By: SWati

Newer, Faster Approval Procedure for Businesses Underway - India Briefing News .sharepost{clear:both;width:100%;overflow:hidden;margin:0;padding:0;}.sharepost *{display:inline-block;vertical-align:top;}.sharepost li{display:inline-block;max-height:23px;min-height:20px;min-width:30px;max-width:200px;vertical-align:top;overflow:hidden;padding:5px;margin:0 20px 0 0;list-style-type:none;}.sharepost iframe,.sharepost object{overflow:hidden;}.sharepost a{color:transparent;}.sharepost .spdelicious a.delicious-button{color:#333;}.sharepost .splike iframe,.sharepost .splike object{border:none;overflow:hidden;width:75px;height:21px;}.sharepost .splink iframe,.sharepost .splink object{border:none;overflow:hidden;width:80px;height:20px;}.sharepost .spreddit iframe,.sharepost .spreddit object{width:120px;height:22px;}.sharepost .spretweet{width:91px;}.sharepost .spretweet iframe,.sharepost .spretweet object{width:120px;height:22px;}.sharepost .spstumble iframe,.sharepost .spstumble object{border:none;overflow:hidden;width:74px;height:18px;}.sharepost .sptweet iframe,.sharepost .sptweet object{width:120px;height:22px;}.sharepost .sptweet{width:91px;}.sharepost .spybuzz a{max-width:140px;}.sharepost li{margin-right:20px;} Magazine and Daily News Service Subscribe Regional Business News Written in India and read by professionals
in over 160 countries worldwide

Wednesday, July 24, 2013 Home Magazine Archives India News Bookstore Partners Cooperation Publications About Contact BusinessCultureForeign TradeLegal and RegulatoryMarketsPoliticsTax and FinanceIndustry Reports AutomativeAviationChemical & PharmaceuticalIT & TelecomOil & PetroleumReal EstateRetailShipping & LogisticsRegions BangaloreChennaiHaryanaKolkataMumbaiNew Delhi Download the latest issue
of India Briefing now



India Briefing is a magazine and daily news service about doing business in India. We cover topics relating to the Indian economy, the market in India, foreign direct investment and Indian law and tax. It is written in-house by the foreign investment professionals at Dezan Shira & Associates
NEW RELEASENOW AVAILABLE IN PDF.publication_advert{display:block;width:180px;margin:10px auto;background:#007700;color:#FFF;}.publication_advert .top{display:block;width:99%;font-size:1.2em;text-align:center;padding:8px;}.publication_advert .bottom{display:block;width:99%;font-size:1em;text-align:center;padding:8px;}
Singapore Seeks to Expand Its RMB MarketMalaysia Facing TPP OppositionASEAN Expected to Commence FTA Talks with Hong KongASEAN, Indonesia Ready to Phase out HazeInternal Control and Anti-Corruption Regulations in ChinaGuangdong Province Releases Measures on the Collection of Labor Union FundsMcDonald’s Expands into VietnamClosing Shop in Vietnam: The Why and the How
Indian stock market BSE Sensex Index

« ‘Sugam’ Return Form to Simplify Life for India’s Tax PayersFirst Quarter PE Investment Soars in India »
Newer, Faster Approval Procedure for Businesses UnderwayPosted on April 19, 2011

Apr. 19 – India will soon have a system in place that will simplify the process of approval for business projects, according to a government official. It will not only encourage investors to invest in India but also young entrepreneurs to start up their own businesses. Currently, each and every business needs to go through a cumbersome series of approvals before it actually becomes a functioning firm.

In all, 35 different sets of approval are required from authorities before setting up a business in India. The process includes seeking approval from municipalities, state government agencies and the central government’s authorities. The process also requires registration with the authorities responsible for collecting VAT and income tax, as stipulated by the Companies Act and the Shops & Establishment Act.

Under the new, significantly more streamlined system, any businessperson seeking approval will get the nod through an e-business portal with only a few clicks of a mouse. Applicants can also track their applications as well the time it will take to get approved by the authorities.

Two years ago, Infosys Technologies was extended a contract to put this e-portal plan in place. Development of the new system is expected to be complete by the end of 2011, with an initial launch in the southern state of Andhra Pradesh at roughly that same time.

Although the e-business portal would also work with export and import related registrations, a separate platform for trade-based industry is currently in the works.

The commerce and industry ministry is also planning on setting up a National Manufacturing Policy (NMP) to help businesses speed up their closing process. In the proposed restructuring of National Manufacturing & Investment Zones, the government is considering allowing new methods to settle the assets of a sick company quickly.

The plan is currently in its final stages, and under review by the Prime Minister.

This entry was posted in Business, FDI and Foreign Trade, Legal and Regulatory, Regulatory Update. Bookmark the permalink.« ‘Sugam’ Return Form to Simplify Life for India’s Tax PayersFirst Quarter PE Investment Soars in India »One Response to Newer, Faster Approval Procedure for Businesses UnderwaySWati says:January 22, 2013 at 1:49 pm

Do we have an update on this? has this been implemented anywhere?

Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *

Name *

Email *

Website

Comment

You may use these HTML tags and attributes:

Search News:




Popular Posts Fluctuations in India's Rupee Rate and its Economic Impact Indian Rupee Devaluation Good News For Global Sourcing & Export Manufacturers Key Sectors for FDI in India: Airports and Ports Foreign Investment Opportunities in India “Similar To China 20 Years Ago” Corporate FDI in India on the Rise After Regulatory Liberalization Double Taxation Agreements and Your India Investment Strategy
The Asia Briefing BookstoreOur best selling legal, financial, tax and regional guides to Asia business, industry reports and more…
Click here to view all titles now



NOW AVAILABLE IN PDF

© 2007-2013 Asia Briefing Ltd. All Rights Reserved.

Home    |    Magazine    |    News    |    Bookstore    |    Partners    |   Advertising   |    About    |    Contact

var options={ "publisher": "a1263e96-de4b-488d-a526-412004c2ca0d", "position": "right", "ad": { "visible": true, "openDelay": 5, "closeDelay": 0}, "chicklets": { "items": ["email", "facebook", "twitter", "linkedin", "viadeo", "xing", "yammer", "delicious", "digg", "reddit", "evernote", "sharethis"]}};var st_hover_widget = new sharethis.widgets.hoverbuttons(options); Social Buttons by Linksku

View the original article here