Incorporation Process Get Simplified with SPICe

For an entrepreneur, it is very important to not just come up with a unique idea but also to execute it an distinctively manner. An essential aspect of the same is the ease of setting and running up a business.

The Government continuing with their attempts to fulfil its target has recently introduced SPICe under Companies Fourth Amendment Rules 2016. So, let’s understand this new endeavour in detail.

 About SPICe

SPICe, which stands for Simplified Performa for Incorporating Company electronically, is a rather similar concept to INC 29. In addition to what INC 29 did, primarily making the whole affair of establishing a company swift and effortless, SPICe provides a completely digital and simplified version of the same.

Sole, simplified and versatile form, as stated by a MCA press release, SPICe allows the filing of pre-drafted Memorandum of Association and Article of Association electronically. Thus, saving loads of time and un-complicating the whole exercise.

Main features of SPICe are as follows:-

• The INC 32 form can be filed even after filing INC 1. Thus, form INC 32 could be directly or by filing INC 1 followed by INC 32.

• MoA & AoA, is filed electronically by filing INC 33 and INC 34 under SPICe

• Winesses and Subscribers of MoA and AoA need only affix their digital signatures on the fore mentioned e-documents.

• With the introduction of SPICe, INC 29 and INC 7 will be withdrawn by the MCA. Now the company will be incorporated under using SPICe.

Procedure

The incorporation procedure is as follows:

• Applying for the DSC for the directors.

• Apply for DIN Only 3 Directors Through by filing INC 32.

• E-Filing INC 32, INC 33, and INC 34 with MCA.

On verification of documents, MCA issue Incorporation certificate & CIN to the  successful applicants.

Documents required during Incorporation process:

• Address and Identity Proof.

• Affidavits and declarations (by subscribers and directors)

• NOCs, and other appropriate approval certificates as briefed in the form.

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