The Ministry of Corporate Affairs (MCA) released the SPICe+ form in an attempt to simplify the incorporation legalities. Ever since its launch, thousands of startups have been registered in a speedier and hassle-free manner. SPICe+ primarily caters to the incorporation requirements of entities intending to fall under the Companies Act 2013. Here’s everything you need to know about this e-form.
What is a SPICe+ e-form?
SPICe+[1] is a digitised version of the conventional incorporation form that came into existence in February 2020. It entails two mandatory parts viz Part A & Part B. Part A facilitates name approval services to the applicant. For name authentication, an applicant can fill in up to two proposed names. If the name comes out to be a conflict or invalid as per the MCA database, the authority shall repeal the request. In such a case, the applicant requires to refill the form without furnishing any additional fees.
Coming to Part B, it offers an assortment of services, as shown below:
- Application concerning DIN allotment
- Application concerning EPFO registration
- Application relating to PAN and TAN
- Application concerning Professional tax registration
- Application relating to ESIC registration
- Application for current bank account opening
- Allotment of GSTIN, if required by the applicant.
- Application regarding professional tax registration
The new SPICe+ form provides data authentication in real time for a hassle-free and speedy process. The details furnished in Part A and Part B will be auto-filed in the linked form, such as INC-9, Agile-Pro, eAOA, eMOA, and URC-1.
However, SPICe+ is yet to provide the facility that enables applicants to enclose their e-signature without downloading these forms. The same is true for e-form INC-32 required to be e-signed by the professional.
Salient Features of SPICe+ Form
Following are some features of SPICe+ Form:
- Speedier processing- thanks to real-time validation of entries filed by the applicant
- Easy to comprehend and fill
- Endorses applications concerning the allotment of DIN, EPFO, PAN, TAN, ESIC
- Filling out different forms is not a requirement anymore, courtesy of integrated applications.
- Check name availability for trademark disputes in real-time
- Availability of auto-fill features, making filing faster than ever.
- Flagged filing errors in real-time, thereby ensuring seamless completion of the filing requirement.
- Mitigates the requirement of manual signature, which otherwise was the mandate in the manual filing system.
Details to be provided in SPICe+ form
- Type, category, and class of the proposed company
- Company’s structure (AoA, details concerning authorised and subscribed share capital, and information about the members)
- Company’s address (it should be the principal place of business)
- Details concerning subscribers and directors
- Particulars relating to One Person Company nomination (Nomination, nominee’s details)
- Details relating to the stamp duty payment
- Information concerning PAN or TAN
Key inclusions of SPICe+ forms
Here are key inclusions of SPICe+ forms that are mandatory for completing incorporation formalities:
- Memorandum of Association (MoA)
- Articles of Association (AoA)
- Declaration to be accorded by the first director(s) & subscriber(s) (Affidavit not required)
- Proof concerning the office address
- Copy of utility bills such as electricity bills, water bills, and gas bills.
- Copy of incorporation certificate relating to foreign body corporate
- The resolution approved by the promoter company
- The first director’s interest in the other companies
- Consent of Nominee (INC–3)
- Proof relating to the subscribers’ residential address
- Identification proof and residential address concerning the nominee
- Identification proof and address concerning the applicant
- Resolution of unregistered entities in the case of chapter XXI (Part 1) Companies
- Declaration to be provided via Form No. INC – 14
- Declaration to be provided via Form No. INC – 15
- Optional attachments (if any)
- Attachments – Part A
For AGILE-PRO:
- Proof relating to the principal place of business
- Proof relating to the appointment of an Authorised Signatory for GSTIN such as a Letter of Authorisation/Managing Committee and Acceptance Letter/Copy of Resolution passed by BOD
- Proof concerning the authorised signatory’s identification for opening a bank account.
- Specimen signature concerning Authorised Signatory for EPFO
Conclusion
The advent of SPICe+ form has come as a great relief for imminent businesses intending to fall under the Companies Act 2013. It not only simplifies the incorporation legalities but also proves to be a time-saver for the new entities. The e-form has mitigated the requirement of countless paperwork and compliances. It is worth noting that this form serves new/unregistered companies only.
Read Our Article:Launch of Spice Plus Form by Ministry of Corporate Affairs
