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