Company Incorporation Process made simple with SPICE form

Simplified Performa for Incorporating companies electronically (SPICE) is an electronic form introduced by the Ministry of corporate affairs through a notification in October 2016. This form was introduced in order to simplify the procedure of incorporating companies. It was introduced as an improvement over the earlier form INC-29. One main loophole in INC-29 was that there was no procedure for entering a previously approved name due to which there were chances of rejection of the application. This shortcoming of INC-29 was overcome by INC-32.

INC-32 or SPICE form has replaced the following five forms-

1. DIR-3 for acquiring the director’s identification number

2. INC-1 for obtaining a name approval

3. INC-7 for a company registration with memorandum of association and articles of association

4. INC-22 for details regarding registered office

5. DIR-12 for appointing directors

SPICE form INC-32 can be filed along with the memorandum of association INC-33 and article of association INC-34 to facilitate the incorporation of the company in 1–2 days.

Feature of SPICE form INC-32

The salient features of INC-32 are as follows

• In SPICE form or INC-32 maximum details of SEVEN (7) subscribers can be added. In case of more subscribers, follow the normal incorporation procedure in INC-7.

• Maximum details of 20 directors can be added.

• Maximum THREE (3) directors are allowed for filing application for allotment of DIN while incorporating a Company.

• The person can also apply for the Name of the company in this form.

• By affixation of DSC of the subscriber on the INC-33 (e-moa) date of signing will appear automatically by the form.

• Applying for PAN / TAN will be compulsory for all fresh incorporation applications filed in the new version of the SPICE form.

• It facilitates electronic filing of the memorandum of association and article of association. INC-33 for the memorandum of association and INC-34 for the article of association has been provided electronically. The applicant is only required to fill the objects of the company and the clauses for article of association. Hence, the task of drafting the memorandum of association and article of association has become much simpler.

• SPICE or INC-32 enables the applicant to apply and permanent account number and tax deduction number electronically.

Process for filing SPICE –Form INC-32

1. Submit supporting Documents like Memorandum of association, article of association, identity proof, ID proof, details of subscribers and directors along with INC-32.

2. Declaration by professional should be attached to form INC-32 declaring that all the information presented in the form is correct.

3. After filing it will be processed by central processing Center.

4. If all the documents are complete a company identity number (CIN) will be allotted along with DIN.