MCA Repealing "Company within 24 Hours" Scheme

Barely a month after an initiative to allow online incorporation of companies within 24 hours, the government has gone back on its ambitious plan aimed at giving ease to the corporate world to carry out business in India. Making an about turn on its plan, which would have made starting companies in India as easy as in countries such as New Zealand and Australia, the government said that online incorporation of firms cannot be put into practice. "Since now companies are being incorporated within 24-48 hours, online approval of incorporation formsa¦on the basis of certification and declarations given by the practicing professional is not going to be implemented yet," the corporate affairs ministry said. However, experts said that it takes almost a month to incorporate a company in India. According to a World Bank report, it takes an average of 29 days to start a company here.  Source :http://economictimes.indiatimes.com/tech/internet/government-goes-back-on-its-ambitious-plan-of-24-hour-online-incorporation-of-companies/articleshow/9974529.cms