Hassle-free Incorporation – The new SPICe Form

Last Updated at: October 23, 2019
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Hassle-free Incorporation – The new SPICe Form

The SPICe or simplified proforma for incorporating company electronically has been nothing short of a revolution. The time taken for registration of a company in India has gone down substantially ever since this mechanism was brought into practice. If you want to get your company registered, you can get it done very soon.

India has been one of the quickest developing economies for a considerable period of time and has been a favoured business goal for many global enterprises. However, despite large scale presence of multiple businesses, the statutory and administrative set-up had been a deterrent as it involved time, various filings and follow-up activities.

Below you’ll find the list of essential and start up friendly services like how to apply for food license, time take for trademark registration or procedure for Udyog Aadhaar registration.

The winds of change arrived when the government sought to simplify the legal mechanism – including improving India’s ranking in segments like enforcement of contracts, setting-up and resolution while also recording a giant leap to Rank 77 out of 190 nations in the Ease of Doing Business Rankings published by the World Bank. Efforts are also underway to synthesize the multiplicity of labour laws into a single code, iron out the deficiencies in the

GST regime and make business filings faster and simpler.

In its efforts to ensure hassle-free incorporation, for which the average time in India was 30 days compared to countries like Malaysia and Singapore’s average of a single day, the Ministry of Corporate Affairs revised the incorporation process by introducing a new form – SPICe, which stands for Simplified Proforma for Incorporating Company Electronically (SPICe).

In the subsequent paragraphs, we highlight the unique features of this form that make company incorporation faster and easier.

e-MOA and e-AOA

The two charter documents, the Memorandum of Association and the Articles of Association are important as they regulate a business’s dealings with outsiders and controls internal functioning, respectively. Drafting these documents and taking approvals took a lot of time.

Register Your Startup

The Ministry has introduced online variants of it, and users may obtain approved e-MOA (INC-33) and e- AOA (INC-34) through certified copies facility available on MCA.

Whether these documents are mandatory?

The nature of these two documents is mandatory for-

  • Individual subscribers who are Indian nationals
  • Individual subscribers who are foreign nationals in case they have a valid DIN and DSC and also, submit proof of a valid business visa non-individual subscribers based in India.

Physical copies of MoA/AoA is required to be signed and attached in case non-individual first subscribers are based outside India or individual foreign subscribers do not possess a valid business visa.

Ensuring consistency through one form for all types of companies SPICe is now the only form for incorporation of all types of companies. Thus, whether incorporation is being done of a Producer Company or a Section 8 Company or a Nidhi company, SPICe will have to be filed. However, LLP cannot be incorporated using this form.

AGILE and SPICe – Integrated registration for GST and Employee-centric Labour Laws.

By filling the e-form AGILE alongside the filing of SPICe form, hours of time spent in documentation, approvals required because of multiplicity in filing can be saved. The e-form known as AGILE stands for – Application for Registration of the Goods and Services Tax Identification Number (GTIN), Employees’ State Insurance Corporation (ESIC) registration plus Employees Provident Fund Organization (EPFO) registration. When these two forms are filed together, three important registrations for every business namely GSTIN, EPFO and ESIC can be obtained together.

It is beyond all doubt that the lives of all future businessowners has become easier than ever before. Yes, you still have to work hard to build a name for yourself but the ease of doing business and removal of legal hassles in creating companies has brought about substantial changes in the landscape.

Read Also: SPICE – the fast track company registration procedure

When can the tax payer claim refund from electronic cash ledger?

The electronic cash ledger records and showcases the excess amount paid by the tax payer, you can easily follow and submit refund request. Understand the procedure for GST registration and GST returns here.

How do banks assess the working capital requirements of borrowers?

Working capital is needed by companies to continue with their operations and banks assess the requirements of the borrowers using some techniques. More on Income Tax Return Filing

What does the Aadhaar number have to do with filing of tax returns?

It is mandatory to link Aadhar with PAN card. Non-resident Indians and people of certain states need not link PAN card with Aadhar card. More about Udyog Aadhar Registration.

What is the purpose of ISO standards?

ISO standards has tool that helps in making the products and service reliable and safe. It also helps in reducing expenses by managing waste and errors. Learn more about ISO Certification.

What is the benefit of ngo?

An NGO is an organization dedicated to social work and non profit activities for the betterment of the society. This is made possible through donations from foreign and Government sources. More info on NGO Registration in india.

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Hassle-free Incorporation – The new SPICe Form

1894

The SPICe or simplified proforma for incorporating company electronically has been nothing short of a revolution. The time taken for registration of a company in India has gone down substantially ever since this mechanism was brought into practice. If you want to get your company registered, you can get it done very soon.

India has been one of the quickest developing economies for a considerable period of time and has been a favoured business goal for many global enterprises. However, despite large scale presence of multiple businesses, the statutory and administrative set-up had been a deterrent as it involved time, various filings and follow-up activities.

Below you’ll find the list of essential and start up friendly services like how to apply for food license, time take for trademark registration or procedure for Udyog Aadhaar registration.

The winds of change arrived when the government sought to simplify the legal mechanism – including improving India’s ranking in segments like enforcement of contracts, setting-up and resolution while also recording a giant leap to Rank 77 out of 190 nations in the Ease of Doing Business Rankings published by the World Bank. Efforts are also underway to synthesize the multiplicity of labour laws into a single code, iron out the deficiencies in the

GST regime and make business filings faster and simpler.

In its efforts to ensure hassle-free incorporation, for which the average time in India was 30 days compared to countries like Malaysia and Singapore’s average of a single day, the Ministry of Corporate Affairs revised the incorporation process by introducing a new form – SPICe, which stands for Simplified Proforma for Incorporating Company Electronically (SPICe).

In the subsequent paragraphs, we highlight the unique features of this form that make company incorporation faster and easier.

e-MOA and e-AOA

The two charter documents, the Memorandum of Association and the Articles of Association are important as they regulate a business’s dealings with outsiders and controls internal functioning, respectively. Drafting these documents and taking approvals took a lot of time.

Register Your Startup

The Ministry has introduced online variants of it, and users may obtain approved e-MOA (INC-33) and e- AOA (INC-34) through certified copies facility available on MCA.

Whether these documents are mandatory?

The nature of these two documents is mandatory for-

  • Individual subscribers who are Indian nationals
  • Individual subscribers who are foreign nationals in case they have a valid DIN and DSC and also, submit proof of a valid business visa non-individual subscribers based in India.

Physical copies of MoA/AoA is required to be signed and attached in case non-individual first subscribers are based outside India or individual foreign subscribers do not possess a valid business visa.

Ensuring consistency through one form for all types of companies SPICe is now the only form for incorporation of all types of companies. Thus, whether incorporation is being done of a Producer Company or a Section 8 Company or a Nidhi company, SPICe will have to be filed. However, LLP cannot be incorporated using this form.

AGILE and SPICe – Integrated registration for GST and Employee-centric Labour Laws.

By filling the e-form AGILE alongside the filing of SPICe form, hours of time spent in documentation, approvals required because of multiplicity in filing can be saved. The e-form known as AGILE stands for – Application for Registration of the Goods and Services Tax Identification Number (GTIN), Employees’ State Insurance Corporation (ESIC) registration plus Employees Provident Fund Organization (EPFO) registration. When these two forms are filed together, three important registrations for every business namely GSTIN, EPFO and ESIC can be obtained together.

It is beyond all doubt that the lives of all future businessowners has become easier than ever before. Yes, you still have to work hard to build a name for yourself but the ease of doing business and removal of legal hassles in creating companies has brought about substantial changes in the landscape.

Read Also: SPICE – the fast track company registration procedure

When can the tax payer claim refund from electronic cash ledger?

The electronic cash ledger records and showcases the excess amount paid by the tax payer, you can easily follow and submit refund request. Understand the procedure for GST registration and GST returns here.

How do banks assess the working capital requirements of borrowers?

Working capital is needed by companies to continue with their operations and banks assess the requirements of the borrowers using some techniques. More on Income Tax Return Filing

What does the Aadhaar number have to do with filing of tax returns?

It is mandatory to link Aadhar with PAN card. Non-resident Indians and people of certain states need not link PAN card with Aadhar card. More about Udyog Aadhar Registration.

What is the purpose of ISO standards?

ISO standards has tool that helps in making the products and service reliable and safe. It also helps in reducing expenses by managing waste and errors. Learn more about ISO Certification.

What is the benefit of ngo?

An NGO is an organization dedicated to social work and non profit activities for the betterment of the society. This is made possible through donations from foreign and Government sources. More info on NGO Registration in india.

0

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Avani Mishra is a graduate in law from the National Law Institute University, Bhopal. She qualified the Company Secretary course with an All India Rank 1 and is a recipient of the President’s Gold Medal for her academic distinctions. She also holds a B.Com degree with a specialization in Corporate Affairs and Administration.