To ease the process of starting a business, the Ministry of Corporate Affairs will launch an application form, ‘Spice Exchange’. This form covers all the procedures associated with starting a company.
Due to the delay in registration of companies, the central government is about to launch this new system. The new form is set to go into effect on February 15.
Accordingly, all the basic processes related to EPFO, ESIC, business tax, bank account opening and GST registration can be done in a single form called Spice Exchange. It is said to simplify the process of starting a company.
Not only will this reduce delays, it will also reduce the cost of registering the company.
India ranks 63rd in the list of countries to do business in. However, it is in the top 5 of the business list.