Looking to Start a Business? SPICe+ is Here to Help!February 22, 2023
Until recently, entrepreneurs were using the Simplified Proforma for Incorporating a Company Electronically (SPICe) form to register their new ventures. SPICe by MCA is an e-form that helps fast-track the process of registering the company name, allotment of DIN, application for PAN or TAN number etc. In order to make the process even smoother and faster, the Ministry of Corporate Affairs has announced the SPICe+ form.
Registering a company has become a lot easier with the new SPICe+ forms. The new form brings a fluid system to start a business in India, an initiative towards the ease of doing business. The new form, even though it retains the name of its predecessor, is very different from the SPICe form. Where SPICe was an e-form to start the registration process, SPICe+ is an integrated form that gives the entrepreneurs ten functionality other than name reservation, namely:
- DIN allotment
- Mandatory issue of PAN
- Mandatory issue of TAN
- Mandatory issue of EPFO registration
- Mandatory issue of ESIC registration
- Mandatory issue of Profession Tax registration(Maharashtra, Karnataka and West Bengal)
- Mandatory Opening of Bank Account for the Company
- Allotment of GSTIN (if so applied for) and
- .First time registration of shops and establishment for all new companies getting incorporated in Delhi
The SPICe+ form has two parts. Part A for the reservation of the name of the new company, and part B gives access to all other features of the form. A company may file both parts at the same time or submit part A first; after registering the name, they can file part B. The two-step process gives the owners much flexibility while incorporating a new company.
The form also includes on-screen filing and real-time data validation, which makes incorporating the company seamless and easy. SPICe+ also allows all Check form and Pre-scrutiny validations in the webform itself, streamlining the process. But this excludes DSC validations and affixation, which is done after all relevant information is filed through the form and converted to a PDF file with the click of a button.
The SPICe+ form is a great step towards Ease of Doing Business, encouraging companies abroad to invest in India. It also invites Indian owners to make a place for themselves in the economy.