The Ministry of Corporate Affairs has changed the company incorporation process form 26th Jan, 2018 on the occasion of 69th Republic Day. This is a new step taken by the government of India to make it easier and faster for getting the company name approval with less data based information.
Accordingly, you will have to reserve your company name through the RUN (Reserve Unique Name) service and don't required DSC and DIN; but thing is that you have to choose only one name, there is no option for others. And for each and every name you have to pay Rs. 1000, it may or may not be approve.
They are thinking it will take less time to incorporate a company in India by this easier process. If your company name is approved, it will be kept for 20 days to incorporate the company within that time you have to register your company otherwise it will be invalid but earlier it was 60 days. But one thing we want to clear here as said by the MCA department; the name applied for company may be approved or rejected according to the guideline, you should follow the unique and not resemblance to any other existed business.
If once it is rejected, for every fresh name application you should have to pay the fees infavour of new name suggestion.
Free of Cost Service to all Companies
Here we are giving hint what is free?
You will get free of cost charge only in Company Registration that will be apply for every type of company including Private Limited Company, Limited Liability Partnership (LLP), Public Limited Company, One Person Company (OPC) etc.
So now, the government is waived the company registration charge, means you will not pay for any single money in company registration that you had paid some thousands earlier towards to your company incorporation.
Benefits to Startups
Cost to Bear for Company Registration
But other cost you have to pay related to your company registration
Though the government has waived the fees for company registration final forms, but still there will be some cost which a person will need to bear which are as follows:
Let’s be update for new information on company matters.