In this modern day and age, information technology plays a big role. However, if you’re not in the field of information technology yourself, you might not know just how information technology touches your life. In view of this Ministry of Corporate Affairs (MCA) has come up with new rules for Incorporation of Company under Companies Act, 2013 with a simplified procedure (SPICe).
One window Clearance
Before this, when Promoters wanted to incorporate Company, they had to first apply for the DIN, Avaibility and Approval of the Name, Separate form for first Director, Registered office address, PAN, TAN, ESIC, PF, IEC and the list went on.
But this form is a single window for Incorporation of Companies.
This form can also be used for the following purposes:
However Separate form “RUN” is also available for application for reservation of name, the same shall be made through the web service available at ww.mca.gov.in by using RUN (Reserve Unique Name) along with fees as provided in the Companies (Registration offices and fees) Rules, 2014, which may either be approved or rejected (after one Re-submission, if required), as the case may be, by the Registrar, Central Registration Centre.
Following are the benefits of RUN services.
Using SPICe Form INC-32, the following types of companies can be incorporated in India:
To incorporate company through this form the normal fees levied shall be nil; however stamp duty shall be levied in accordance with size of Authorised Share Capital of the company.
E- Form INC – 33 and INC – 34 (MOA and AOA Preparation electronically)
Newly introduced electronic Forms INC – 33 and INC – 34 shall be linked forms for Form INC – 32. INC-33 and INC-34 contain a pre-drafted electronic version of a standard format of the Memorandum and the Articles of Association respectively (called the Charter Documents). With introduction of these forms, preparing physical memorandum and articles of the company is not required for incorporation of companies except Section 8 Company.
The following documents must be filed with SPICe Form INC-32 for incorporation of company:
However the current procedure for incorporation of a company is facing few limitations for incorporation through SPICe Form INC-32 (like; limited number of subscribers, Application for obtaining DIN (only upto three proposed Director) affixing of DSC of subscribers).
Having said that, SPICe Form INC-32 is surely an improvised version and formation of companies can be made with ease of incorporation. It has almost eliminated the lengthy and cumbersome procedure of formation of companies. Also, time required for complying with e-form DIR-12, INC-22, PAN-TAN etc. which lengthened the overall time for Incorporation or Registration is now reduced significantly.