New company registration system to be in place by December.

The Union government plans to introduce a new system for company registrations in a month that will replace filing over 50 forms in portable document format (PDF) with web-based ones to transform the compliance and statutory filing architecture for businesses.

The new forms will cover every reporting requirement of a new company ranging from reporting details of registered office and directors of the company, seeking commencement of business certificate and various other disclosures. The current forms are likely to remain suspended for about a fortnight during the transition process, according to a person informed about the transition process.

The revamped version of company filings with web-based forms is expected to employ new IT tools to improve user experience and make regulatory oversight of businesses efficient while enabling policymakers to detect financial stress as well as governance irregularities in the corporate sector at an early stage.

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