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SPICE+Form: Fast-track Company Registration

The SPICE+ Form is a revolutionary initiative by the Ministry of Corporate Affairs (MCA) in India, designed to expedite and simplify the company registration process. This blog provides an in-depth exploration of SPICE+, highlighting its features and benefits, the required documentation, and the step-by-step procedure for fast-tracking company registration.

Introduction 

Every company incorporated on or after February 23, 2020, is required to submit an application for name reservation and incorporation via the brand new web service SPICe+. 

This new service facilitates applicants who want to apply for the company name, incorporation services, and other integrated services at the same time. Such applicants can do so by completing Parts A and B of the SPICe+ form.

Fast-track company registration has been made easier and simpler by the Ministry of Corporate Affairs. The Ministry of Corporate Affairs (MCA) has undertaken many amendments to simplify the process of Company Registration in India. Instituting the SPICe + form is one of the steps to simplify the process of incorporation of companies and to promote the ease of doing business in India.
Dive deep into the Indian business ecosystem. Begin by registering your company – Quick and Easy Company Formation

Significance of SPICe+

SPICe+ is one of the several initiatives launched by the Government of India to improve the ease of doing business (EODB) in India. Many entrepreneurs have benefited tremendously in terms of easy and hassle-free incorporation on account of the new initiative.

It is a web form that is an integrated and improved version of the previous SPICe form (i.e. e-form INC-32). The SPICe+ webform provides a grand total of 11 services from three Central Government Ministries and Departments. Namely the, 

  • Ministry of Corporate Affairs,
  • Ministry of Labour
  • Department of Revenue in the Ministry of Finance and three state governments (Maharashtra, Karnataka, and West Bengal)

This form has played a major role in reducing the number of procedures, time, and costs associated with starting a business in India.

Services Offered in PART – A of SPICe+ Form 

SPICe+ form’s Part A is the portion where all the details pertaining to a new company’s name reservation must be entered.  SPICe+ form’s Part A segment can be submitted separately without PART B for the purpose of name reservation only, or it can be submitted in tandem with SPICe+ form’s Part B for name reservation and incorporation, as well as other integrated services.

Services Offered in PART B of the SPICe+ Form 

Part B of the Form offers following services:

  • Incorporation;
  • DIN allotment;
  • Mandatory issue of PAN;
  • Mandatory issue of TAN;
  • Mandatory issue of EPFO registration;
  • Mandatory issue of ESIC registration;
  • Mandatory issue of Profession Tax registration, only for companies to be registered
  • in Maharashtra, Karnataka and West Bengal;
  • Mandatory opening of bank accounts for the company;
  • Optional allotment of GSTIN;
  • Allotment of shops and establishment registration number (Only for Delhi).

Features of SPICe+

SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) is a game-changing initiative by the Ministry of Corporate Affairs (MCA) in India. It streamlines the process of company formation, making it faster and more efficient. 

SPICe+ Form comes with a comprehensive set of 10 services, divided into two distinct parts: Part A and Part B. Part A enables individuals to reserve a name for their upcoming company. On the other hand, Part B encompasses the remaining nine services, which encompass company incorporation, Director Identification Number (DIN) allocation, Company PAN issuance, EPFO registration, TAN allocation for the company, ESIC registration, Professional Tax Registration (applicable in Maharashtra), setting up a bank account for the company, and securing a GSTIN for the company. This bifurcation of services streamlines the process, making it more efficient for entrepreneurs and businesses seeking to avail of these essential services for company registration.

Details Required for Company Formation in SPICe+ Form:

Director Identification Number (DIN): Each director and proposed director must have a DIN. If not, apply for it through the SPICe+ form.

Digital Signature Certificate (DSC): Signatories must possess a valid DSC for filing forms electronically.

Name Reservation: Before starting the incorporation process, apply for name availability. Provide at least one and up to six names in order of preference.

Registered Office Address: Furnish the details of the company’s registered office, including proof of ownership or lease agreement.

Subscriber Sheet: This document contains the subscriber’s details, like name, address, occupation, and shareholding.

Memorandum of Association (MOA): Specify the company’s objectives and activities. Ensure compliance with the Companies Act, 2013.

Articles of Association (AOA): Define the company’s internal regulations, rules, and procedures.

Attachments in SPICe+

The SPICe+ form may require several attachments, such as:

  • Proof of Registered Office Address: Lease agreement, rent receipts, or property ownership documents.
  • Subscriber Sheet: Including consent, declarations, and identity proofs of subscribers.
  • Director’s Details: PAN card, Aadhar card, photograph, and proof of identity and address.
  • DIN Declaration: Verification of DIN by director.
  • AOA and MOA: These documents must be attached with the SPICe+ form.

Procedure for Incorporating a Company through SPICe+:

Name Reservation: Apply for name availability through the RUN (Reserve Unique Name) facility.

Fill SPICe+ Form: Complete the SPICe+ form with all necessary details, attach the required documents, and make the necessary payments.

DSC Signatures: Sign the form using Digital Signature Certificates.

Submission: Submit the SPICe+ form electronically to the MCA portal.

Certificate of Incorporation: Once approved, you’ll receive the Certificate of Incorporation and your company is officially formed.

SPICe+ has revolutionised the company incorporation process in India, making it more accessible and efficient for businesses and entrepreneurs. By understanding its features, required details, attachments, and incorporation procedure, individuals can navigate the process smoothly and establish their companies with ease.

Frequently Asked Questions 

Q. Can a NIDHI company be incorporated using SPICe+ forms?

Yes, Nidhi Company can be incorporated using SPICe+ form i.e. INC 32.

Q. Are the subscribers’ photos required for the SPICe+ form?

No, subscribers’ photos are not required.

Q. Can OPCs be incorporated using SPICe+ forms?

Yes, OPCs can be incorporated via the SPICe+ form.

Q. Can LLPs be incorporated using SPICe+ forms?

SPICe+ forms cannot be used for incorporating LLPs as the latter comes under a different framework altogether .

Q. What are the words or expressions which can be used in the name of a company only after obtaining prior approval of the Central Government?

The following words and combinations thereof should not be used in the name of a company in English or any of the languages depicting the same meaning unless the prior approval of the Central Government has been obtained for the use of any such word or expressions - a) Board; b) Commission; c) Authority; d) Undertaking; e) National; f) Union; g) Central; h) Federal; i) Republic; j) President; k) Rashtrapati; l) Small ScaleIndustries; m) Khadi and Village Industries Corporation; n) Financial Corporation andthe like; o) Municipal; p) Panchayat; q) Development Authority; r) Prime Minister or ChiefMinister; s) Minister; t) Nation; u) Forest corporation; v) Development Scheme; w) Statute orStatutory; x) Court or Judiciary; y) Governor; z) the use of word Scheme with the name of Government (s), State, India, Bharat or any Government authority or in any manner resembling with the schemes launched by Central, Stateor local Governments and authorities; and za) Bureau.

Q. If a subscriber to the memorandum is a foreign national, his signatures and address needs to be notarized as per the Rule 13 of the Companies (Incorporation) Rules, 2014. In such a case, how can the signature of subscribers be attested?

In these situations, SPICe+ (INC-32) should be filed along with the physically signed Memorandum of Association (MOA) and Articles of Association (AOA). The signature and address of the subscriber therein should be duly notarized / apostilled / consularized, as applicable

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