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SPice+ : New way to Register Company in India

SPice+ : New way to Register Company in India

by CA Jai Kumar Shah, March 8, 2020

Five years ago, incorporating a Company in 2-3 days (over even in two-three weeks)  in India seemed a distant dream. Even worse, the process did not just end there! Post-registration, it took forever to obtain a PAN, open a bank account, and tax registrations. But with the intent of improving ease of doing business, the Government made a series of changes to the process of incorporation, and today, it is possible to register a company with PAN, GST, TAN, PF, ESI, and Bank account in just 2-3 days. In a most recent change, the Government introduced a new system of incorporating Company, SPice+ forms! Yes, the process has got even spicier now. Here is how :

  • Now you can apply for 10 Central Government registrations such as DIN, PAN, TAN, EPFO, ESI, and GSTIN at once.
  • Zero filing fees up to authorized capital of Rs.15,00,000/-. However,  stamp duty shall still apply.
  • Opening of bank account now integrated with SPice+ form. Currently, only Punjab National Bank is registered. More banks will be joining the queue.
  • Front end dashboard for incorporation
  • Pre-filled forms such as AGILE-PRO, eMoA, eAoA, URC1, INC-9 (as applicable).

The SPice+ form shall have two parts – Part A & Part B. Part A shall be for reserving the name of the Company, and Part B shall be for the rest of the services. An applicant may either apply both Part A & Part B together or apply for Part A alone, and post-approval submit Part B.  

Over the years, for some unknown reasons Governments have shown resistance to adopt modern technologies in Governance. SPice+ form to register a Company is a welcome move and breaks these shackles. Initiatives undertaken by the Government to improve ease of doing business is undoubtedly showing desired results. Now the 24-hours Company Registration in India is not a distant dream!

Have more questions on SPice? Read the FAQs released by MCA here SetMyCompany can help you register your company in just 2 days!


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