01 Mar Company Incorporation: Understanding SPICe Form (Simplified Proforma for Incorporating a Company Electronically)
In a move towards simplifying the process of company incorporation, the Ministry of Corporate Affairs (MCA) had introduced the SPICe form, also known as Form INC-32. This form facilitates the seamless integration of various application processes, including name reservation, company incorporation, allotment of Director Identification Number (DIN), and application for PAN/TAN, all through a single application.
What Exactly is SPICe?
SPICe stands for Simplified Proforma for Incorporating a Company Electronically. It offers a consolidated platform for filing applications related to the incorporation of companies, enabling a fast-track approach for entrepreneurs.
Who Can Utilize the SPICe Form?
Various types of companies can utilize the SPICe form for their incorporation process. These include Part I Companies, Producer Companies, Section 8 Companies, and others falling under the category of New Companies.
When Should Companies File the SPICe Form?
Companies are required to file the SPICe form prior to their incorporation process, adhering to the regulations set forth by the MCA.
Step-by-Step Process of Filling the Form:
- Name Approval: Initially, approval must be obtained from the registrar of companies for the proposed name of the company. If approval is already secured, details of the SRN of RUN (Reserve Unique Name) need to be provided.
- Company Details: Relevant details regarding the type, class, and category of the company must be filled in. This includes specifying whether the company is formed with or without share capital.
- Industrial Activity: Information regarding the main division of industrial activity and article entrenchment should be provided.
- Correspondence Address: The mailing address of the company should be provided, along with necessary proofs if the address is different from the registered office address.
- Particulars and Subscribers: Details of the proposed/approved name, first subscribers (individual and non-individual), and proposed directors must be entered accurately.
- Stamp Duty and Financial Details: Details regarding the payment of stamp duty, PAN, TAN, employer registration, EPF and ESIC applicability, Importer Exporter code, and proposed investments should be mentioned.
- Attachments and Declarations: Memorandum of Association, Articles of Association, and declarations by first subscribers and directors should be attached to the form. Additionally, a declaration affirming compliance with the Companies Act 2013 must be made by an authorized director, followed by digital signatures from professionals and proposed directors.
Conclusion:
The SPICe form serves as a comprehensive tool for simplifying the company incorporation process, offering a streamlined approach for entrepreneurs and businesses. By embracing digitalization and consolidation of application processes, it aims to facilitate ease of doing business in India’s corporate landscape.
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