You will presently be able to start a new business in just 5 days with the help of some nominal processes. The government is set to slash the prerequisites & time taken for beginning a new business from 10 process and 18 days to 5 processes. Ten key services, including reservation of name as well as registration for various taxes such as goods and services tax, will soon be available via two forms rather than numerous ones at display.
A few of the greatest names in India’s startup and innovation will be portion of a committee that the government is shaping to exhort on changes to encourage boost the country’s fast-growing digital economy expelling longstanding detours.
Under the move, services like joining and enrollment for tax purposes will be accessible via two forms rather than numerous applications presently. India improved its position essentially within the World Bank’s Ease of Doing Business 2020 overview, but it ranked 136 among 190 economies within the ease of starting a business. Srinivasan K, Assistant Vice President (Business Analyst) at Equitas Small Finance Bank stated, “A step in right direction. Govt has to encourage job creators. Chinese are already doing it big time.”
A senior government official said that The Council will moreover be represented by Government authorities and controllers. It was felt that there should be an organized way in which the government locks in with new startups. So concerned individuals who bargain with new startups from relevant ministries, people from startup ecosystem where entrepreneurs, investors and thought leaders are also included.
The move to make a Startup Advisory Council is additionally in match up with the DPIIT’s Startup India Vision 2024, which has proposed critical cuts in compliance time for startups and to ease regulatory necessities for entrepreneurs. Pravin Kishore Prasad, Counsel & Litigator, PK Prasad Law Chambers, Taxation, Corporate and other Fiscal & Business Laws said that Advisory body for StartUps is a good idea. Hopefully, it will help identify issues and suggest resolution through a structured framework within a reasonable time frame. But the Government has to finally bite the bullet with swiftness of decisions for administrative simplification aimed at promoting ease of doing business. Let us hope for the best. The vision archive moreover brings forth a few measures to boost startups setting up 500 hatcheries and quickening agents, making way better offices for obligation financing and sending the whole corpus of Rs 10,000 crore fund-of-funds