New procedure of company incorporation 2020 spice+

The new Procedure of registering a limited company is recently changed with All In Features in a new form called SPICe+, W.E.F. 23rd February, 2020.

Pursuant to Companies (Incorporation) Amendment Rules, 2020 MCA has introduced a one roof and speedy solution for incorporation of the limited Companies by introducing SPICe+ form which is applicable to all new company incorporations w.e.f. 23^rd February, 2020

SPICe+ Form is integrated  web based form having two parts as

a) Part A: Name Reservation for New Companies

b) Part B: Offering bundle of registrations like :

• Incorporation of Company
• DIN allotment (Director Identification Number)
• Mandatory issue of PAN
• Mandatory issue of TAN
• Mandatory issue of EPFO registration
• Mandatory issue of ESIC registration
• Mandatory issue of Profession Tax registration (Maharashtra)
• Mandatory Opening of Bank Account for the Company and
• Allotment of GSTIN- GST Registration (if so applied for)

Features of New Form :

1. The SPICe+ has replaced the current running forms Spice (simplified form for company registration) & Run (name approval form) form for incorporation of new company.
2. Now, the there is option to apply for Part A and Part B together at one go or first apply for Part A, for Name Approval thereafter Part B, for Incorporation and other services.
3. If we select to file only SPICe+ Part A Submitted for Name Approval, after name approval , the process of incorporation will be opened.
4. The information entered in SPICe+ can be saved and modified before submission.
5. All Check form and Pre-scrutiny validations (except DSC validation) will be on web form itself.
6. Once the SPICe+ is filled completely with all relevant details and attachments, the same would then have to be converted into pdf format, for affixing DSC of directors & professional.
7. DSC validation and other validations will be done at the time of uploading the form with all other linked forms

Major Outcomes in incorporation of company

1. Allotment of Director Identification Number of max 3 directors can be availed in spice+ itself. No requirement of applying DIN No before registration.
2. Mandatory Allotment of PAN & TAN Number allongwith Company Registration thereby the companies need not to apply for PAN & TAN separately.
3. Registration for EPFO, ESIC and Professional Tax (For state of Maharashtra) is mandatory for all new companies incorporated through SPICe+ w.e.f. 23^rdFebruary, 2020 Which means that all the companies will be issued ESIC & EPFO Numbers on mandatory basis as soon as they will cross the threshhold lmit and now they need to make monthly/quarterly/annual compliances of these laws also alongwith MCA & IT compliances. which were mandatory to be complied before also.

   *EPFO/ESI Returns_ Spice+*

   New companies incorporated through SPICe+ and thereby have obtained EPFO/ESI numbers will have to file statutory returns only when they cross thresholds prescribed under the relevant Acts.

4. All new companies incorporated through SPICe+ w.e.f 23^rdFebruary, 2020 would also be mandatorily required to apply online for opening the company’s Bank account through the AGILE-PRO linked web form which means  that Now the companies don’t have to contact the bankers for opening of bank account or will be having a freedom for choosing bank and branch.
5. Now The process is more simplified as the all new proposed companies and requiring GST Registration can also apply for the same allongwith incorporation procedure and don’t have to wait for step by step procedure or time taken by the Regulator for approval of application.
6. Fast And Speedy Process– The procedure of Incorporation through spice+ is fast and speedy process allongwith all the registration in one go.
7. Cost Effective– The Procedure for incorporation with all the features is very cost effective as there is various kind of fees relaxation for new company. But once the company is registered there will be separate cost for each & every registration.