Spice Plus- New Form for Company Incorporation

Earlier company incorporation in India was a very time consuming and a lengthy process. Too much documentation needs to be done to incorporate a company whether it is a public , private or a sec 8 company . In order to reduce the paperwork and make the process user friendly Ministry of Corporate Affairs time to time has introduced new simplified incorporation forms . One such change was made in 2016 when Spice forms (Simplified Per forma for Incorporating Companies Online) were introduced through which many facilities like applying DIN no, GST no all were featured in a single form .

Recently on 15th February 2020 SPICe+ PLUS form has been introduced as part of Government  India’s Ease of doing business (EODB) initiative.

What is Spice Plus Form

It is a web based integrated form offering following srvices in a single form

1. Name reservation
2. Incorporation of a new company
3. Applying for DIN allotment]
4. Profession Tax (Maharashtra)
5. Bank Account Opening
6. TAN
7. EPFO
8. ESIC
9. GSTIN

It has two parts Part A and Part B . Part A is for name approval and Part B is for other details . You can fill both parts simultaneously or first can apply name through part A and after getting name approval can start with Part B

It is applicable for all types of companies such as Public Company, Private Company, Nidhi Company, Producer Company, Sec 8 Company , One person Company (OPC)

Major Changes

1. Now RUN (Reserve Unique Name) facility is eligible for in case where the name of existing company is required to be changed.
2. All new companies that will will be incorporated through Spice Plus has to apply for opening bank account throgh this application . Presently Punjab National Bank ,ICICI Bank,Kotak Mahindra Bank, Bank of Baroda and HDFC Bank has been integrated with SPICe+ for opening a Bank account. Moreover no fees will be charged for opening bank account.
3. Companies getting incorporated through SPICe+ with an Authorized Capital up to INR 15,00,000 would continue to enjoy ‘Zero Filing Fee’ concession that means no stamp duty will be charged upto the authorized capital of Rs 1500000.
4. Forms which are linked to the spice plus form in sequence are
   • E-MOA (Memorandum Of Association)
   • E-AOA (Articles of Association)
   • URC-1
   • Agile Pro
   • INC-9
5. License number for Section 8 company shall be issued through  SPICe+ form only and Form INC-12 shall not be filed for obtaining license number for new company incorporation.
6. Refund will be applicable for the entire fees paid if incorporation form get Rejected . Maximum 2 Re submissions are allowed for single form.
7.  The same user login ID which was used for reserving the name has to be used for submitting and uploading SPICe+ and other linked forms.

Conclusion

MCA has taken a very prudent step and this will increase in more company formations through this simplified and user friendly process . This form provide more services then the earlier Spice Form .

Regards

Team Palankarta

If you have any queries with the above topic you can write to us at Contactus@palankarta.com

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