New company Regulations Under Form SPICe Plus for the company incorporation in India
SPICe+ Simplification Company Formation process in India
Spice+ is a modern web-based form instead of the Spice form. MCA also introduced a new web-based form spice+ and extra authentication along with the form to make the company’s incorporation process simpler. The business will also apply for EPFO / ESI, GST numbers as well as this single window form. It is compulsory for all businesses in compliance with the Guidelines of the Ministry of Corporate Affairs on the issue of PAN, TAN, EPFO, ESIC, Qualified Tax (Maharashtra) and the opening of the bank account.
Key Points to be recognized with respect to the company’s formation in India i.e ‘SPICE+’
- Both forms (Incorporation, AOA, MOA, AGILE-PRO) have to be filled out in a web-based facility and then copied, digitally signed and posted as before.
- “Check Form,” “Pre-Scrutiny” to be performed on a web-based database, so no modifications can be made to the downloaded files.
- “INC-9” (declaration by first subscriber) must always be submitted by a web-based facility only.
- “AGILE-PRO” is to be digitally signed only by a person who has signed the “Spice+” form and no other director will sign the same form.
- If you continue to apply for “Name Reservation” first, you should opt for 2 Proposed Names otherwise you might also proceed to the “Name with Incorporation” facility and then you can only propose One Name
- The GSTIN status applied through AGILE-PRO can be checked at the GST Portal from the MCA Forms SRN.
- Companies that enroll ESI and PF inside the SPICE+ package do not require compliance with the ESI and PF laws until the deadline for application is set.
Available features of “SPICe Plus Form” at MCA
Recently, the government has published the full significant features of the SPICe Plus form (SPICe+) in order to make clear the value of the form as well as the campaign for good visibility. SPICe Plus form (MCA Form SPICe+) is said to devote 10 services across 3 central government ministries and departments (Ministry of Labor & Department of Revenue in the Ministry of Finance, Ministry of Corporate Affairs). The new SPICe form is said to save precious time and procedure for the management of the individuals concerned and has been introduced with all existing companies since 23 February.
Emergence to the web-based SPICe + MCA Filing Form
SPICe+ Online form is a post-login system and current registered users will need to sign in to their account using their credentials. New users must first build a login account before using the service.
Apart from being an improved variant of the current SPICe, the form is capable of fulfilling multiple requirements such as name reservation, inclusion, DIN distribution, compulsory issue of PAN, TAN, EPFO, ESIC, qualified tax (Maharashtra) and bank account opening. You can also buy the GSTIN through the SPICe+ form.
Now the Reserve Special Name of RUN is only significant if the corporation wishes to replace its existing name with a new one.
MCA SPICe INC 32 V / S SPICe Plus
SPICe INC 32 – Single Code Helps:
- Incorporation of a new company
- Applying for Director Identity Number (DIN) designation
Form SPICe+ (SPICe Plus) – A Single Application Helps in:
- Name reservation
- Incorporation of a new company
- Applying for DIN allotment]
- Profession Tax (Maharashtra)
- Bank Account Opening
Features of SPICe+ make Simplification New Company Formation process in India
- SPICe+ would be an integrated Web Form.
- SPICe+ would have two parts viz.: Part A-for Name reservation for new companies and Part B offering a bouquet of services viz.
(ii) DIN allotment
(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(Maharashtra)
(viii) Mandatory Opening of Bank Account for the Company and
(ix) Allotment of GSTIN (if so applied for).
- Readers may choose whether to submit Part-A for reserve of a name first and then submit Part B for incorporation & other services or file Parts A and B together in one go for the incorporation of a new company and the use of a range of services as defined above.
- A modern and user-friendly front-office interface for client integration applications (SPICe+ and related forms as applicable) is being developed.
- Applications for incorporation (Part B) after name reservation (Part A) can be submitted as a streamlined phase in the continuation of Section A of SPICe+. Stakeholders will not be required to enter the approved name SRN as the approved name will be prominently displayed on the Dashboard and a click on it will take the user to continue the application via a hyperlink that will be available on the SRN / application number in the new dashboard.
- Resubmission of applications for business name reservation and/or registration shall now be done by means of the form number / Name applied for on the new dashboard.
- From 15 February 2020 onwards, the RUN service will only refer to the ‘change of name’ of an established company. 8. The new web form will allow on-screen file and validation of real-time data for the transparent incorporation of corporations.
- The approved name and related incorporation information as set out in Part A will be immediately pre-filled in all linked forms, including AGILE-PRO, eMoA, eAoA, URC1, INC-9 (as applicable)
- In order to ensure ease of processing, SPICe+ will be divided into various parts.
- Information once entered can be saved and modified.
- All Check Form and Pre-Scrutiny Validations (except DSC Validation) must take place on the web page itself.
- After the SPICe+ has been filled in with all the necessary information, the same will have to be translated to a PDF file, with only a click of the mouse button, to show the DSCs.
- All digitally signed documents will then be submitted along with the related forms as part of the current procedure.
- Changes/modifications to SPICe+ (even after creating pdf and affixing DSCs) can also be rendered by modifying the same web form code that has been saved, producing and uploading modified PDFs to DSCs.
- DSC authentication and other validations must take place at Upload Stage.
- Enrollment for EPFO and ESIC shall be compulsory for all new companies established as of 15 February 2020 and no EPFO & ESIC registry numbers shall be issued separately by the respective agencies.
- register for professional tax is also compulsory for all startup companies incorporated in the State of Maharashtra as of 15 February 2020.
- All startups incorporated through SPICe+ (we.e.f. 15 February 2020) would also be required to obey for the establishment of the bank account of the company through the secure website linked to AGILE-PRO.
- The declaration of all subscribers and first directors in INC-9 shall be self-generated in PDF format and shall only be submitted in electronic form in all cases, except where:
- The overall number of subscribers and/or directors is more than 20 and/or more than 20.
- Any such subscriber and/or director shall have neither DIN nor PAN.
Note: New companies formed by SPICe+ and thus acquired EPFO / ESI number would only have to file legal returns if they exceed the thresholds set by the applicable Laws.
Thus, we can state that New company Laws regulation under the SPICe Plus form easy for the company to be registered in India. 8. Concluding The EODB steps taken by the Government over the last few years have substantially accelerated the process of business incorporation. Their aim of a smooth and simple process is gradually becoming a reality. That, in the past, was a tiring process requiring months of work and labor. However, by making the best possible use of technology, a company can now be incorporated in a couple of days, making millions of dreams a truth in an hour’s time.