SPICe+: New Mode of Company Incorporation in India

The Ministry of Corporate Affairs (MCA) works actively towards ease of doing business in India. To support this objective, MCA vide its Notification dated 18th February, 2020, amended Companies (Incorporation) Rules, 2014 and steered in the process of Incorporation of Companies through SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus: INC-32) in which substituted existing e-Form INC-32 (SPICe) under Companies (Incorporation) Amendment Rules, 2020.

spice+

SPICe+ is an integrated web form introduced to revamp the process of incorporation of  acompany with a view to lower the cost of incorporation  and  facilitate ease of doing business in India.

A company can be incorporated in following two ways under the new procedure:

  1. Reserving name for proposed company through Part A Spice+ and thereafter incorporating company through Spice+ Part B and availing the cluster of services
  2. Incorporating company at one go, without reserving name first, through Spice+ Part A & Spice+ Part B and availing the cluster of services.

Cluster of services which company can have recourse to while incorporating through SPICE+ are as follows:

  • 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 (in case of Maharashtra Only)
  • Mandatory Opening of Bank Account for the Company and
  • Allotment of GSTIN (optional)

Forms which are linked to SPICe+ i.e. forms which are required to be filed along with Form SPICe+

  • Agile-Pro
  • SPICe+ MOA
  • SPICe+ AOA
  • INC-9 PDF Generation

A comparative analysis of earlier Form INC-32 SPICe and currentweb form INC-32 SPICe+

Earlier Feature Now Feature
e- Form AGILE (Linked e-Form) Optional registration under EPFO, ESIC, GSTIN. e- Form AGILE-Pro (Linked Web Form) Mandatory registration under EPFO, ESIC, optional for GSTIN, Profession Tax registration (in case of Maharashtra Only)
Form INC-9 Prepared manually for every subscriber/ first director whether having DIN/ PAN not Form INC-9 Generated online for every subscriber/ first director who are having DIN/ PAN
Opening of Bank Account Not mandatory at the time of incorporating Company Opening of Bank Account Mandatory at the time of incorporating Company itself
RUN (Reserve Unique Name) Available for incorporation of new company or change of name of existing Company RUN (Reserve Unique Name) Available for change of name of existing Company only. Name for new company can now be reserved through Part-A of SPICe+

SPICE+ has simplified the company incorporation process in India as companies can get itself registered at a single instance several authorities in a hassle free manner. 

Disclaimer: This content is meant for information only and should not be considered as an advice or opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.

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