Compliance requirements for MSMEs relaxed, says official

Coimbatore, Oct 14 (KNN) The Government has relaxed the compliance requirements for MSMEs and simplified procedures related to formation of companies, said M.R. Bhat, regional director, southern region, Ministry of company Affairs, here.

The move comes with the recent amendments in the Companies Act, 2013, through the Companies (amendment) Act, 2019, he added. 

Speaking  at a meeting organised by the Registrar of Companies jointly with the Indian Chamber of Commerce and Industry, Coimbatore, and Coimbatore chapters of the Institute of Chartered Accountants of India, The Institute of Cost Accountants of India, and the Institute of Company Secretaries of India, he said "It is important to disseminate information related to reform measures of the Union Government."

The amendment is one of the main measures taken by the Government towards ease of doing business, he added.

The amendment in the Act has also led to reduction in registration fee for registration of new companies, said Bhat. 

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