Web Form Spice+ is a Boon: supporting Single Window Registration under various Ministries for a Newly Incorporated Co.

Web Form Spice+ is a Boon: supporting Single Window Registration under various Ministries for a Newly Incorporated Co.

By very recent amendment in Company Formation process; Ministry of Corporate Affairs has introduced Web Form Spice+(vide Notification No. GSR 128(E) dated 18.02.2020). This step of MCA was streamlined with Ease of Doing Business Initiative and this form has smoothen Incorporation Process of Company Entity.

Single Window Application of Various Important Registration:

The form offers 10 services by 3 Central Govt Ministries & Departments. (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Govt.(Maharashtra), thereby saving as many procedures, time and cost for Starting a Business in India. These services along with Incorporation of Company are:

(i) Name Reservation-Spice+ Part A- You can apply for 2 Preferences and the suitable name as per Rules may be alloted. Applications are now speedily processed by CRC of MCA within D or D+1 days (D=Date of Payment Confirmation).
(ii) DIN allotment (Maximum 3 DIN; exception producer Co. where you can apply for 5 DIN).
(iii) Mandatory issue of PAN-Acknowledgement No. and E-pan card will be shared on Email provided in Form.
(iv) Mandatory issue of TAN-Allotment Letter will be shared on will be shared on Email provided in Form.
(v) Mandatory issue of EPFO registration- the number provided on mail post approval of Incorporation shall be secured as the respective agency of Government will not allow separate registration from now.
(vi) Mandatory issue of ESIC registration-same as the case in point (v).
(vii) Mandatory issue of Profession Tax registration(Maharashtra)
(viii) Mandatory Opening of Bank Account for the Company and (ix) Allotment of GSTIN (if so applied for).

Seamless Incorporation Process:

The new web form Facilitates On-screen filing and real time data validation for seamless incorporation of companies. In professional parlance; Attachment Appending, Check Form and Pre-Scrutiny will be done on portal easily and you just need to download Forms for DSC Validation. Upto 20 subscribers and/or director (Except in case when you neither have PAN nor have DIN); now Form INC-09 will be available in E Form mode; there only DSC validation of respective subscriber and/or director will required.

Other Important Benefits out of recent amendments in Incorporation Process:

1. The PAN/TAN allotted by Income Tax Department are being affixed on the Certificate of Incorporation of the company.
2. Zero fee is to be charged by MCA for all incorporations with authorized capital up to INR 15, 00,000. (This doesn’t include Stamp Duty).
3. Name Availability Rules have been simplified by MCA through Companies (Incorporation) Fifth Amendments Rules, 2019.
4. For Section 8 Companies- license to be obtained under e-form INC-12 from respective ROCs/RDs which is now merged with SPICe and is made centralized.

Some Tips for Professionals handling Incorporation Process:

For a professional handling first time the incorporation process the below planning would be beneficial.

1. DSC is necessary for all the applicants(subscriber/director) to the form.
2. Once Name applied; the SRN will be shown in existing applications under SPICe+ web field at MCA portal. Once SRN generated, name approved; the further process shall be done from same MCA Login only.
3. KYC details of all applicant shall be similar in each attachment.
4. As per our experience; changes/modifications to SPICe+ (even after generating pdf and affixing DSCs), can be made up to five times by editing the same web form application which has been saved, generating the updated pdf affixing DSCs and uploading the same. However, there is no limit to Change SPICe+ before generating pdf and affixing DSCs.
5. Attachments shall be saved with name without space for easy uploading. Eg. instead of putting “Rent_Deed” put “Rentdeed”.
6. Sequence of Forms Upload is- SPICe+ > E Moa(if applicable) > E Aoa(if applicable) > URC-01(if applicable) > AGILE Pro >INC-9.

In overall view; now the company incorporation is less time consuming, cost savvy and seamless process. We will be sharing a small guide to the Incorporation process in forthcoming posts.

By Team, N Mehta & Associates.

Disclaimer: Entire content of the post is review of prevailing provisions of law, based on personal experience of author and as per information existing at the time of publishing of this post. Attention is drawn to recent amendments & notification thereby.