Corporate Affairs Secretary Injeti Srinivas recently launched SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus). It is the new web form for incorporating a business in India with ease. SPICe+ would offer services by the Ministry of Corporate Affairs, Ministry of Labour and Department of Revenue in the Finance Ministry, and Maharashtra Government.
As a part of Indian Government initiatives toward Ease of Doing Business (EODB), SPICe+ is a replacement of the existing SPICe form. India was ranked 63rd on the World Bank’s Ease of Doing Business (EoDB) 2020 report. This step could be seen as the government’s effort to improve India’s ranking and reach the top 50 of the EoDB survey.
Using the new web form, SPICe+, the users will get the integration of 10 services together. SPICe+ will not only save procedures but will also help save extra time and cost for starting a business in India.
The integrated web form will be split into 2 parts — Part A for reserving of company name and Part B will be hosting services like incorporation, DIN allotment, mandatory issue of TAN, PAN, EPFO & ESIC registration, mandatory opening of bank account, mandatory issue of Profession Tax registration (Maharashtra), and allotment of GSTIN (optional).
As per information, the new companies incorporated through SPICe+ (with effect from 23rd February 2020) will have to apply for opening a company’s bank account using the AGILE-PRO linked web form. EPFO and ESIC registration (with no more separate registration numbers issued by agencies) will be mandatory for all new companies incorporated through SPICe+.
Besides, the facilitation of new on-screen filing and real-time data validation will make the company’s incorporation seamless and will ensure a structured format.