AMENDMENTS IN PROCESS TO OPEN COMPANY IN INDIA

AMENDMENTS IN PROCESS TO OPEN COMPANY IN INDIA

The Ministry of Corporate Affairs (MCA) has introduced changes in the incorporation process and made relevant amendments to the general provisions of Incorporation.

In order to increase the convenience in business & compliances MCA has introduced one compact e-Form SPICe+ web form with effect from February 23rd, 2020, which will help the new startup entrepreneurs to get the necessary registrations and to complete the initial compliances through a single form.

The SPICe+ has replaced the existing SPICe form, which was earlier used for the Company Registration and used to offer following mandatory integrated services:

  1. Name Reservation
  2. Company Incorporation
  3. DIN Allotment
  4. PAN & TAN Allotment

Whereas,

SPICe+ has come up with many mandatory integrated services. To understand the changes, let’s discuss in detail.

SPICe+ has two parts- PART-A (For Name Reservation of New Companies) & PART-B (offering a bouquet of services) viz:

  1. Incorporation
  2. DIN allotment
  3. Mandatory issue of PAN
  4. Mandatory issue of TAN
  5. Mandatory issue of EPFO registration
  6. Mandatory issue of ESIC registration
  7. Mandatory issue of Profession Tax registration (Maharashtra)
  8. Mandatory Opening of Bank Account for the Company
  9. Allotment of GSTIN (optional on part of the Company)

 

This new process will facilitate the Companies to get the aforesaid registrations in one go without any hassle or difficulty and the web form facility will help the Government to make all the Companies compliant.

This will save the time and will also reduce the cost to a great level as earlier Companies had to incur separate cost for getting GST/ EPFO/ ESIC Registrations or even for opening a bank account  was a big task. But now it has come down under one roof.

 

DIFFERENCE BETWEEN PREVIOUS SPICe Form AND NEW SPICe+ Form

Form SPICe- INC 32Form SPICe +
Name reservationName reservation
IncorporationIncorporation
DIN allotmentDIN allotment
Mandatory issue of PANMandatory issue of PAN
Mandatory issue of TANMandatory issue of TAN
EPFO
ESIC
Opening of Bank Account
Profession Tax (Maharashtra)

 

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