Earlier this year, the Ministry of Corporate Affairs (MCA) introduced the SPICe form or Form INC-32 which enables companies to incorporate with a single application for a reservation of name, Incorporation of a new company using SPICe form, or allocation of a DIN.
What is SPICe?
SPICE (Simplified Proforma for Incorporating a Company Electronically) is a comprehensive form that allows applicants to:
- Reservation of names
- A company’s incorporation
- DIN Numbering
- PAN/TAN application
Fast track transactions are possible.
How can SPICe forms be filed?
SPICe company registration form can be used to incorporate the following types of companies:
- PART I: Companies
- Company producing
- Section 8
- (Other) New Company
How soon should I file the SPICe form?
In order to incorporate, companies must file the SPICe form.
The steps involved in completing the form
- If the company is already approved by the registrar of companies, details of its SRN for RUN (Reserve Unique Name) must be provided. The topmost field indicates if approval has already been obtained. When filling out the SRN, the entity type will automatically be entered. RUN is a service for reserving a company name for a new company or changing its name.
- Field (a to f): Choose different options depending on the type of company you are setting up:
If you select Part I of the LLP to company option, another file for the LLPIN appears, which is prefilled if the SRN of the run is provided. Alternatively, an active LLPIN (Limited Liability Partnership Identification Number) must be entered. You must choose a class, category, and subcategory for your company. You must indicate whether the company is an IFSC company and whether it was formed with or without share capital. Upon entering the RUN SRN, the aforementioned details will be pre-filled based on the table in Annexure D.
- It is mandatory to provide the main division of industrial activity as per Annexure A. The article entrenchment and article number must be provided. Make sure that they correspond to the SPICe AOA or to the AOA attached. The form does not include SL No 3 and SL No 7.
4. A valid email address should be entered as all important correspondence is sent through the mail. Field [4(a,b & c)]: Correspondence address shall be the company’s mailing address until the registered office is established. A copy of the address proof and utility bills for the past two months must be enclosed if the address of correspondence is the registered office of the company. Alternatively, the company needs to establish a registered office within 15 days after approval and notify the registrar within 30 days of incorporation. The office of ROC should be designated according to the state mentioned in the correspondence address.
5. Please enter the details of the proposed/approved name in field 5(a). In case the name is already approved via RUN this field will be pre-filled on the basis of the SRN entered.
6. Field [6(a)]:
|First Row||Other than non-individual subscribers, each category of subscribers can be divided into two classes- with DIN and without DIN. Based on the total number of first subscribers (individuals and non-individuals) the blocks to enter the name and the DIN will appear.|
|Second Row||For the first subscribers, it is necessary to enter the number of non-individual subscribers that will determine the number of blocks for entering the particulars [Field 6(b)]|
|Individual first subscribers and directors should be entered in this field. [Field 6(d)]. There will be a block for filling out the particulars. Taking into account [First Row – (second row + third row)], a field will be generated for individual first subscribers who have DINs and those who do not. [Field 6(c)]|
|Fourth Row||Including subscribers who are proposed to serve as directors in the company should be included in the total number of proposed directors. [6(e)] A field will be generated on the basis of the difference between [Fourth Row] and [Throwrow] of directors who have DINs and those who don’t.|
7. In field[8(a&b)], stamp duty will be pre-filled according to the address. The mode of payment for stamp duty will be indicated. Option “No” can only be selected if it is not mandatory for the particular state/union territory and option “not applicable” can only be selected if stamp duty is nil after considering all documents. Details of stamp duty paid and to be paid must also be entered in detail.
8. During step 8 of the application form, please provide the required information regarding PAN and TAN. If applying through the e-biz service, please select the source of income. If selecting business or profession, enter the appropriate code.
9. For those applying through the e-biz service, fields 10 and 11 should be filled out with information about what type of business is being applied for, nature of work, and subcategory of work.
10. Field[11 to 15]: Applicability of Employee Provident Fund and Miscellaneous Provisions Act 1952, the number of employees that will be covered by the Employee Provident Fund Act and the number of employees that will be covered by the Employee State Insurance Act when they earn less than INR 15000 per month. A line by line listing of the proposed investments is necessary if an importer exporter code is required.
11. Attached to the form must be the Memorandum of Association, the Articles of Association, and the Declarations of the first subscribers and directors.
12. As part of the declaration section, the authorised director must affirm compliance with the Companies Act 2013. It is important that Chartered Accountants, Company Secretaries, Cost Accountants, and Advocates digitally sign the form and indicate their membership number and certificate of practice number.
13. A digital signature of the proposed director should be included in the Eform, as well as a mention of his DIN/PAN number.
14. For information regarding filing fees, click here.