The simplified application provides for Employees’ Provident Fund Organisation (EPFO) and Employees’ State Insurance Corporation (ESIC) registration among other things. The ministry of corporate affairs and labour, department of revenue and the Maharashtra government have collaborated for the new offering.
India had improved its ranking to the 63rd spot on the World Bank’s Ease of Doing Business (EODB) survey, out of 190 countries. However, the report had cited India was lagging behind in certain parameters such as starting a business.
This is seen as an effort towards achieving the government’s target of reaching the 50th spot. The new form is split into two parts, one for reserving a company name, and one for a host of services such as PAN and TAN issue, DIN allotment, professional tax registration in Maharashtra, etc.
The reserve unique name (RUN) web service will now only be applicable for a change of name with SPICe+ coming in. In the 2019 EODB rankings, the World Bank had placed India at the 136th spot for ease of starting business. The country was ranked 154th and 115th for paying taxes and enforcing contracts in the survey.