MCA21 Version 3.0 Archives - Faceless Compliance

Minister of State for Finance and Corporate Affairs launches 1st Phase of MCA21 Version 3.0

Minister of State for Finance and Corporate Affairs Shri Anurag Singh Thakur launches 1st Phase of MCA21 Version 3.0

Minister of State for Finance and Corporate Affairs Shri Anurag Singh Thakur launched the first phase of Ministry of Corporate Affairs’ (MCA) MCA21 Version 3.0 (V3.0) comprising of revamped website, new email services for MCA Officers and two new modules, namely, e. Book and e. Consultation during a virtual event here today. Shri Rajesh Verma, Secretary, MCA, and other senior officials also attended the virtual launch event.

During the event, Shri Thakur said that for realising Prime Minister’s dream of India becoming an economic powerhouse, it is imperative that not only do we have to accelerate the rate of economic activity but also have to ensure that our partners in that process – all the business and corporate entities look upon the Government of India as a friendly and enabling partner.

Shri Thakur said that while the revamped website will refresh the user experience with enhanced look & feel, the e-book will provide easy access to the updated legislations along with a tracking mechanism for historical changes in law.

The e-consultation module will facilitate:

virtual public consultation of proposed amendments and new legislations to be introduced by MCA from time to time.
leverage Artificial intelligence for compiling, grouping and categorizing comments/inputs received from stakeholders and create analytical reports for quick policy decision making.
new email service for officers of MCA will provide them with advanced features and capabilities for organised and managed communication with internal as well as external stakeholders.

In his remarks, Shri Verma said that MCA21 V3.0 will reduce the requirements of attachments, make the forms as web based and strengthen the pre-fill mechanism. Shri Verma said that data analytics driven MCA21 V3.0 will give new meaning to corporate compliance culture and will further enhance the trust and confidence in the Corporate regulatory and governance system.

About MCA21

The MCA V3.0 is going to be implemented in two phases. The second and final phase shall be launched from October 2021 onwards. The entire project is proposed to be launched within this Financial Year and will be data analytics and machine learning driven. The MCA21 V3.0 in its entirety will not only improve the existing services and modules, but will also create new functionalities like e-adjudication, compliance management system, advanced helpdesk, feedback services, user dashboards , self-reporting tools and revamped master data services.

MCA21 has been part of Mission Mode projects of the Government of India. Bagging several accolades in past, the project has now reached its 3^rd version. MCA21 V3.0 is part of this year’s Budget announcement and will leverage the use of latest technologies to further streamline the Corporate Compliance and stakeholders experience.

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Decriminalisation of the LLP Act and Launch of New MCA21 version 3.0 in Budget 2021

Decriminalisation of the Limited Liability Partnership (LLP) Act, 2008 proposed

Revision in ‘Small Companies’ definition

Proposed Easing of Rules in ‘One Person Companies’ for Start-Ups, Innovators

Strengthening of NCLT Framework for faster Debt Resolution

Proposed Launch of New MCA21 version 3.0

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman proposed reforms for small companies and MSMEs to strengthen Start up ecosystem, while presenting Union Budget 2021-22 in Parliament here today.

Decriminalisation of the Limited Liability Partnership (LLP) Act, 2008

The Finance Minister proposed to take up decriminalisation of the Limited Liability Partnership (LLP) Act, 2008 on similar lines of the decriminalising of the procedural and technical compoundable offences under the Companies Act, 2013, which is now complete.

Revision in ‘Small Companies’ definition

Smt. Sitharaman proposed to revise the definition under the Companies Act, 2013 for Small Companies by increasing their thresholds for Paid up capital from “not exceeding Rs 50 lakh” to “not exceeding Rs 2 crore” and turnover from “not exceeding Rs 2 crore” to “not exceeding Rs 20 crore”. This will benefit more than two lakh companies in easing their compliance requirements.

Proposed easing of rules in ‘One Person Companies’ for Start-Ups, Innovators

As a further measure which directly benefits Start-ups and Innovators, the Finance Minister proposed to incentivize the incorporation of One Person Companies (OPCs) by allowing OPCs to grow without any restrictions on paid up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non Resident Indians (NRIs) to incorporate OPCs in India.

Strengthening of NCLT framework for faster debt resolution

To ensure faster resolution of cases, the Finance Minister stated that NCLT framework will be strengthened, e-Courts system shall be implemented and alternate methods of debt resolution and special framework for MSMEs shall be introduced.

Launch of new MCA21 Version 3.0

During the coming fiscal 2021-22, the Finance Minister said the Government will launch a data analytics, artificial intelligence, machine learning driven MCA21 Version 3.0. This Version of MCA 3.0 will have additional modules for e-scrutiny, e-Adjudication, e-Consultation and Compliance Management.

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