Quick Summary
The Ministry of Corporate Affairs (MCA) administers Companies Act/ Limited Liability Partnership Act.The MCA has been taking steps on an ongoing basis by amending the Act and the rules and forms thereunder, from time to time in the years 2015, 2017 2019, to reduce the cost of compliance and for ease of doing business.This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance Corporate Affairs, in a written reply to a question in Rajya Sabha today. Giving more details,
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FAQ :
The Ministry of Corporate Affairs (MCA) is amending the Companies Act and its rules to reduce compliance costs and make it easier for companies to do business. This includes changes introduced in 2015, 2017, and 2019.
Yes, the requirement for paid-up capital for appointing a Whole Time Company Secretary has been increased from rupees 5 crore to rupees 10 crore, as per the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020.
Small and startup private companies are exempt from including cash flow statements, have simplified annual return signing, and need only one board meeting every six months with a 90-day gap between meetings. They are also exempt from certain professional certifications and have reduced penalties.
Yes, small companies can approach the Regional Director for corporate mergers and arrangements instead of the National Company Law Tribunal (NCLT).
Yes, the registration fee for incorporating companies with an authorised capital of up to Rs. 15 lakh has been reduced to zero, according to the Companies (Incorporation) Second Amendment Rules, 2019.
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