SPICe+ make Simplification Company Formation process

Features of SPICe+ make Simplification New Company Formation process in India

What is SPICe?

• Simplified Proforma for Incorporating a Company online (SPICe) + would be an integrated online Form.
• Most Up-to-Date Regulation for Companies Filing Form SPICe Plus Spice+ is a new web-based form that takes the place of Spice.
• MCA has introduced a new web-based form spice+ and other registration together with the form to make the firm incorporation procedure easier.
• With this single window form, the company may now apply for EPFO/ESI and GST numbers. According to the regulations of the Ministry of Corporate Affairs, all companies must obtain a PAN, TAN, EPFO, ESIC, Profession Tax (Maharashtra), and open a bank account.
• SPICe is a comprehensive form via which an application for:

• • Incorporation of a company
  • Name reservation
  • Application for PAN/TAN
  • Allotment of DIN

A Single Application {Form SPICe+ (SPICe Plus)} Helps in:

• The Form SPICe+ would have two parts viz.: Part A-for Name reservation for new companies and Part B offering a bouquet of services viz.

(i) Incorporation & Name Reservation
(ii) DIN allotment
(iii) Mandatory issue of PAN
(iv) Compulsory issue of TAN
(v) Mandatory issue of EPFO registration
(vi) Compulsory issue of ESIC registration
(vii) Mandatory issue of Profession Tax registration(Maharashtra)
(viii) Compulsory Opening of Bank Account for the Company and
(ix) Allotment of GSTIN (if so applied for).

A Single Application (SPICe INC 32 )Helps in:

• • Registration of a new company
  • Applying for DIN allotment
  • Name reservation

• 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 & B together in one go for the incorporation of a new company & use of a range of services as defined above.
• A modern & 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

• 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.
• Professional tax registration is also compulsory for all startup companies incorporated in the State of Maharashtra as of 15 February 2020.

Who can use & file the SPICe form?

The below kind of companies can be registered using the SPICe form:

• • Registration of Section 8 Company (NGO)
  • incorporation of Producer Company
  • Part I Company registration
  • New Company(Others)

• 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:
  • 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.
• Concluding That steps taken by the Govet over the last few years have substantially accelerated the process of Company incorporation. Their aim of a smooth & simple process is gradually becoming a reality.
• In earlier past days it was a tiring process requiring months of hard work. But By making best possible use of technology, a company can now be incorporated in a couple of days.

Also Read :

• Are you a Director- then need to file E-KYC DIR-3 Form
• Compliance for Foreign Subsidiary Companies in India

• Requirements for Registration of a company
• Government Fees for registering the Company
• Procedures for Conversion of Partnership Firm to Private Company