September 21, 2023
In the current fiscal year, up until September 10, approximately 2.44 million company forms were filed on the ministry's corporate filing portal
Last year, 2.29 million company forms were filed
About 306,000 limited liability partnership (LLP) forms were submitted on the MCA21 (Version 3 or V3) portal by September 10, 2023
In 2022, 233,000 company forms were submitted
The incorporation of companies and limited liability partnership (LLP) firms in India witnessed a surge, reaching a record 102,611 between April and August 2023, according to data from The Ministry of Corporate Affairs (MCA). This represents an 11.5% increase compared to the same period the previous year, according to the latest data from the MCA.
Furthermore, data revealed that in the current fiscal year, up until September 10, approximately 2.44 million company forms were filed on the ministry’s corporate filing portal, surpassing the 2.29 million filed in the previous year. Similarly, about 306,000 LLP forms were submitted on the MCA21 (Version 3 or V3) portal by September 10, marking an increase from approximately 233,000 forms filed the previous year.
It is worth noting that this surge in incorporations occurred despite ongoing concerns raised by some company secretaries and chartered accountants regarding technical issues with the V3 portal, which was introduced for companies on January 23.
In response to the concerns surrounding portal glitches, the MCA took action on July 12 by permitting professionals such as chartered accountants (CAs), company secretaries, and cost accountants to merge multiple user IDs into one or deactivate redundant ones. The presence of multiple user IDs for professionals has been identified as a significant factor contributing to the difficulties experienced in corporate filings. Unlike its earlier versions, the V3 portal restricts users to a single ID per individual to prevent misuse.
Source: Economic Times