The Ministry of Corporate Affairs has recently introduced an E-form under the SPICe (Simplified Proforma for Incorporating Company Electronically) scheme by notifying under companies (Incorporation) Fourth Amendment Rules, 2016. This simplified e-form has been introduced to further simplify the incorporation of a company electronically.
The Government has been taking necessary steps over the past one year in order to increase the pace of Company registration. SPICe or Form INC-32 can help incorporate a company with a single application for:
Reservation of Name
Incorporation of a new company and/or
Application for allotment of DIN.
Features Of SPICe- INC-32:
Using SPICe Form INC-32, 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 company can also be of different categories like company limited by shares, company limited by guarantee or unlimited company.
The major addition to the SPICe Form INC-32 is relating to provision for entering name approval that was already obtained by the applicant by filing INC-1 – thereby assuring the name.
The eForm-32 has other added benefits wherein the DINs get allotted to those Directors who do not hold a valid DIN and also the Company’s PAN, TAN and ESIC registration can also be obtained easily in a single step.
SPICe Form INC-32 is surely an improvised version of e Form-29 wherein a lot of changes have been made to accommodate the interest of the stakeholders by reducing the timelines, however due to some limitations it might not be feasible when compared to earlier procedure.