You’ll be able to start a business in just 6 days. Here’s what you will need

Indian Prime Minister Narendra Modi wants to move up on the ease of doing business index and is easing norms for the same.

In the latest move, you will be able to start a business in India in just six days. At present, a new venture needs at least 26 days to start. In order to start a business as soon as possible, the government has also trimmed the number of procedures from 12 to only six.

While you need to fulfill 12 procedures in Delhi, the number can go up to 14 in Mumbai.

India still has a long way to go when compared to other countries. For instance, in New Zealand, you need just half a day to start a business, while in Singapore it takes about 2.5 days to start a company. In the US it takes about 5.6 days and in the United Kingdom it takes about 4.5 days.

Out of the 190 countries in the list, India Ranks 130 overall in the World Bank Ease of Doing Business Report and ranks 155 in terms of starting a business. New Zealand and Singapore top the list.

"As per World Bank it takes 26 days to start a business in India. Our targis to bring it down to 6 days by the end of March. This is the kind of dramatic change we want to," Department of Industrial Policy and Promotion, Secretary, Ramesh Abhishek told EconomicTimes.com.

So, if you want to give flight to your entrepreneurial dreams, you need to complete these 6 procedures:
1. Incorporate a company using SPICe Form.
2. Obtain PAN and TAN though a single integrated form.
3. Register with EPFO and ESIC.
4. Open a Bank account.
5. Register with VAT and Profession Tax; online and real time.
6. Register with Shops and Establishment Act.
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