In line with the Government of India's (GOI's) ambition to break into the Top 50 global destinations in terms of Ease of Doing Business, the Ministry of Corporate Affairs (MCA) has notified a new set of rules, the Companies (Incorporation) Fourth Amendment Rules, 2021, to amend the Companies (Incorporation) Rules, 2014. The new Rules will come into force as on the date of its publication in the Official Gazette.
The prime purpose of the amendment is to avail Registration for
Shops and Establishment in the existing AGILE-PRO form.
Furthermore, this introduction will now replace the existing form
AGILE-PRO with AGILE-PRO-S.
AGILE-PRO-S can be construed as:
|A - Application for|
|G - Goods and Services Tax Identification Number,|
|I - Employees State Insurance Corporation Registration,|
|L - plus|
|E - Employees Provident Fund organization registration,|
|P - Profession Tax,|
|R - Registration,|
|O - Opening of Bank Accounts, and|
|S - Shops and Establishment Registration.|
Effect of the Amendment
The MCA amended Rule 38A of the Companies Incorporation Rules which covers the following services:
|Registrations||Pre - Amendment||Post - Amendment|
|Goods and Services Tax Identification No. (GSTIN)||✔||✔|
|Employee State Insurance (ESIC)||✔||✔|
|Professional Tax Registration||✔||✔|
|Opening of Bank Account||✔||✔|
|Shops and Establishment Registration||-||✔
Form No. INC-35)
The above addition would facilitate companies in applying for their Shops and Establishment Registration in e-Form INC-35, which can be availed along with the other registration formalities.
This would avoid the hassle to apply for a Shops and Establishment Registration separately. This amendment is in continuation to the GOI's earlier efforts to reduce time taken to start a new business in India.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.