months to incorporate Pantaloon Retail; Tulsi Tanti needed a month to float Suzlon Energy; Ramesh Chauhan says it took him ages, and he had to agonise over 50-100 pages of documentation; Kiran Mazumdar Shaw recollects she did it in a "record time" of three months in 1978, an era in which six months was the norm. But come August, entrepreneurs dreaming about walking in their footsteps can float a company in exactly 24 hours, doing everything that's needed online.
At least, that's the promise the Ministry of Corporate Affairs (MCA) is holding out to start-up aspirants across the country. In a circular issued last Saturday, the ministry outlined several measures including online verification and clearance of the name of the company being incorporated, online submissions of statutory forms, and issuing digital certificates of incorporation. "The simplified process of online incorporation of companies is likely to be implemented with effect from 11th August, 2011," the circular signed by Assistant Director Monika Gupta said. "This will spur entrepreneurship and kick start the economy.
Source : Economic Times
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