1.67 lakh companies registered in FY 2021-22: Highest Ever as per MCA Data

1.67 lakh companies registered in FY 2021-22: Highest Ever as per MCA Data The Ministry of Corporate Affairs (MCA) registered more than 1.67 lakh new firms in Financial Year 2021-22, compared to 1.55 lakh in Financial Year 2020-21. Given that the number of firms formed during the Financial Year 2020-21 was the largest of any preceding year, the increase is considerable. The number of companies formed in FY 2021-22 is 8% more than the number formed in FY 2020-21. While the MCA registered 1.24 lakh firms in FY 2018-19 and 1.22 lakh companies in FY 2019-20, it registered 1.55 lakh companies in FY 2020-21. As part of the Government of India's Ease of Doing Business (EoDB) effort, the MCA has taken a number of steps to reduce the number of procedures, time, and costs associated with launching a business in India. In February 2020, the MCA launched SPICe+, which integrated 11 different services from three Central Government Ministries/Departments (Ministry of Corporate Affairs, Ministry of Labour, and Department of Revenue in the Ministry of Finance), three State Governments (Maharashtra, Karnataka, and West Bengal), and the National Capital Territory of Delhi:

• Reservation of a name
• The formation of a business
• Number assigned to the director
• No. EPFO Registration
• Number of ESIC Registrations
• PAN
• TAN
• For the states of Maharashtra, Karnataka, and West Bengal, a profession tax registration number is required.
• Number of your bank account and
• GSTN (Goods and Services Tax Number) (on Optional basis)
• NCT of Delhi Shop and Establishment Registration No.

Maharashtra (31,107 firms) had the most registrations in FY 2021-22, followed by Uttar Pradesh (16,969 companies), Delhi (16,323 companies), Karnataka (13,403 companies), and Tamil Nadu (13,403 companies) (11,020 companies). Business Services (44,168 firms) had the most incorporations, followed by Manufacturing (34,640 companies), Community, Personal & Social Services (23,416 companies), and Agriculture & Allied Activities (23,416 companies) (13,387 companies). The MCA is constantly working to improve the regulatory environment, and has recently taken several steps in that direction, including: The revision of the definition of a small business has resulted in a reduction in the compliance burden for around 2 lakh businesses. For companies with an authorised capital of up to Rs 15 lakh, there is no MCA fee. Incentives for the formation of one-person businesses (OPCs) Under the Companies and LLP Act, technical and procedural violations are no longer considered criminal offences.