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ICAI issues Technical Guide on Easy Incorporation of Companies through SPICE+

ICAI - Easy Incorporation Companies - SPICE Plus - technical guide - Taxscan

The Institute of Chartered Accountants of India ( ICAI ) has issued a technical guide on Easy Incorporation of Companies through an integrated Web form called SPIC Plus.

Since the enactment of the Companies Act, 2013, several reforms have been brought out by the Ministry of Corporate Affairs, Government of India in line with the overall objective of reducing the cost of compliances and Ease of Doing Business in India.

As a part of PM’s initiative of Ease of Doing Business, the Ministry of Corporate Affairs (MCA) has brought in advanced integrated form SPICe+ (eForm-32) which facilitates the user’s ease in company incorporation.

SPICe+ is an integrated Web form offering 10 services by 3 Central Government Ministries & Departments. (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Government (Maharashtra), thereby saving as many procedures, time, and cost for Starting a Business in India. SPICe+ is part of various initiatives and commitment of the Government of India towards EODB which has made the incorporation of companies very easy and simple. Using SPICe+ Form, the following types of companies can be incorporated in India:

  • Part I Company
  • Producer Company (only if 2 agricultural corporations are promoters, if there are minimum 10 promoters as applicable for individuals, then normal incorporation process has to be followed).
  • Section 8 Company (was not available in INC-29)
  • New Company – Public or Private or OPC

The eForm-32 has other added benefits wherein the DINs gets allotted to those proposed Directors who do not hold DIN and PAN, TAN, PF, and ESIC registration can also be obtained along with incorporation as a single procedure. The facility is available for simultaneous allotment of GST number and opening of Bank account.

Keeping in view the importance of this initiative of the Government, the Institute of Chartered Accountants of India (ICAI) through its Corporate Laws & Corporate Governance Committee (CL&CGC) has released this “Technical Guide on Incorporation of Companies through SPICE+” to provide detailed guidance on the procedural aspects of this integrated form for the benefit of all the members and other stakeholders.

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