Spice Plus is a novice move from the Ministry of Corporate affairs for the companies to help in in registering in India with greater efficiency. The ministry of corporate affairs has launched the web based system for the companies to get registered in India. The aim behind coming up with the new regulations is aimed towards improving the way in which the companies will be registered in India.
Spice Form is the document that every company whether public or private needs to fill and submit to the Ministry of Corporate affairs to take ahead the process of incorporation. However, with few changes the new form has been named as Spice Plus and more popularly known as Spice+.
For the uninitiated, SPICe+ will be an integrated web form, divided into two parts where in Part A is meant for the reservation of the new companies and Part B is concerned with various other information such as:
- DIN allotment
- Mandatory issue of TAN
- Mandatory issue of PAN
- Mandatory issue of EPFO registration
- Mandatory issue of ESIC registration
- Allotment of GSTIN ( Optional)
- Bank account opening for the company
- Mandatory issue of Profession Tax registration ( Maharastra Only)
Those who are looking to incorporate the company can initially reserve their names by submitting Part-A and then submit Part B to go ahead with incorporation and various other services. On the other hand, a user can also file Part A and B together for incorporating the new company and availing the range of services.
User Friendly Dashboard
Additionally, Ministry of Corporate affairs is also creating Dashboard for the purpose of company incorporation application wherein SPICe+ and other forms will be available. Further, the user will be able to submit the Part B of the application after submitting Part A. The new form does not mandates the stakeholders to enter the SRN of the approved name because the name will be visible on Dashboard. Once, the user clicks on the name, it will take the user to the application that is in process. The link will be available in the form of Hyperlink that would be available on the SRN/application number in the new Dashboard.
Dashboard will have the application number or the Name and clicking on it will also enable re-submission of the application with name reservation and/or incorporation. SRN/application number will have a hyperlink that will help the user for easy re submission as and when required.
Once the user has entered the name and other information, it can still be modified and all the check forms or Pre-scrutiny firms will happen on Webform. The user would need to convert the form in the pdf format after filling all the relevant details. Thereafter, the digitally signed applications can be uploaded with the linked forms in line with the existing process.
Once the form is uploaded, DSC and other validations will happen. Both registration for ESIC and EPFO will be mandatory for the new companies that are incorporated w.e.f 15 February 2020. Further, the new companies that have incorporated through SPICe+ would need to open the company’s bank account through AGILE-PRO linked web form.
From 23rd February 2020 onwards, RUN service would be applicable only for ‘change of name’ of an existing company.
The new web form would Facilitate On-screen filing and real time data validation for seamless incorporation of companies.
The approved name and related incorporation details as submitted in Part A, would be automatically Pre-filled in all linked forms also viz., AGILE-PRO, eMoA, eAoA, URC-1, INC-9 (as applicable)
For ensuring ease while filing, SPICe+ will be structured into various sections. Information once entered can be saved and modified.
Once the SPICe+ is filled completely with all relevant details, the same would then have to be converted into pdf format, with just a click of the mouse button, for affixing DSCs.
All digitally signed applications can then be uploaded along with the linked forms as per the existing process.
Changes/modifications to SPICe+ (even after generating pdf and affixing DSCs), can also be done by editing the same web form application which has been saved, generating, the updated pdf affixing DSCs and uploading the same.
DSC validation and other validations will happen at Upload Level
Registration for EPFO and ESIC shall be mandatory for all new companies to be incorporated through SPICe+ w.e.f 23rd February 2020 and no EPFO & ESIC registration nos. shall be separately issued by the respective agencies.
All new companies incorporated through SPICe+ w.e.f 23rd February 2020 would also be mandatory required to apply for opening the company’s Bank account through the AGILE-PRO linked web form.
The above spice plus seems to be good move for ease of doing business but making ESI and PF mandatory will add up-to the compliance burden for any start-up and at the same time many defaulters in ESI and PF filers if not followed and complied within timely manner.