National Single Window system to start companies, LLPs

Subject : Economy

Section: Capital market

In News: Company incorporation now available under the centre’s single-window approval system.

Key Points:

Companies and limited liability partnerships (LLPs) can now be incorporated using the central government’s National Single Window System (NSWS) which offers various central and state approvals in one place.
The ministry said that its system has been integrated with the NSWS for the incorporation of companies and LLPs. This service can now be availed from both the NSWS portal and the MCA21 portal.
The move is part of the government drive to bring various regulatory services under a single platform for ease of doing business.
In the MCA21 portal, the ministry offers various services like getting a permanent account number (PAN), bank account and GST registration while applying for incorporation of a business in one go.
The ministry is also in the process of offering adjudication of a host of compliance defaults and other lapses which have been decriminalised, entirely virtually in a new IT module, which will be added to the MCA21 portal.
The trend is to cut down the physical interface between the authorities and the business community and to manage approvals and adjudication virtually, which will also introduce more objectivity in decision-making.

What is the National Single Window system?

NSWS allows securing government approvals without having to go to individual ministries or to states.
This portal also offers live tracking of application status, quick response to queries and document security.
It hosts applications for approvals from 31 central government departments and 22 state governments, according to information available from the portal.