New Delhi: In its unwavering commitment to Ease of Doing Business, the Ministry of Corporate Affairs (MCA) has operationalized the Central Processing Centre (CPC) for centralized processing of corporate filings. The CPC, modeled after the successful Central Registration Centre (CRC) and Centralised Processing for Accelerated Corporate Exit (C-PACE), will process applications in a time-bound and faceless manner.
Effective from February 16, 2024, the CPC will initially handle 12 forms and applications, with plans to expand its scope to include other forms from April 1, 2024, onwards. The move is part of a broader initiative to enhance efficiency, reduce processing times, and eliminate the need for physical interaction between stakeholders and regulatory authorities.
Since the commencement of its operations, the CPC has already received 4,910 forms, which will be processed swiftly and without requiring any physical engagement with stakeholders. The establishment of the CPC aligns with the government’s continuous efforts to simplify regulatory compliance under the Companies Act and Limited Liability Partnership Act (LLP Act).
Key forms and applications set to be processed by CPC from February 16, 2024, include:
- Incorporation of a Company
- Application for the availability of a name
- Application for reservation of a name
- Application for Director Identification Number (DIN)
- Particulars of a person or entity for the appointment of a Director or designated partner
- Consent and certificate for the appointment of a Director or Manager
- Change in particulars of Director or Manager or CEO or CFO
- Return of appointment of a Managing Director or Whole-Time Director or Manager
- Annual Return
- Notice of the court or the Tribunal order
- Document to be filed with the Registrar for a particular act
- Form for filing a report on Annual General Meeting (AGM)
The faceless and time-bound approach of CPC, similar to CRC and C-PACE, ensures swift processing of applications for incorporation, closure, and other regulatory requirements. The MCA expects the CPC to process around 2.50 lakh forms annually once fully operational.
The establishment of CPC signifies another milestone in the Ministry’s journey toward enhancing the Ease of Doing Business in India. By centralizing and expediting the processing of corporate filings, MCA aims to facilitate companies in meeting their regulatory obligations seamlessly.
Furthermore, this initiative is expected to allow jurisdictional Registrars of Companies (RoCs) to focus more on their core functions, such as inquiries, inspections, and investigations, thereby ensuring robust corporate governance.
The MCA’s continuous efforts in recent years have resulted in a significant increase in the number of companies and LLPs incorporated. The CRC, established for expedited and transparent processing of applications for incorporation, has played a pivotal role in achieving this positive trend.
With the successful launch of CPC, the MCA continues to pave the way for a business-friendly environment and reduced bureaucratic hurdles in India.