The recent migration of the Ministry of Corporate Affairs (MCA) portal from Version 2 to Version 3 was a bold and much-needed move. With the objective of digitisation of service facilities, better use of data, and tons of new online features, the V3 portal is set to make various processes much easier for small businesses. However, there’s some ambiguity surrounding the situation, specifically due to a few glitches one is facing while conducting tasks such as filing for incorporation and more.
What is happening, and how can businesses make the best use of the MCA portal?
Read on to find out!
Why was an update to the MCA portal necessary?
Earlier, in Version 2, every process that happened via MCA was conducted offline. This meant that all 56 forms available on the portal had to be downloaded and physically filled out to submit.
While this was the norm for the longest time, it came with certain challenges for businesses. Business owners had to go through the tiresome process of downloading and printing forms and uploading/submitting it at a designated center, this took days, sometimes weeks to get done. Hence, the process of incorporation was time-consuming.
It was then decided to update the portal from V2 to V3, taking the whole process online and enabling the submission of forms via the portal itself. This would also allow verification of PAN number, DIN, and other details in real-time, which would mean that every form could be filled out, submitted, and then recorded for later access. Essentially, the update will digitize all the processes and help businesses take actions or obtain information at the click of a button.
On to a better, newer version of the portal
The MCA ensured the changes to the portal were incorporated subsequently and carried out in 3 phases. Over the span of a few months, forms were brought online and ample information was distributed on submitting information via the portal.
However, due to glitches with the digitized portal, several business owners faced glitches and were unable to carry out tasks, like incorporation, applying for a new director, etc. The MCA has been vocal about these issues, addressed them consistently, and has also extended the deadline many times to ease the situation.
As Version 3 of the portal is still in its trial phase, the glitches are being worked on. While it may take some time, we may be confident that the glitches will be fixed in the near future. We, at Razorpay Rize, will continue to be in touch with MCA and remain hopeful that the new portal, with the revised changes, will be up soon.
The update to V3 was a much-needed one. In the time of digitisation it’s important that everything is tracked and stored safely. By taking the whole process of incorporation online, the MCA has taken a step towards seamless integration and user experience.
Stay tuned for more information!
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