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Introduction to INC 32 - SPICe

Introduction to INC 32 - SPICe

Simplified Proforma for Incorporating Company Electronically

Company is a type of entity wherein the liability of its shareholders is limited to their shareholding in the Company. Companies in India are governed by the Company Act, 2013 (including rules and notifications) along with the rules and regulations stated in the Memorandum and Articles of Association of the Company.

In terms of Section 2(20) of the Companies Act, 2013 a “Company means a company incorporated under the Companies Act, 2013 (the Act) or under any of the previous company law”. The Companies Act 2013 sets down rules for the establishment of both public and private companies.

The most commonly used corporate form is the limited company, unlimited companies being relatively uncommon. A company is formed by registering the Memorandum and Articles of Association with the Registrar of Companies of the state in which its registered office is to be situated.

Ministry of Corporate Affairs (MCA) has started the process of filing or uploading of forms completely online together with the attachment of required documents to the Registrar of Companies for initiating the Incorporation Process as a part of its ‘MCA21 e-Governance Project. For this, SPICe {Simplified Proforma for Incorporating Company Electronically} e-Form, launched on 2nd Oct, 2016 is a versatile form which eliminates the need for hard copies of physically signed documents being attached to an e-form.

SPICe is now the sole, simplified & versatile form available for incorporation of a company in India. (Refer Article on Incorporating a company in India) SPICe (Form No INC-32) is a single window for incorporation of company deals with the single application for reservation of name, incorporation of a new company, and/or application for allotment of DIN and application for PAN and TAN.

This eForm is accompanied by supporting documents including details of Directors & subscribers, MoA and AoA etc. Ministry has also integrated the MCA21 System with the CBDT for issue of PAN and TAN to a company incorporated using SPICe form. On approval of SPICe forms, the Certificate of Incorporation (COI) is issued with PAN and TAN as allotted by the Income Tax Department.

This has resulted in reduction in the number of processes and time taken for Starting a Business in India.