Simplified Proforma for Incorporating Company Electronically (SPICe)

Every entrepreneur will agree that the procedure of incorporating a Company can be tedious and cumbersome despite the necessity of the steps involved. Even though a Company can now be incorporated online as well as offline, the steps remain the same.

The government of India has taken a significant step in easing the procedure of incorporation of a Company. On the occasion of Gandhi Jayanti, the government launched SPICe which is a simplified proforma for incorporating the Company electronically.

Ministry of Corporate Affairs has simplified the procedure by introducing the filing of pre-dated Memorandum or Articles of Association electronically. It will further simplify the earlier procedure of incorporating a Company using form Inc-29. As per the latest update, earlier forms may be replaced with newer SPICe form Inc-32.

There are certain features of SPICe that are as follows:

• Simplified and completely digital form of Company incorporation
• Standard format of Memorandum and Articles of Association
• Memorandum and Articles will now be filed as linked e-forms
  • For Memorandum of Association, an applicant must only copy-paste the necessities
  • For Articles of Association, an applicant may choose the clauses that are applied and choose that are not applied or need alteration
• Provision to apply for Company incorporation with a preapproved Company name
• Digital Signature Certificates of subscribers and witnesses will now be affixed
• Detailed and informative Inc-32 as compared to older form Inc-29
  • Older form, Inc-29 fulfills all purposes of Company registration that is an application for DIN allotment, reservation of Company name, incorporation, and even PAN and TAN
  • New form, Inc-32 provides the same facility, further including the filing of Memorandum and Articles of Association electronically

This initiative is a bold step and will increase gains with a faster review of the Memorandum and Articles of Association making SPICe the sole procedure to incorporate a Company in India.

Author: Dushyant Sharma

Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.