Chintan Mehuriya (Left) & Jaya Sharma-Singhania (Right)
Ministry of Corporate Affairs (MCA) has recently introduced SPICe Form INC – 32 which is a Simplified Performa for incorporating Company Electronically. SPICe Form INC – 32 can help incorporate a company with a single application for reservation of name, incorporation of the new company and/or application for allotment of DIN.
The Integrated Form INC-29 has been replaced with SPICe Form INC-32 and as such the Form INC-29 has been completely removed from the MCA portal. The SPICe Form INC-32 is very similar to Form INC-29, which also helps with fast track incorporation of a company in India.
Prior to May 2015, the incorporation of a company required one to fill up several documents, such as the DIR-3 for acquiring the Director Identification Number, INC-1 for obtaining name approval, INC-7 for registering a company with the Memorandum and Articles of Association and INC-22 for approval of registered office.
However, starting from May 1 2015, the Ministry of Corporate Affairs brought forward the INC-29 form for incorporation of companies.
With the SPICE initiative, and the introduction of INC-32, the approval time should be much shorter. This is because the new system facilitates the filing of Memorandum and Article of Association electronically.
This simplified & integrated process for incorporation of a company is done through
Ministry’s efforts towards providing greater Ease of Doing Business to stakeholders, Form SPICe (INC-32) will be revised w.e.f 21 January 2017 so as to *include the functionality of applying for Company PAN and first TAN (allotted by Income Tax Department) in the Incorporation form itself.
Applying for PAN / TAN will be compulsory for all fresh incorporation applications filed in the new version of the SPICe form on or after 23 January 2017.
Stakeholders may also kindly note that the revised version of Form SPICe (INC-32) will mandatorily require application for both PAN and TAN also. MCA21 system will auto generate the pre-filled application forms 49A (PAN) and 49B (TAN) after submission of SPICe, which the stakeholders will be required to download, affix digital signature and then upload both signed forms on MCA21 system as linked forms.
2. Key Features:
3. Documents Required for SPICe Form INC-32:
The following documents must be filed with SPICe Form INC-32 for incorporation of company:
Following Companies will be Incorporate under SPICe
√ Incorporation of Seciton-8 Company.
√ Incorporation of Producer Company.
√ Private Company.
√ Public Company and
√ One Person Company.
4. Merits & Demerits
||The biggest disadvantage in SPICE system is that the maximum number of subscribers can be seven only. In case of more subscribers, normal incorporation procedure has to be followed.
Only one name of the company can be proposed.
It is a bit costlier as DSC of all subscribers and witness is needed.
For incorporation of producer, unregistered companies and companies being formed with more than 7 subscribers, a new version of INC – 7 shall be used.
5. Mandatory Attachments for the form:
Main Purpose of SPICe is to provide better Platform to the Professionals and remove difficulties in day to day business and make sure that the professionals will carry their business in smooth and efficient manner.