Ease of doing business for MSMEs: Till March 2022, the number of company registration was mostly concentrated towards small companies with an authorised capital of less than Rs 1 crore, with around 90 per cent share, the report said.
The MCA had registered 1.24 lakh companies during FY19 and 1.22 lakh companies in FY20 respectively.
Ease of doing business for MSMEs: The number of new companies registered in India in 2023 has vaulted towards 2 lakh vis-a-vis only 45,600 on average every year between 1980 and 2018, said State Bank of India’s Economic Research Department’s latest SBI Ecowrap report. “In principle, the number of firms formed during 2018- 2022 has been much higher in comparison, with a spirit of entrepreneurship sweeping across the nation,” the report said.
According to the data from the Ministry of corporate affairs, over 1.67 lakh companies were incorporated in the financial year 2021-22 as compared to 1.55 Lakh companies during FY21. The increase is significant considering that number of companies incorporated during the FY21 was the highest in any of the previous years, the ministry had said in a statement last year.
Also read: Govt’s MSME registration portal Udyam crosses 1.5-crore mark
The ministry had registered 1.24 lakh companies during FY19 and 1.22 lakh companies in FY20 respectively. The cumulative data for FY23 is yet to be released by the government. Till March 2022, the number of company registration was mostly concentrated towards small companies with an authorised capital of less than Rs 1 crore, with around 90 per cent share, the Ecowrap report said.
Sector-wise, the maximum number of companies 44,168 were incorporated in the business services domain followed by manufacturing (34,640 companies), community, personal and social services (23,416 companies) and agriculture & allied activities (13,387 companies) in FY22.
Also read: Retailers, wholesalers top MSME registrations on Udyam portal: Govt data
In order to boost the ease of company registration, the government had introduced a single integrated web form called SPICe+ along with AGILE PRO-S that provides 11 services related to starting a business viz., name reservation, incorporation, PAN, TAN, DIN, Employees’ Provident Fund Organisation (EPFO) registration, Employees’ State Insurance Corporation (ESIC) registration, GST number, bank account number, Profession Tax registration (Mumbai, Kolkata and Karnataka), and Delhi Shops and Establishment registration.
Also, zero fees is now charged for incorporation of all companies with an authorized capital up to Rs 15 lakh or with up to 20 members where no share capital is applicable.
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