Hassle-free Incorporation – The new SPICe Form

Last Updated at: May 19, 2020
2224
SPICe FORM
Hassle-free Incorporation – The new SPICe Form
The Ministry of Corporate Affairs is replacing the existing SPICe (Simplified Proforma for Incorporating Company Electronically) form with a new web form called SPICe+.The ministry said the new form would offer on-screen filing of data and its real-time validation for a seamless registration.

 

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. Let’s see more about the SPICe Form.

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 process. It possess deterrent as it involves 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 a 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. Moreover, 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). That is 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 necessary and it must have a sign. 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 the documentation. And 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 can be obtained. They are GSTIN, EPFO and ESIC which can be obtained together.

It is beyond all doubt that the lives of all future business owners 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

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Hassle-free Incorporation – The new SPICe Form

2224
The Ministry of Corporate Affairs is replacing the existing SPICe (Simplified Proforma for Incorporating Company Electronically) form with a new web form called SPICe+.The ministry said the new form would offer on-screen filing of data and its real-time validation for a seamless registration.

 

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. Let’s see more about the SPICe Form.

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 process. It possess deterrent as it involves 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 a 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. Moreover, 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). That is 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 necessary and it must have a sign. 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 the documentation. And 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 can be obtained. They are GSTIN, EPFO and ESIC which can be obtained together.

It is beyond all doubt that the lives of all future business owners 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

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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.