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Deepak N. Lalwani From Komfie Manalo, Opalesque Asia:
Plagued with the perennial problem of bureaucratic red tape, corruption and inconsistent policies, the Indian government through its Ministry of Corporate Affairs, recently released a General Circular which aims to speed up the process of business incorporation and approval from the current 22 days to just one day.
The circular said the government will also be introducing online processing to further bolster India's image with the international business community.
In a newsletter, Deepak N. Lalwani, Director for India at London-based Lalcap, wrote that foreign investors have always complained of the difficulties they encountered when doing business in India.
Most of the complaints centered on bureaucracy, corruption, and inconsistent policies as well as dealing with construction permits and enforcing contracts as areas of concern. But Lalwani said the Indian government has started to recognize this problem and has now introduced reforms to fast track the business process in the region.
"In an attempt to introduce best international practices, and to greatly simplify the process of incorporation of companies and the principal place of business for foreign companies, the Ministry of Corporate Affairs recently issued a General Circular. This was sent to relevant authorities to speed up the process of incorporation post name approval from the current up to 22 days do...................... To view our full article Click here
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