The government of India has recently made headlines with the launch of the first phase of Ministry of Corporate Affairs (MCA) 21 Version 3.0. This updated version of the digital corporate compliance portal is anticipated to boost the ease of doing business in India. Currently, the country ranks 63rd out of 190 countries in the World Bank’s Ease Doing Business 2020 report.
About MCA 21 Version 3.0
MCA 21 uses the latest technologies to streamline Corporate Compliance and stakeholders’ experiences. This portal is a part of the Government of India’s mission mode projects and the 2021 Budget announcement. Launched in 2006, it is the online arm of the Ministry of Corporate Affairs (MCA), providing company-related information to stakeholders and the general public.
The MCA21 V3.0 project, set to be fully launched within the Financial Year 2021-22, is driven by data analytics and machine learning. It is designed not just to enhance current services and modules, but also to introduce new functionalities like e-adjudication, compliance management systems, advanced helpdesks, user dashboards, self-reporting tools, feedback services, and a revamped master data service, among others.
Features of MCA21 V3.0
MCA21 V3.0 includes a refreshed website, new email services for MCA Officers, and two new modules namely, e. Book and e. Consultation. It is aimed at fully automating all processes related to the proactive enforcement and compliance of the legal requirements under the Companies Act of 1956, New Companies Act of 2013, and Limited Liability Partnership Act of 2008, helping the business community meet their statutory obligations efficiently.
Benefits of MCA21 V3.0
The updated portal allows easy access to the latest legislations with an integrated tracking mechanism for historical changes in law. It is expected to redefine corporate compliance culture and will further enhance trust and confidence in India’s corporate regulatory and governance system.
Other Measures to Improve Ease of Doing Business
In addition to introducing MCA21 V3.0, various other measures have also been taken to foster doing business in India. These include the introduction of SPICe, a Simplified Proforma for Incorporating Company Electronically that extends 8 services from three Ministries through a single form; the RUN web service for name reservation; and the Insolvency and Bankruptcy Code of 2016, a comprehensive legislation of corporate insolvency in India, marking a new phase in resolving insolvency in the country.
