The Centre is set to reduce the requirement and time taken for launching a new business from 10 processes and 18 days to just five processes and as many days, according to an Economic Times report.

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Ten key services, including name reservation, incorporation as well as registration for various taxes such as goods and services tax, will soon be available via two forms instead of multiple individual ones at present, the report added.

The two new forms — 'Spice Plus' and 'Agile Pro' — will replace six forms currently required to avail of these services and will be unveiled in a month by the Ministry of Corporate Affairs, the report said.

The two forms will provide access to GSTIN, PAN, TAN, ESIC, EPFO, DIN, bank accounts and professional tax, the report added.

“The new forms will be web-based and much easier to use. The Spice Plus (incorporation form) will allow you to apply for name and incorporation in the same form besides other paservices,” the ET quoted an officials as saying.