More than 141K Companies incorporated in FY24 so far: MCA

More than 141,000 companies have been incorporated during the current financial year till January 10, the highest number of firms registered with the Ministry of Corporate Affairs (MCA). According to official sources, the rise is the result of increased economic activity, indicating a favourable trend for the country’s business environment.

According to MCA data, nearly 141,000 companies and 44,000 limited liability partnerships (LLPs) had been incorporated as of January 10, 2024. This represents a significant increase from the same period last year when just over 28,000 LLPs were registered. The increase in registrations indicates a thriving company ecosystem and a strong entrepreneurial spirit in the country.

Industry analysts and official authorities see the record number of registrations as a sign of increased economic activity in India. The wide diversity of firms and LLPs being formed illustrates the resilience and agility of enterprises in numerous industries.

The new registrations are being processed through Version 3 of the MCA platform, which, despite some early problems, has been deemed successful in simplifying the incorporation process. The government has worked hard to resolve early-stage challenges such as login, form submission, and downloading. According to an official source, the system is now running properly, with fewer help desk calls than in recent years.

While the incorporation process has become relatively simple, problems persist, particularly in the issuance of certificates of incorporation. Industry experts, such as Amit Gupta, a senior company secretary, highlighted delays in this area and noted that GST registration faced challenges in reaching perfect seamlessness.

The remarkable increase in business registrations in India demonstrates a robust entrepreneurial ecosystem, highlighting the country’s economic resilience and adaptability. As the government works to address difficulties and improve processes, the business community expects further growth and development in the coming months.