{"id":29991,"date":"2021-05-10T13:01:00","date_gmt":"2021-05-10T07:31:00","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=29991"},"modified":"2021-05-10T13:01:02","modified_gmt":"2021-05-10T07:31:02","slug":"open-current-bank-account-for-a-private-limited-company","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/open-current-bank-account-for-a-private-limited-company\/","title":{"rendered":"Here\u2019s How to Open Current Bank Account for a Private Limited Company!"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Pvt Ltd Company registration is\narguably one of the most efficient business forms in our country. The share of\na private limited company remains inaccessible to outsiders; therefore, the\nprobability of hostile takeover is next to negligible. Additionally, Ease of\nformation and no capital requirement make this business a perfect option for\nbudget-conscious startups. In this write-up, you will learn how to open a\ncurrent bank account for a Privately-held entity in India. <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/open-current-bank-account-for-a-private-limited-company\/#Introduction_of_Spice_Web_Form\" >Introduction\nof Spice+ Web Form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/open-current-bank-account-for-a-private-limited-company\/#Opening_of_Current_Bank_Account_via_Agile_Pro_Form\" >Opening\nof Current Bank Account via Agile Pro Form&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/open-current-bank-account-for-a-private-limited-company\/#Law_Governing_the_AGILE-PRO_Web_Form\" >Law\nGoverning the AGILE-PRO Web Form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/open-current-bank-account-for-a-private-limited-company\/#Purpose_of_the_AGILE-PRO_Web-form\" >Purpose\nof the AGILE-PRO Web-form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/open-current-bank-account-for-a-private-limited-company\/#Points_to_be_Taken_Care_of_While_Filing_Spice_Web_Form\" >Points\nto be Taken Care of While Filing Spice + Web Form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/open-current-bank-account-for-a-private-limited-company\/#Mandatory_Attachments_for_Opening_Current_Bank_Account_Agile_Pro_form\" >Mandatory\nAttachments for Opening Current Bank Account Agile Pro form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/open-current-bank-account-for-a-private-limited-company\/#What_are_the_Salient_Features_of_Spice_Web_Form\" >What\nare the Salient Features of Spice + Web Form?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/open-current-bank-account-for-a-private-limited-company\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction_of_Spice_Web_Form\"><\/span>Introduction\nof Spice+ Web Form <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Previously opening a current bank account was a tedious undertaking for the <a href=\"https:\/\/corpbiz.io\/company-registration\"><strong>private limited companies<\/strong><\/a> owing to the abundance of requirements.<\/p>\n\n\n\n<p>In Feb, 2020, the Indian government, in association with the Ministry of Corporate Affairs (MCA), came up with a revolutionary web-based form known as Spice+. This form aims to simplify the registration process for Private Limited Companies. The Spice+ form renders an array of services such as name reservation, the opening of current bank account post-incorporation, <a href=\"https:\/\/corpbiz.io\/epf-registration\"><strong>EPFO registration<\/strong><\/a>, Allotment of GSTIN, etc.&nbsp;<\/p>\n\n\n\n<p>The Spice+ form is divided into\ntwo parts, i.e., Part A and Part B. Part A deals with the name reservation.\nUnder Part B, the authority offers various incorporation services, including\nIncorporation, DIN allotment, GSTIN allotment, etc. This list below will give\nyou a better understanding of the same.&nbsp;<\/p>\n\n\n\n<ul><li><strong><em>Part A: for Name reservation for new companies<\/em><\/strong><\/li><li><strong><em>Part B: for Rendering Various Incorporation Services<\/em><\/strong><\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/05\/Here\u2019s-How-to-Open-Current-Bank-Account-for-a-Private-Limited-Company.png\" alt=\"Introduction of Spice+ Web Form \" class=\"wp-image-30043\" width=\"538\" height=\"367\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/05\/Here\u2019s-How-to-Open-Current-Bank-Account-for-a-Private-Limited-Company.png 1000w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/05\/Here\u2019s-How-to-Open-Current-Bank-Account-for-a-Private-Limited-Company-300x205.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/05\/Here\u2019s-How-to-Open-Current-Bank-Account-for-a-Private-Limited-Company-768x525.png 768w\" sizes=\"(max-width: 538px) 100vw, 538px\" \/><\/figure><\/div>\n\n\n\n<p>After filling up the details in\nPart A, the applicant doesn\u2019t require to manually fill the rest of the form\nviz; AGILE-PRO, eMoA, eAoA, URC-1, INC-9 because Spice+ is backed by automatic\npre-fill support.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Opening_of_Current_Bank_Account_via_Agile_Pro_Form\"><\/span>Opening\nof Current Bank Account via Agile Pro Form&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>All new entities incorporated\nvia SPICe+ form (w.e.f 23rd February 2020) are mandated to apply for opening\nthe Company\u2019s Current bank account via AGILE-PRO web-based form.&nbsp;<\/p>\n\n\n\n<p>At present, SBI Bank, <em><strong>Punjab National Bank<\/strong><\/em><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Punjab_National_Bank\"><em><strong>[1]<\/strong><\/em><\/a><\/sup>, Kotak Mahindra Bank ICICI Bank, UBI, HDFC, Bank, and Bank of Baroda were integrated with SPICe+ for opening a current account for the Company. AGILE-PRO comprises online application for Profession Tax Registration, GSTIN\/EPFO\/ESIC\/ and opening of Current bank account.&nbsp;<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/new-company-under-companies-act-2013-via-spice\/\">How to Establish a New Company under Companies Act 2013 via SPICE+?<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Law_Governing_the_AGILE-PRO_Web_Form\"><\/span>Law\nGoverning the AGILE-PRO Web Form<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AGILE-PRO web form is mandated\nto be filed under Rule 38(A) of the Companies (Incorporation) Rules, 2014. The\napplication related to incorporation under rule 38 should be affixed with the\nAGILE-PRO (INC-35) form for the registration of the following,<\/p>\n\n\n\n<ul><li>GSTIN<\/li><li>EPFO<\/li><li>ESIC<\/li><li><a href=\"https:\/\/corpbiz.io\/professional-tax-registration\"><strong>Profession Tax Registration<\/strong><\/a><\/li><li>Opening of Current bank account<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Purpose_of_the_AGILE-PRO_Web-form\"><\/span>Purpose\nof the AGILE-PRO Web-form<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Any applicant who wishes to\nincorporate a company via SPICe+ can also apply for the Opening of a current\nbank account\/ Profession Tax\/ GSTIN\/ ESIC\/ EPFO through AGILE-PRO (INC35)\nweb-form. The applicant is mandated to file SPICe+ form for incorporation\naccompanying AGILE-PRO for, along with SPICe+ MOA (INC-33), form URC-1 and\neForm SPICe+ AOA (INC34) as applicable for issuance of GSTN\/ EPFO\/ ESIC, etc.<\/p>\n\n\n\n<p>This process will be accessible\nto those entities only which were incorporated by MCA via SPICe+ web form.\nOther applicants\u2019 category such as Tax Collector, Tax Deductor, ISD, Casual Taxable\nperson, etc. who wishes to apply for GSTIN is required to follow the existing\nregistration process on the GST common portal.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Points_to_be_Taken_Care_of_While_Filing_Spice_Web_Form\"><\/span>Points\nto be Taken Care of While Filing Spice + Web Form<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>The linked form will be pre-filled automatically by fetching\ndata entered in Part A.<\/li><li>While uploading a photo of an authorized signatory, make\nsure to take care of the image format and size. According to the form, the\nimage should adhere to 100 KB size and. JPG format.<\/li><li>Applicant can have access to those banks only that are integrated\nwith SPICe+ form.&nbsp;<\/li><li>It is mandatory to add the detail of&nbsp;the Proposed\nDirector acting as an authorized signatory for the purpose of opening a current\nbank account or applying GSTIN \/ EPFO\/ ESIC.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mandatory_Attachments_for_Opening_Current_Bank_Account_Agile_Pro_form\"><\/span>Mandatory\nAttachments for Opening Current Bank Account Agile Pro form<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Proof of Principal place of business<\/li><\/ul>\n\n\n\n<p>Following documents can be\nuploaded as Proof of Principal place of business. The particulars in the list\nare tagged along with admissible image size.&nbsp;<\/p>\n\n\n\n<ol><li>Property Tax Receipt &#8211; 100 KB<\/li><li>Municipal Khata copy &#8211; 100KB<\/li><li>Electricity Bill &#8211; 100 KB<\/li><li>Rent\/ Lease Agreement &#8211; 2MB<\/li><li>Consent Letter &#8211; 100KB<\/li><li>Rent receipt with NOC (In case of no\/expired agreement) &#8211; 1MB<\/li><\/ol>\n\n\n\n<ul><li>Legal ownership document\n&#8211; Image size- 1MB and image format- PDF.<\/li><li>Identification proof of\nAuthorized Signatory for opening Current bank account (.pdf)<\/li><li>Address proof of\nAuthorized Signatory for opening a current account in a bank (.pdf)<\/li><li>Appointment proof of\nAuthorized Signatory (.pdf)<\/li><li>Copy of Resolution\npassed by BoD<\/li><li>Letter of Authorisation\n\u2013 100 KB<\/li><\/ul>\n\n\n\n<p>After uploading the aforesaid\nattachment, the applicant shall come across the declaration page. Before\nticking the blank boxes, it is advisable to review the page thoroughly. Once\nyou are satisfied with the page, tap on the \u201cPre-scrutiny\u201d option followed by\nthe Submit option.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Salient_Features_of_Spice_Web_Form\"><\/span>What\nare the Salient Features of Spice + Web Form? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Being on online application, the SPICe+ form would be filed\nvia the front office dashboard along with other linked forms.&nbsp;<\/li><li>The SPICe+ form provides the facility of On-screen filing\nalong with real-time data validation for the error-free incorporation\nprocess.&nbsp;<\/li><li>Information once provided can be altered and saved in the\nform.&nbsp;<\/li><li>Once this form is filed with the requested details, the\napplicant can make covert the same into pdf format for affixing DSCs.<\/li><li>Changes\/modifications to the SPICe+ form are possible even\nafter PDF conversion and affixing DSC.<\/li><li>All Pre-scrutiny validations of details provided in the form\nwill happen web form itself.<\/li><li>DSC validations will happen at the upload level.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When contrasted with the previous method, opening a current bank account through the SPICe+ form is way easier and more seamless. The auto-fill feature certainly comes in handy in reducing manual errors. All in all, SPICe+ web-based is a novel medium through which the incorporation becomes incredibly more effortless.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/registration-procedure-of-small-business-documents-required\/\">Registration Procedure of Small Business &amp; Documents Required<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pvt Ltd Company registration is arguably one of the most efficient business forms in our country. The share of a private limited company remains inaccessible to outsiders; therefore, the probability of hostile takeover is next to negligible. Additionally, Ease of formation and no capital requirement make this business a perfect option for budget-conscious startups. In [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":30042,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[1728],"acf":{"service_id":"1"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":8389,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/29991"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=29991"}],"version-history":[{"count":7,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/29991\/revisions"}],"predecessor-version":[{"id":30044,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/29991\/revisions\/30044"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/30042"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=29991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=29991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=29991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}