SPICe -Easy way to register a Company in One Day

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SPICe -Easy way to register a Company in One Day

Ministry of Corporate Affairs introduced an electronic form called Simplified Performa for Incorporating Company electronically (SPICe) vide the notification October, 2016 in order to simplify the procedure of incorporation. SPICe or e- form INC-32 can be filed along with memorandum of association INC-33 and article of association INC-34.It helps in incorporating the company with the single application for reservation of name, incorporation of a new company or allotment of Director Identification Number. It integrates many processes into one process resulting in fast track incorporation of company.

Prior to May, 2015 for incorporating the company needs to file five forms which includes DIR-3 for acquiring the directors identification number, INC-1 for approving a name, INC-7 for registering a company with memorandum of association and articles of association, INC-22 for details regarding registered office and form DIR-12 for appointing directors. Filing these documents was a very hectic and time consuming process. In order to facilitate the smooth and fast track procedure of incorporation MCA introduced INC-29 on May, 2015. It was a major reform brought by government as only one integrated form INC-29 has to be filed as against five forms. But one shortcoming of INC-29 was that there was no procedure for entering a previously approved name due to which there were chances of rejection of application.

SPICe contained all the features of INC-29 in addition to this it provide the option to the company for entering the previously approved name. So it can be filed with memorandum of association INC-33 and article of association to facilitate the incorporation of company in 1-2 days.

Key benefits of SPICe or INC-32

• Application of name- In form INC-29 there was no provision for entering previously approved name that is we cannot file INC-1 prior to INC-29. But in form INC-32 or SPICe there are provision for entering a previously approved name.
• More Information- The information contained in INC-32 is more than the information in INC-29. Thus it helps the user to fill form with more ease.
• Electronic filing of memorandum of association and article of association- INC-33 for memorandum of association and INC-34 for article of association has been provided electronically. The applicant is only required to fill the objects of the company and the clauses for article of association. Hence, the task of drafting the memorandum of association and article of association has become much simpler.
• Provision for Pan and Tan- SPICe or INC-32 enables the applicant to apply and permanent account number and tax deduction number electronically.

Process for filing SPICe Form INC-32

• Submit supporting Documents like Memorandum of association, Article of association, identity proof, details of subscribers and directors along with INC-32.
• Declaration by professional should be attached to form INC-32 declaring that all the information presented in the form is correct.
• After filing it will be processed by central processing Center.
• If all the documents are complete a company identity number (CIN) will be allotted along with DIN.

Under form INC -32 the following types of companies can be register in India.

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