If you want to start a new business, this is the right time. Know why

India, being not so famous for business amiability is undergoing an image makeover, thanks to the Prime Minister Narendra Modi. As per a news report by The Economic Times, entrepreneurs keen on setting up new enterprises would just need to fill up one form instead of a tons of formalities that serve as a major deterrent.

Starting today the corporate affairs ministry will have an integrated company incorporation form to make compliance and reporting easier and convenient for corporates.

The new form, called INC-29, will be available on the MCA website. This is part of the government's drive to improve India's ranking on the globally tracked parameter of ease of doing business. As per the ET report, this is a priority area for PM Narendra Modi, who has made it a personal mission to improve India's scores on this parameter. The government wants to reduce the time taken to register a company in India to one day.

Startups often prefer to set up in Singapore as the formalities often seem to be a hassle. The financial daily says, the reasons for this range from a multitude of forms to a plethora of permissions from central and state governments.

Until this move, businessmen seeking to register a new company have to fill eight forms to complete the incorporation, a process which, besides being cumbersome, also takes a lot of time. Even if it's a single-person company, the range of forms required to be filled included separate applications for obtaining DIN, obtaining a DSC (digital signature certificate), form INC-1 for approval of the name of the company, form INC-7 for registration of the company along with memorandum of association and articles of association, form INC-22 for intimation of registered office and form DIR12 for each director.

(Image: Reuters)