Company Registration: Business increased, record of registration of new companies made in the last financial year

Along with the increase in the size of the economy in India, trade and business activities are also increasing. New companies are being formed continuously in the changing environment. This can be seen from the figures of the last financial year, when a new record of registration of new companies was made in the country.

So many new companies came into existence

The Ministry of Corporate Affairs on Tuesday Shared data related to registration of companies and LLP. According to the data, 1,85,314 new companies were registered in the country during the financial year 2023-24 ending March 31. This is the largest figure of registration of new companies during any one financial year. This is 16.3 percent more than the 1,59,339 companies registered a year ago i.e. during the financial year 2022-23. In the update shared on X, it was told that during the last financial year, not only a record was made for the registration of new companies, but also a record was made for the registration of LLP i.e. Limited Liability Partnership. During the financial year 2023-24, 58,990 LLPs were registered in the country. This is an all-time high level of LLP registration and is 62.7 percent more than a year ago. In the financial year 2022-23, 36,249 LLPs were registered in the country.

Challenges prevailing in the global market

Experts say that the record figures of registration of new companies and LLPs in the country. Let us tell you about the better business environment. During the last financial year, there was a decline in the business environment across the world. Factors like geopolitical tensions, slowing economic growth worsened the environment and due to this, even big companies were forced to make layoffs, while many New companies became victims of challenges and closed down.

Registration increased due to these reasons

In such an environment, on the other hand, a record number of new companies and LLPs were registered in India. This shows that despite the adverse foreign environment, business sentiment in the country has improved. People's confidence in the economy and its growth has strengthened. An ET report quoted officials as saying that promoting ease of doing business and reducing the burden of compliance has also encouraged new companies.

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