Introduction: The evolution of company registration in India took a significant leap with the introduction of SPICe+ (Simplified Performa for Incorporating Company Electronically) in February 2020. This new integrated web form replaced the erstwhile SPICe form, streamlining the incorporation process and aligning with the government’s Ease of Doing Business initiative.
First Lets understand about previous SPICe Form-
SPICe (Simplified Performa for Incorporating Company Electronically) form was introduced in the year 2016 as a part of ease of doing initiative of government of India simplifying incorporation of companies in India where multiple forms were brought together in one single form. It had a great positive impact as the time and complexity of incorporation of companies reduced to a great extent.
Now Lets learn about New Spice+ Form-
In February 2020 government of India has made a major change in company incorporation process by introducing new SPICe+ form in place of the erstwhile SPICe form. While the erstwhile SPICe form was an eform, the newly introduced SPICe+ is an integrated web form.
RUN service which was previously used for name reservation of new companies as well as ‘change of name’ of existing companies is now serviceable only for existing companies.
It is an initiative and commitment towards Ease of Doing Business which will save time and cost for starting a business in India. This is because as many as 9 services have been incorporated in this single form the list of which is given below:
i. Name Reservation of the Company (Part-A)
ii. DIN (Director Identification Number) allottement
iii. Mandatory issue of PAN
iv. Mandatory issue of TAN
v. Mandatory issue of EPFO Registration
vi. Mandatory issue of ESIC Registration
vii. Mandatory issue of Profession Tax Registration in Maharashtra
viii. Mandatory opening of Bank Account for the Company
ix. Allotment of GSTIN (if applied for)
It is pertinent to note that now newly formed companies cannot separately apply for EFPO, ESIC and Profession tax as the same has already been issued at the time of formation of company. Even though these registrations are mandatorily granted along with company formation process, compliances related to these shall be initiated only when the same becomes applicable as per respective laws.
Presently ICICI bank has been integrated with SPICe+ for opening a Bank account. Gradually many Public and Private Sectors Banks would also be integrated with SPICe+.
About Spice+ Form Filing:
SPICe+ Form is divided into 2 parts-
Part A– Name(s) of a company can be reserved in Part A.
Part B- Part B offers other services.
Other Linked Forms-
a. AGILE-PRO (INC-35): It provides the following Services-
- GSTIN
- EPFO
- ESIC
- Profession Tax Registration
- Opening of Bank Account
b. SPICe+ AoA: It is for filing Articles of Association of company.
c. SPICe+ MoA: It is for filing Memorandum of Association of company.
d. URC-1: Used when a Partnership Firm, LLP, Society, Trust or any other form of business is willing to register itself under Companies Act, 2013 as a Part I company.
In case the applicant wants to apply for name, incorporation and other integrated services together, he can do so together by filling necessary information in Part A and Part B.
Key Information for formation of Company in India through the newly introduced Spice+ forms:
1. Companies getting incorporated through SPICe+ with an Authorized Capital up to INR 15,00,000 would continue to enjoy ‘Zero Filing Fee’ concession.
2. Changes to SPICe+ (even after creating pdf and affixing DSCs), can be made up to five times by editing the same web form application which has been saved.
3. Once the SPICe+ is filled completely with all relevant details, the same would then have to be converted into pdf form, for affixing DSCs.
4. No fee is payable by companies at the time of incorporation for opening Bank Account through Spice+ form.
5. Sequence of uploading the linked forms:-
- SPICe+
- e-MOA[if applicable]
- e-AOA (if applicable)
- URC-1 (if applicable)
- AGILE-PRO (mandatory in all the cases)
- INC-9 (if applicable)
6. Two Resubmissions are permitted for Spice+ forms.
7. Maximum upload size of each of the pdf Spice+ forms is 6 MB.
8. A consolidated challan gets generated at the time of filing SPICe+ which shall contain all applicable fees.
9. In case of technical problems i.e., form upload, pre-scrutiny errors, DSC related, payment related queries, a ticket needs to be raised on www.mca.gov.in/myservices and await for the resolution.
Conclusion: The shift to SPICe+ marks a pivotal moment in the business landscape of India. With its all-encompassing services and streamlined process, SPICe+ accelerates the business setup journey, contributing significantly to the government’s Ease of Doing Business initiative. Entrepreneurs can now navigate the complexities of company registration with greater ease and efficiency. Stay informed, embrace the change, and embark on a seamless business incorporation journey in India.
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