Reflecting the favourable business climate in the country, the number of new company and LLP incorporations increased by nearly 5 percent so far this fiscal year, reaching 91,578 compared to 87,379 previously, latest MCA data showed.
“Stakeholders are informed that 91,578 companies and LLPs have been incorporated during 01.04.2024-08.08.2024, compared to 87,379 incorporations during 01.04.2023-08.08.2023”, said a MCA post at platform ‘X’, formerly Twitter, on Saturday.
Going by this trend, the number of company incorporations this fiscal are expected to comfortably exceed the last fiscal year count of 1,85,312 companies, economy watchers said.
The number of new companies incorporated during 2023-24 was 15 percent higher as compared to 1.59 lakh companies registered in 2022-23.
At the end of March 2024, India had a total number of 26,63,016 companies and nearly 64 percent of them were active.
As on March 31, 2024, there were a total of 5,164 foreign companies registered in the country. Of this, as many as 3,288 companies or 64 per cent were active.
DIR-3 KYC forms
Meanwhile, latest MCA data also revealed that the number of DIR-3 KYC forms filed so far this fiscal surged to 10.17 lakh (7.98 lakh).
“Dear Stakeholders, this is to inform you that 10.17 lakh DIR-3 KYC forms have been filed during 01.04.2024-08.08.2024, compared to 7.98 lakh forms filed during the same period last year”, MCA said in another post in platform “X” on Saturday.
Currently, every director who has been allocated a Director Identification Number (DIN) on or before the end of the financial year and whose DIN has been approved should file form DIR-3 KYC before September 30 of the following financial year. Annual Filing of DIR-3 KYC is also mandatory for all existing directors with DIN.
Total number of forms
The total number of forms filed with MCA-21 portal this fiscal has surged to 27.60 lakh (23.70 lakh).
“Stakeholders are informed that 27.60 lakh forms have been filed during 01.04.2024-08.08.2024, compared to 23.70 lakh during 01.04.2023-08.08.2023”, said a MCA post in platform “X”.
MCA has in recent years been focused on reducing compliance burden and improving ease of living. Finance and Corporate Affairs Minister Nirmala Sitharaman had in the budget for FY24 said that more than 39,000 compliances had been scrapped. She had also noted that as many as 3,400 legal provisions including several in Companies Act have been decriminalised in recent years.