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Archita Bhattacharjee
| Updated: 24 Jul, 2020 | Category: Company Registration

Technical Guide on Incorporation of Companies by SPICE+: ICAI

Spice+

In place of Spice form, Spice+ is a new web-based form. MCA has deployed new web-based form spice+ and other registration along with the form to make the company incorporation procedure easier.

A company can apply for EPFO/ESI, GST numbers with this ‘single window form.’ It is compulsory for all the companies as per the directives of the ministry of corporate affairs to issue TAN, PAN, ESIC, Opening of Bank Account EPFO, and Profession Tax (Maharashtra).

What is the Technical Guide on the Incorporation of Companies?

At present, through an integrated Web form called SPIC Plus, the Institute of Chartered Accountants of India (ICAI) has allotted a technical guide on Easy Incorporation of Companies. This is a quick guide facilitating the Incorporation of a company for chartered accountants. Moreover, all procedural formalities are provided along with required inputs of law. As a result of this, it is advisable to read provisions of law for elaborate understanding. Reference of section/rule is provided for arranged reference.

Understanding of Law

Producer Company is constituted for the advantage of farmers, and a public limited company is incorporated for running large business undertakings. These companies call for the sake of brevity and a deeper understanding of the law. Moreover, the procedures for incorporating these categories of companies have been distributed. Therefore, the attention is on the Incorporation of the Company in most of the aspect.

If a client has approaches a chartered accountant to make the needed decision to incorporate a Company, then this Blogs will be his left hand for reaching the goal post to achieving ‘company incorporation.’ Objectifying with the Ease of Doing business and overall objective of reducing the cost of compliances in India, several reforms have been brought out by the Ministry of Corporate Affairs, Government of India, since the enactment of the’ Companies Act, 2013[1]‘.

SPICe+ Form- (eForm-32)

The MCA (Ministry of Corporate Affairs) has brought in advanced integrated form SPICe+ (eForm-32) as a part of PM’s initiative of Ease of continuing Business. It enables the user’s ease in company incorporation. Therefore, SPICe+ is an integrated Web form that proposes ten services by three Central Government Ministries & Branches. State Government (Maharashtra), Ministry of Labour & Department of Revenue, Ministry of Finance, and Ministry of Corporate Affairs are saving as many times, procedures, and costs for Starting a Business/Company in India.

SPICe+ has made the Incorporation of companies straightforward and simple, which is part of various commitments and initiatives of the Government of India towards EODB.

Types of Companies can be incorporated Using SPICe+ Form.

The following types of companies in India can be incorporated Using SPICe Plus Form. Those are as follows:-

  • Part I Company Producer company 

It will be applicable if two agricultural corporations are promoters. The normal incorporation process must be followed if there are a minimum of 10 promoters as appropriate for individuals.

  • Section 8 Company (It was not offered in INC-29)
  • New Company – Private Company or Public Company or One Person Company

DINs gets allotted to those proposed Directors who do not hold DIN and PAN, TAN, PF, which is also known as the fact that the eForm-32 has other added benefits. Along with Incorporation as a single procedure, ESIC registration can also be obtained. The aptitude is available for synchronized allotment of the opening of the Bank account and GST number.

Read our article: MCA: Extensions for Resubmission of Forms and for Reserved Names

ICAI Guidance on Procedural Aspect

The ICAI (Institute of Chartered Accountants of India) through its Corporate Laws & Corporate Governance Committee (CL&CGC) and keeping in view the importance of this initiative of the Government has released the “Technical Guide on Incorporation of Companies through SPICE+.” It is to provide comprehensive guidance on the procedural aspects of this integrated form for the benefit of all the stakeholders and other members.

What does this guide include?

Incorporation of Companies through SPICE+

This guide includes detailed about various questions and formats, which are as follows:-

  • What is a company?
  • What are the types of companies?
  • What is the process of the formation of a Company? 
  • Incorporation of Company and Matters, 
  • Incidental, Requirements of Memorandum of Association, Articles of Association and Requirements in case of Foreign Subscriber, 
  • Requirements of Memorandum of Association (MOA), 
  • Provisions of Articles of Association (AOA), Foreign Subscriber, etc.

It also addresses what Spice Plus and a few related queries, which are as follows:-

  • Features of Spice Plus, 
  • Procedure for filing of SPICe+
  • Detailed explanation of steps to be taken for Incorporation starting from, STEP 1 – SPICe+ Login + STEP 2 – SPICe+ Dashboard + STEP 3 – SPICe+ Part A to the STEP 4 – SPICe+ Part B.

This guide serves the guidance on various requirements on checklist and need for documentation, which are as follows:-

  • Checklist for Certification of INC 32, Reports and certificates for Special Purposes, 
  • Unique Document Identification Number (UDIN), 
  • Linked forms with SPICe +, 
  • AGILE- PRO – Web form layout, eMOA / eAOA – Web form layout, Uploading of SPICe+ e-form.

This guide also describes what to be taken care of while registering your companies, which are as follows:-

  • Effect of Registration
  • Linked forms to be filed along with SPICe+, 
  • Steps to be taken Post incorporation by the Company, stuff related to Registered Office, 
  • Features of name to be affixed at the Registered Office,
  • Essential FAQs on Incorporation & Allied,
  • Matters incorporating the FAQs issued by the Ministry of Corporate Affairs.
Note: Kindly go through “Technical Guide on Incorporation of Companies through SPICE+” and get an excellent idea of the super easy process of Incorporating your Company!

Conclusion 

If you would like more applicable information or thorough assistance as per your requirements formulated in the “Technical Guide on Incorporation of Companies through SPICE+,” please connect with our Corpbiz legal Professionals. 

Our Corpbiz Advisors will be at your disposal if you want expert guidance on any aspect of Company Registration and any upcoming compliance. We will support you to ensure full compliances as per your business, safeguarding the fruitful and well-timed accomplishment of your requirement.

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Archita Bhattacharjee

Archita Bhattacharjee is a fellow of legal studies and has proving experience about 1.5 years as Corporate legal Researcher in law firms and Rajya Sabha and authors in diverse journal publications. She has refined her skills by representing India in Paris and the University of Leiden over implications of International Humanitarian and Criminal Law being certified member of Legal Centers. As a part-time thinker, she is building intelligible legal Content for Corpbiz.

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