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Soumya Bajpai
| Updated: 27 Nov, 2020 | Category: Company Registration

Analysis on the Fast Track Company Registration under SPICe+ in India

Fast track Company Registration

Today the fast track company registration has been made easier and simpler by the MCA (Ministry of Corporate Affairs). The (MCA) Ministry of Corporate Affairs has come up with many amendments to simplify the Company Registration process in India. The government has brought the new simple application to ease the process of company incorporation. The new form of SPICe+ integrates various services from different ministries & departments.

Fast Track Company Registration process under the SPICe+

The SPICe+ is a feature provided under MCA services are as follows:-

  • Click on the SPICe+;
  • Choose a new application, in case you have the existing application then choose an existing application;
  • Fill in the application number and a proposed or an approved name;
  • You can submit Part A for name reservation or proceed with incorporation;
  • Once you proceed with incorporation, Part B will get enabled;
  • The details regarding company registration have to be entered;
  • Upload all the documents for the purpose of registration;
  • After that download PDF of Part B submitted for affixing with DSC and for fill up the linked forms;
  • The linked forms include the AGILE PRO, SPICe+ MOA and SPICe+ AOA, INC-9, and URC-1. Part B along with the linked forms can be uploaded on MCA portal;
  • A service request number will get generated in order to make payment for the company incorporation. Once the payment is successful, the forms will be processed.

Services Provided by the SPICe+ Form

A new integrated web form provides for the following services:-

Services Provided by the SPICe+ Form

What are the Attachment Required for the SPICe+?

  • Affidavit & Declaration by First Subscriber (s) and Director(s).
  • Address Proof;
  • Copies of utility bills (not older than of 2 months);
  • NOC from sole proprietor/partners/existing company;
  • Identity proof and residential address of subscribers;
  • Identity proof  and residential address of Directors;
  • (MOA)memorandum of Association;
  • (AOA) Articles of Association;
  • Declaration in a Form INC- 14;
  • Declaration in a Form INC- 15;
  • Attachment of Part- A
  • The copy of approval in case a proposed name contains any words or expressions which require approval from the central government.
  • If a proposed name is based on the registered trademark or is a subject matter of an application pending for a registration under the Trademarks Act, then it becomes mandatory to attach a trademark registration certificate or copy of trademark application.

What are the Advantages of the SPICe+ Form?

  • It has made the incorporation process of companies easy, simple and hassle-free.
  • With an advent of new dashboard for SPICe+ form and linked forms, the approved name will be displayed, thereby eliminating a requirement of doing a name search.
  • SPICe+ apart from being an updated type, the form is capable of serving various needs such as Name Reservation, Incorporation, etc.
  • SPICe+ has been structured into different sections to ensure ease while filing.
  • It is the single window application.
  • It is an integrated web form. It is expected to save very lengthy procedures, save time and cut expenses before starting a new business.

Essential Points to be known about the SPICe+ Form

  • It is an integrated web-based form;
  • It has two parts- Part A and Part B. The new and user-friendly dashboard has been created for company incorporation application;
  • The new web form will facilitate the screen filing and real-time data validation for incorporating seamlessly;
  • Information once entered can also be modified;
  • All check form and pre scrutiny validations will take place on web form itself (except validation of the DSC);
  • All new companies which are incorporated through the SPICe+ will be required to mandatorily apply for opening the bank account of the company via AGILE PRO[1] linked web form.

Conclusion

SPICe+ has the simplified the process of incorporation of a company. As it is a single-window form, it is speedy, and it saves the cost of incorporation and also saves time. Today, approximately 9,000 companies are being registered every month. The complete procedure for company incorporation under SPICe+ can be done within a few days time if you have all the required documents.

Read our article: A Detail Discussion upon existing Myths of Company Registration

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Soumya Bajpai

Soumya has done LLB (Hons) and has a 2+years experience in writing. Her main interest is in reading judgments, new enactments and amendments taking around in law. She always strives to bring the best to work that she does.

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