SPICe stands for Simplified Proforma for Incorporating a Company Electronically and it is a complete form used for reserving a company name, incorporation, issuance of director identification numbers, or acquiring permanent account numbers/tax deductions.
An individual who wishes to become the first director of a new company without having a director identification number must apply through the SPICe+ Form. With the application, the applicant must attach proofs of identity and address. After submission of the application, the applicant will receive a Director Identification Number (DIN).
How to register a new company through the SPICe+ Form?
A new genre of SPICe is launched by The Ministry of Corporate Affairs also known as (MCA) in short. Under the SPICe Company Registration process, provides incorporation of the following:
- A system for assigning Directors Identification Numbers (DINs)
- Upon acceptance of names
- Incorporation certificate
- PAN (Permanent Account Number)
- TAN (Tax Deduction Account Number)
Through help of the SPICe+ Form, a complete company registration is accomplished in one step, and director’s identification numbers, name reservations, PANs, and TANs can all be obtained in one go. Furthermore, it combines the process of obtaining director identification numbers and tax deduction account numbers into one step, reducing the number of forms needed.
A smoother process for registering a private limited company has been introduced by the Ministry of Corporate Affairs starting 26th January 2018. In order to accommodate the changes that have been made, the incorporation process of companies must undergo the following modifications:
- It is noteworthy to mention the change from an e-web approval form to a web approval form for the names.
- In addition, the company’s directors are not permitted to apply for the acquisition, and the DIR-3 form is suspended. A DIN will be obtained by the concerned company. In order to fill out an appointment form, the company where the appointment is being offered must file an application.
- There is a limit of three new DINs that can be added to the SPICe+ Form.
Company Fast-Track Registration
You can use the SPICe+ Form to register a fast track company in the following circumstances:
Digital Signature – It is now necessary since the company is incorporated online. Hence the foremost step is to acquire the Digital Signature for one of the suggested directors of the Company.
Availability of the name of the Company – In accordance with the Companies Act 2013, the company name must be correctly chosen and must adhere to the guidelines for naming a company.
Drafting of Memorandum of Association and Article of Association – MCA will require the definition of the suggested company after it approves the name. These will be provided in the MOA and AOA. Each document should be self-certified.
Documents that are required – The documents that must be attached are the Memorandum of Association and Articles of Association, a declaration and an affidavit by the primary subscribers and directors, a proof of the registered office address, a rental or sale agreement, and finally, the last two months’ utility bills.
Filing of INC-29 – The authorized signatory provides a certificate of incorporation after filing INC-29 with the registrar of companies.
To register a new company or fast track company through the SPICe+ Form, it is necessary to follow the above-mentioned procedures. SPICe+ Form makes it easy to register a business or company electronically, but the above-mentioned documents are still required to register.