Simplified Proforma for Incorporating Company Electronically (SPICe)

Every entrepreneur will agree that the procedure of incorporating a Company can be tedious and cumbersome despite the necessity of the steps involved. Even though, a Company can now be incorporated online as well as offline, the steps remain the same. 

The government of India has taken a significant step in easing the procedure of incorporation of a Company. On the occasion of Gandhi Jayanti, the government launched SPICe that is simplified proforma for incorporating Company electronically. 

Ministry of Corporate Affairs has simplified the procedure by introducing filing of pre-dated Memorandum or Articles of Association electronically. It will further simplify the earlier procedure of incorporating a Company using form Inc-29. As per the latest update, earlier forms may be replaced with newer SPICe form Inc-32. 

There are certain features of SPICe that are as follows. 

• Simplified and completely digital form of Company incorporation
• Standard format of Memorandum and Articles of Association
• Memorandum and Articles will now be filed as linked e-forms
  • For Memorandum of Association, an applicant must only copy paste the necessities
  • For Articles of Association, an applicant may choose the clauses that are applied and choose that are not applied or need alteration
• Provision to apply for Company incorporation with a preapproved Company name
• Digital Signature Certificates of subscribers and witnesses will now be affixed
• Detailed and informative Inc-32 as compared to older form Inc-29
  • Older form, Inc-29 fulfills all purposes of Company registration that is application for DIN allotment, reservation of Company name, incorporation and even PAN and TAN
  • New form, Inc-32 provides the same facility, further including the filing of Memorandum and Articles of Association electronically 

This initiative is a bold step and will increase gains with faster review of Memorandum and Articles of Association making SPICe the sole procedure to incorporate a Company in India.

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