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INCORPORATION OF COMPANY (SPICE FORM)
17 May 2018

A company can be formed as a Private Company or a Public  Company. But the procedure related to incorporation is similar in both the cases.

With a view to make Ease of Doing Business In India, the government of India has taken an initiative of digital India and reduced the time and paper work required to incorporate a company in India.

Now instead of filling various forms the Incorporation can be done only with one form within a shorter period.

SPICE FORM

·        Ministry of Corporate Affairs (MCA) has introduced a new form SPICE (INC- 32) to incorporate a company in India. Instead of applying name in INC 1 now one can apply the name of proposed company in SPICE(INC-32) and go for incorporation which will help to reduce the cost for incorporation.

·        It is to be noted that only one name can be entered for proposed company, so verify the name availability first hand wisely.

·        There is no need for scan copy of Memorandum of Association and Article of association.

·        With a view to increase digitization and to promote paper less economy the Ministry of Corporate Affairs (MCA) has also launched two separate forms i.e. Spice MOA (INC 33) and Spice AOA (INC 34)which are electronic MOA & AOA, to be used as “linked form” with SPICE(INC-32).

·        One has to select the table whichever is applicable to the proposed company from the drop down list shown in the SPICE MOA & AOA.

·        Tick the items which are not applicable or which you want to modify as per the requirement in SPICE MOA & AOA.

·        Fill all the details carefully and attach the DSC of the subscribers and declaration by the practicing professional(Practicing CA,CS, CWA) and upload the form.

·        All the details should be filled with caution as wrong details can make the process time consuming which is not the purpose of this initiative.

 

DOCUMENTS REQUIRED

·        Affidavit on duly authorized stamp paper from the first subscribers and directors in the format of INC-9.

·        DIR-2 declaration from first Directors along with copy of identity and residence.

·        NOC from the owner of property where the registered office to company will be situated.

·        Copy of Utility Bill (Not older than two months)

·        Proof of office address, In case of property is not related to directors or subscribers (Rent Agreement, Lease deed, Conveyance or NOC of the owner)

POINTS TO BE REMEMBER

·        In case one of the subscriber or director is a foreign national, all the documents related to foreign national must be duly apostilled.

·        Scan copy of MOA & AOA is to be attached with SPICE (INC-32), as in case of foreign national SPICE MOA &SPICE AOA is not permitted.

·        SPICE MOA & SPICE AOA can be filed in case of one of the subscriber is foreign national if the following conditions are satisfied:

                                 i           Foreign National holding a valid India Business Visa

                               ii           He must be in India while SPICE (INC-32)is uploaded on MCA website.

                             iii           A copy of India Business Visa along with arrival immigration stamp on his passport is to be attached with SPICE(INC-32)

BENEFITS OF SPICE FORM

·        Reduction in pre incorporation cost as only one form is to be filled so there is no need to pay for different forms.

·        Less time consuming as it saves the times which was earlier consumed by filling different forms.

·        Faster incorporation process as incorporation may be completed in 1 or 2 days maximum.

·        Less paper work as there is no need for scan copies of MOA and AOA.

·        No need to file separate application for PAN and TAN as both are to be applied through spice form.

·        PAN and TAN numbers are printed on the Incorporation Certificate.

·        No need to apply for Director Identification Number as the same is to be allotted after approval of the Spice form by the MCA.

·         Easy to understand and upload.

 

For any query please ask to Mr. Hemant Paliwal at: hemant@hpacs.com 

Deepak Pathak

Assistant Company Secretary

HPACS Team