The Ministry of Corporate Affairs has created SPICe+ Form to speed up the business registration procedure in India. SPICe+ Form is a consolidated incorporation form that combines the processes of acquiring the Director Identification Number, Name Approval, & Incorporation application into one step. It is a single-window clearance for the company's incorporation. The integration shortens the time required to establish a business in India.

SPICe+ Form is the only online application that may be used to reserve a name, establish a new business, and/or apply for DIN allocation. The Form is also supported by supporting papers, which contain information about Directors and Subscribers, the Memorandum of Association, the Articles of Association (AOA), and so on. The firm will be registered upon submission and acceptance of the Form. This Form can be used to get DIN for up to three directors.

An Introduction to the SPICe Form

The establishment of SPICe is one of the initiatives taken to streamline the process of company registration and encourage enterprises to register as a company. In a statement dated October 1, 2016, the Ministry of Corporate Affairs announced the availability of new e-forms to simplify and expedite the Fast Track Company Registration Process under the Companies Act, 2013.

SPICE is an acronym that stands for "Simplified Performa for Company Registration Electronically." SPICe incorporates businesses with a single application form.

Every year, around one lakh new enterprises are formed in India. In the previous several days, around 9,000 firms have been established under SPICe on the Ministry of Corporate Affairs Portal. The MCA created a new form SPICe+ to replace the previous SPICe form.

Who can utilise Form SPICe+ Form

• Private Limited Company
• Public Limited Company
• One-Person Company
• Producer Company

What services are provided by the SPICe+ Form

The new integrated SPICe+ online form has the following features:

Part A- 

Name Reservation

Part B-

• Incorporation of a company;
• DIN Implementation;
• Application of PAN and TAN;
• GSTIN Registration;
• Registration with the EPFO;
• Registration with ESIC;
• Establishing a bank account for the firm.

Advantages of SPICe+ Form

• It has made company formation simple, quick, and painless.
• With the introduction of the new dashboard for SPICe+ forms and connected forms, the authorised name will be presented, removing the need to conduct an SRN search.
• SPICe +, in addition to being an upgraded version of an existing SPICe, is capable of supporting a variety of demands such as Name Reservation, Registration, and so on.
• SPICe+ should be divided into parts for simplicity of use while filing.
• It is a single-window programme.
• This integrated web form is designed to shorten cumbersome procedures, save time, and reduce costs associated with launching a new business in India.

Important Points to be Remembered About SPICe+ Form

• It would be a web-based form that is incorporated;
• It would be divided into two parts: Part A & Part B.
• For the business incorporation application, a new and user-friendly dashboard has been designed.
• The new online form will allow for on-screen filing and real-time data validation, allowing for seamless integration.
• Once the data has been input, it can be changed.
• All check forms and pre-scrutiny validations will take done on the web form itself (save for DSC validation).
• All new firms formed using SPICe+ will be needed to apply for a bank account through the AGILE PRO connected online form.

Fast Track Company Registration Process under SPICe+ Form

• Select the SPICe+;
• Select a new application or if you already have one, select an existing application.
• Enter the application number as well as a suggested or authorised name.
• You have the option of submitting Part A for name reservation or proceeding with incorporation.
• Part B will be enabled after you proceed with incorporation.
• The firm registration information must be submitted;
• Upload all papers required for registration.
• After that, download the PDF of Part B filed for DSC attachment and fill out the associated forms.
• AGILE PRO, SPICe+ MOA & SPICe+ AOA, INC-9, & URC-1 are among the connected forms. Part B and the associated paperwork can be uploaded to the MCA portal.
• In order to make payment for the Fast Track company registration, a service request number will be generated. The forms will be handled after the payment is successful.

Company Registration under SPICe+ Form

Before May 2015, incorporating a company necessitated the completion of several documents, including the DIR-3 for obtaining the Director Identification Number, the INC-1 for obtaining name approval, the INC-7 for registering a company with the Memorandum of Association and Article of Association, and the INC-22 for approval of the registered office.

However, on May 1, 2015, the Ministry of Corporate Affairs introduced the INC-29 form for fast-track company registration. This form contained all of the information required for the five forms. In addition, the approval procedure has been sped up to 48 hours. The approval period should be substantially quicker with the SPICe effort and the launch of INC-32. This is because the new system makes it easier to file documents like Memorandum of Association and Articles of Association.

Attachments Required for a Fast-Track Company Registration with SPICe+ Form

• First Subscriber (s) & Director Affidavit and Declaration (s).
• Address Verification;
• Utility bill copies (no more than two months old);
• NOC from a lone owner, partners, or an established firm
• Subscribers' identity and home address;
• Directors' identity and residence address;
• Memorandum of Association (MOA);
• Articles of Association (AOA);
• Formal Declaration INC-14;
• Formal Declaration INC-15;
• Part-A Attachment
• The document of permission if the proposed name includes any words or phrases that require central government approval.
• If a proposed name is based on a registered trademark or is the subject of an application pending for registration under the Trademarks Act, a trademark registration certificate or a copy of the trademark application must be attached.

Conclusion

The MCA has made fast-track company registration quicker and simpler (Ministry of Corporate Affairs). The Ministry of Corporate Affairs has made many changes to streamline the Company Registration procedure in India. The government has introduced a new easy application to simplify the procedure of company formation. The new SPICe+ incorporates several services from various ministries and agencies.

SPICe+ has streamlined the company incorporation procedure. Because it is a solitary form, it is quick, saves money on incorporation, and saves time. Every month, around 9,000 new firms are formed. If you have SPICe+, you may finish the entire business incorporation procedure in a few days.