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Key features of SPICe+ for Incorporation of New Companies in India

MCA has amended Companies (Incorporation) Rules, 2014 and new rule will be effective from 15/02/2020 called Companies (incorporation) Amendment Rules, 2020.

Key features of Spice  form

As part of Government of India's Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+' (pronounced ‘SPICe Plus') replacing the existing SPICe form.

SPICe+ would save as many procedures, time and cost for Starting a Business in India and would be applicable for all new company incorporation w.e.f 15th February 2020

Key features of SPICe+ for Greater Ease of Doing Business

Spice+ would have 2 parts:

a) Part A : for name reservation for new incorporation
b) Part B : Part B offering a bouquet of services i.e.

  • Incorporation
  • DIN allotment
  • Mandatory issue of PAN / TAN
  • Mandatory issue of EPFO / ESIC registration
  • Mandatory issue of Profession Tax registration (Maharashtra)
  • Mandatory Opening of Bank Account for the Company
  • Allotment of GSTIN (if so applied for)
  1. SPICe+ would be an integrated Web Form. i.e. fill form online like GST registration forms. The new web form would Facilitate On-screen filing and real time data validation for seamless incorporation of companies.
  2. Information once entered can be saved and modified. All Check form and Pre-scrutiny validations  will happen on web form itself.
  3. DSC validation and other validations will happen at Upload Level
  4. Once the SPICe+ is filled completely with all relevant details, the same would then have to be converted into pdf format, with just a click of the mouse button, for affixing DSCs.
  5. Digitally signed applications can then be uploaded along with the linked forms as per the existing process.
  6. Changes/modifications to SPICe+ (even after generating pdf and affixing DSCs), can also be done by editing the same web form
  7. Part A can be filed first for reserving name or Part A & B can be filed together at one go.
  8. Re submission would be easy, if required.
  9. Registration for EPFO and ESIC shall be mandatory for all new companies incorporated w.e.f 15 February 2020 and no EPFO & ESIC registration nos. shall be separately issued by the respective agencies.
  10. Registration for Profession Tax shall also be mandatory for all new companies incorporated in the State of Maharashtra w.e.f 15th February 2020.
  11. All new companies incorporated through SPICe+ (w.e.f 15th February 2020) would also be mandatorily required to apply for opening the company's Bank account through the AGILE-PRO linked web form.
  12. Declaration by all Subscribers and first Directors in INC-9 shall be auto-generated in pdf format and would have to be submitted only in Electronic form in all cases, except where:
  • Total number of subscribers and/or directors is greater than 20 and/or 
  • Any such subscribers and/or directors have neither DIN nor PAN
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Published by

CA Mayur Todmal
(Practicing CA)
Category Corporate Law   Report

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