Over 15,300 companies registered in August, says Centre
What's the story
In August, over 15,300 companies and 4,668 limited liability partnerships (LLPs) were registered in India, marking a 6% increase from the previous year in the corresponding month.
The Ministry of Corporate Affairs reports that the number of active companies in the country has now crossed the 1.6 million mark.
This growth indicates a steady appetite for entrepreneurship and investment intent in India.
Details
MCA21 portal boosts business incorporation rates
India's revamped MCA21 portal, which introduced new high-security forms with two-factor authentication in January, has facilitated a smooth incorporation process for businesses.
Between April and August, a record 102,611 companies and LLPs were incorporated, up 11.5% from the previous year.
What Next?
Data shows a surge in company filings
The latest data from the Ministry of Corporate Affairs reveals that about 2.44 million company forms were filed on the MCA21 portal until September 10 this financial year, compared to 2.29 million a year before.
Additionally, around 306,000 LLP forms were filed, up from about 233,000 a year ago.
These figures indicate investment intent and initial funding going into entities as paid-up capital.
Insights
Amnesty scheme aids LLPs in rectifying defaults
The Centre has introduced an amnesty scheme allowing businesses to rectify past defaults in filing annual returns and start afresh.
Under this scheme, LLPs can file key statutory documents, including annual returns for past years, with no additional fee or at concessional rates depending on how far back they date.
This relief comes after some LLPs expressed difficulties in filing annual returns, and the window for filing these forms will remain open until the end of November.