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By Pramod Mishra. 23 August 2020
ROC has registered more then 16 thousand companies in July 2020

Registration and Incorporation of new companies in India increased to a record-breaking high of seven years in July 2020, highlighting the renewed interest of entrepreneurs and Startup to set up new business enterprises.

“Challenges are gifts that enforce us to look for a new centre of the point. Don’t fight them. Just find a new option to stand.” – Oprah Winfrey

Do you still think as a Chartered Accountant, during COVID-19 you got lack of opportunities
“Business opportunities are like buses, there’s always another one coming.” – Richard Branson

MCA has registered more than 16,000 companies in the month of July 2020. This is the highest since January 2013 the maximum available historical data when only 5,508 companies were registered. Now it's more than 3x, it means the more opportunity to get new clients,

Let me share you the secret of getting rich. You try to be greedy when others are fearful. And you try to be fearful when others are greedy.” – Warren Buffett

16,478 New Companies were incorporated in India during the month of July-2020. Uttar Pradesh is the Second State after Maharashtra, leaving Delhi behind where maximum numbers of Companies
were incorporated in July-2020. Registration of new companies in India increased to a high of seven years in July, highlighting the renewed interest of entrepreneurs, small businessman & Startup company registration to set up new business ventures.

“It is impossible to progress without change, and those who do not change their minds cannot change anything.” – George Bernard Shaw

A total of 16,487 companies, including 970 one-person companies (OPCs), 605 non-profit making section 8 companies, 97 Public limited companies, 213 Nidhi companies, 93 subsidiary company,
14,120 private limited company, 375 farmer producer company & 5 owned by the government were registered under the Companies Act, 2013 all by Online Company Registration during July at an authorised capital of Rs. 2293.46 crore, that also brought Chartered accountant a great opportunity to offer CA services, data from the corporate affairs ministry revealed.

Maharashtra had a maximum number of company registrations (2,687), followed by Uttar Pradesh (1,806), Delhi (1,757), Karnataka (1,279) & Telangana (1,088). Thanks to Chartered Accountant
services Business incorporation are topped the economic activity-wise classification (4,845) of the newly registered companies.

The top 10 business activities for which Companies were registered are Other Business activities (2,645), Computer & related Activities(2,200), Whole Trade(1,185), Manufacture of food products and beverages(1,084), Construction(961), Agriculture Activities(862), Retail Trade(844), Health and Social Work(778), Manufacture of chemicals and chemical products(661), Edtech (571)
Covid-19 has had a predictable adverse impact on online business registration of new firms, that bring a positive change in Online Company Registration. Around 19,000 companies were
registered in the June quarter (Q1FY21), down 39% from the year-ago period.

Registration of limited liability partnerships (LLPs), the model preferred by professionals, consultants and traders, thanks to the twin benefit of the internal governance flexibility of partnership firms and the limited liability of companies saw an even steeper decline of 62% year-on-year in the COVID ravaged Q1, with the registration of just 4,100 such firms.
In the LLP segment, again, the pace was retrieved rather slowly in comparison, reflecting that the segment of smaller businesses has borne the brunt of Covid-19 induced disruption of economic
activities. Maharashtra Government amends the state Rules on compliance for employers of companies registered after 22nd July 2020 to furnish monthly return till the end of the year of registration.