7/14/2017 Company Registration Gets Easy with New SPICe; INC 29, INC 7 Phased Out!

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Last updated: November 8, 2016 at 12:27 pm

Company Incorporation Gets Easy with

New SPICe; INC 29, INC 7 Phased Out!
 Guest  4 Min Read

For an entrepreneur, it is very important to not just come up with a unique idea but also to execute it an
idiosyncratic manner. It is equally important for the Government to make sure that Entrepreneurs get a fair
and equal chance to do so. An essential aspect of the same is the ease of setting and running up a
business.

In a recent report by the World Bank, ‘Doing Business 2017: Equal opportunity for all’, India bagged 130th
place out of 190 countries, one place higher than from the former year as the Economic Times reported.

“Prime Minister Narendra Modi had set a target for India to enter the top 50 in ease of doing business
ranking in three years after breaking into top 100 this year.”

$ Many will call this ‘one-place-higher’ improvement a disappointment, however, the World Bank, in its report,
has appreciated the collective e ort of the Indian Government in the said sector. The Government
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7/14/2017 Company Registration Gets Easy with New SPICe; INC 29, INC 7 Phased Out!

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

1. What is SPICe?
SPICe, which stands for Simpli ed Performa for Incorporating Company electronically, is a rather similar
concept to INC 29. In addition to what INC 29 did, primarily making the whole a air of establishing a
company swift and e ortless, SPICe provides a completely digital and simpli ed version of the same.

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

Major highlights of SPICe are as follows:-

• The form (INC 32) can be led even after ling INC 1 which is used for obtaining the name of a company.
You can do it in any which way, by directly ling INC 32 (applying for the company name approval directly in
this form) or by ling INC 1 followed by INC 32.

• MoA and AoA, that is, the Memorandum of Association and the Article of Association is led electronically
by ling INC 33 and INC 34 under SPICe.

• Witnesses and Subscribers of MoA and AoA need only a x their digital signatures on the fore mentioned
e-documents.

With the introduction of SPICe, INC 29 and INC 7 will be phased out. Any Private Limited Company, Public
Limited Company, Producer Company, Section 8 Company, One Person Company can incorporate using
SPICe.

2. How does it work?

The procedure, as is the nature of the form, pretty straightforward and easy. The following steps will take
you through the whole incorporation process.

• Applying for the DSC. The directors of the concerned establishment need to apply for the Digital Signature
Certi cate.

• Further, the directors need to apply for DIN. A maximum of 3 directors can apply for the same while ling
form INC 32 itself.

• Furthermore, all required forms, that is, INC 32, INC 33, and INC 34 are lled electronically.

• Finally, the forms are led with the Ministry of Corporate A airs (MCA) along with the required
documents.

$
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7/14/2017 Company Registration Gets Easy with New SPICe; INC 29, INC 7 Phased Out!

If found complete and error-free, the form is veri ed and your company is incorporated and a CIN is
provided along with the issuance of DINs to the proposed directors. The Company’s ESIC, TAN, and PAN
registration can also be obtained using SPICe.

a d k
Mandatory documents are also required to be submitted while ling the forms. These documents include
1
address and identity proof, A davits and declarations (by subscribers and directors), NOCs, and other
aAndhra
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ToYouTube
Rank #1 In Ease Of Doing Business In India…

3. How will it help?

DO ING BU S INE S S

Andhra Pradesh and newly formed state Telangana

are fast becoming the most preferred destination for
No one can deny the rapidness this form will bring in the business sector provided that it is implemented
starting a new business, thanks to speedy reforms…
e ciently. The introduction will bring a substantial improvement in the market as well as the company as
an individual.

An expeditious process is what one can call this. We can only look forward to its meticulous implementation
and wait for the ease it is certainly going to bring in.

This article has been contributed by Anubhooti Jain who works at LegalRaasta, an online portal for GST
Registration in India

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