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MCA takes another Initiative in Government Process Re-engineering (GPR)

30 Jan, 2017  Posted By Balaji M   Posted in MCA, MCA - XBRL in India
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As part of the Ministry’s efforts towards promoting greater Ease of Doing Business to stakeholders, new version of Form SPICe (INC-32) with date of effect as 30th January 2017 will be notified soon, so as to include the functionality of applying for Company PAN and first TAN (allotted by Income Tax Dept.) in the SPICe form itself.

Applying for PAN / TAN will be compulsory for all fresh incorporation applications filed in the new version of the SPICe form. Stakeholders will be allowed to download new version of SPICe form for all fresh incorporation applications w.e.f 01 Feb 2017. For resubmitting SPICe forms filed before 30th January 2017, stakeholders are required to use older version of the SPICe form for resubmission, if needed. The old version can be used only for resubmissions.

What is SPICe?

Simplified Performa for Incorporating Company Electronically. ( SPICe or Form INC-32) is very similar to Form INC-29, which also helps with fast track incorporation of a company in India. In other words, it’s a form which reduce the Paper Work and covers the digitization of Company Incorporation Procedure.

Purpose:

To provide a platform to carry business efficiently and in a timely manner for the professionals and remove difficulties in regular business.

MCA has simplified the procedure for incorporation of Company by introducing filing of pre-drafted Memorandum and Article of Association electronically, which makes the work of professionals easy. MCA has notified simplified integrated process for incorporating a company in E-form INC-32 along with Memorandum of Association in E-form INC-33 and Article of Association in E-form INC-34.

The process is easy and you get Approval within 48 hours (subject to the clearance from departments).

Before 1/05/2015 we needed the following 5 forms

1) DIR-3 for application for obtaining DIN,
2) INC-1 for approving the name of company,
3) INC-7 for registration of company with MOA and AOA,
4) INC-22 for registered office and
5) Form DIR-12 for first directors of company).

From 01/05/2015 MCA simplified to only one form INC-29. It was a major reform by MCA for incorporation of company.

From 30/01/2017 MCA simplified the process more by introducing SPICe E-form INC-32 which provides the same facilities as were provided in Form INC-29 with more facilitating the process by introducing filing of Memorandum and Article of Association electronically. .If successful, the INC-32 will save lot of time. However, further clarification with regard to incorporation under SPICe is to be provided by Ministry of Corporate Affairs.

For whom is it?

• Private and Public Company and
• Incorporation of Seciton-8 Company.
• Incorporation of Producer Company.
• Sole-Proprietor form of business – One Person Company.

Procedure:

1) Memorandum and Articles of Association will be filed electronically.
E-form INC-33, just enter the objects of the company.
E-Form INC-34 provides pre-drafted clauses for Articles of Association. Just select the clauses to be mentioned in the Articles and also select if any clause is not applicable or to be altered.
2) Affix the DSC of subscribers on INC-33(e-MOA) and INC-34(e-AOA) instead of Signature of subscribers. The date of signing will be automatically captured by the form.
3) 7 subscriber details (maximum) is allowed in SPICe (INC-32).
4) 3 Directors (maximum) are allowed for using this integrated form for filing application of allotment of DIN while incorporating a Company.
5) In Form INC – 34 Director’s name is mandatory under the division “Board of directors”. Well, you can mention other appointments as sub-articles, E.g. (a) – Managing Director, (b) – Director Names etc.

For more information , please visit : http://www.mca.gov.in/