Ministry of Corporate Affairs (MCA) has recently introduced SPICe Form INC-32 which is a Simplified Proforma for Incorporating Company Electronically through Companies (Incorporation) Fourth Amendment Rules, 2016. SPICe or Form INC-32 can help incorporate a company with a single application for:
- reservation of name
- incorporation of a new company and/or
- application for allotment of Director Identification Number (DIN).
The Integrated Form INC-29 has been replaced with SPICe Form INC-32 and has been completely removed from the MCA portal.
In SPICe Form INC 32 the Digital Signature Certificate (DSC) of Subscribers will be needed instead of physical sign. The date of signing Memorandum of Association (MOA)&Article of Association (AOA) will be date of affixing DSC. The DSC of witness will also be needed, if there is no DSC there will be no SPICe procedure. The form will be processed at Registrar’s Office.
The minimum paid up and subscribed share capital required for One Person Company is Rs. 1 Lakh.
Using SPICe Form INC-32, the following types of companies can be incorporated in India:
- Part I Company
- Section 8 Company (Prior in INC-29 it was not)
- New Company – Public, Private, or OPC. The company can also be of different categories like company limited by shares, company limited by guarantee or unlimited company.
The digital signature of a professional (Chartered Accountant/ Company Secretary/ Cost Accountant/ Advocate) is required to file Form INC-32. The professional must declare that all information presented in the form is correct and enter his/her membership number and certificate number.
The following documents must be filed with SPICe Form INC-32 for incorporation of company:
- Memorandum of Association–Applicable and mandatory only in case of Section 8 company or company with foreign subscribers not having DIN
- Articles of Association–Applicable and mandatory only in case of Section 8 Company or company with foreign subscribers not having DIN.
- Affidavit and declaration by first subscribers and directors.
- Proof of office address.
- Copies of utility bills that is not older than two months.
- Copy of approval in case the proposed name contains any words or expressions which requires approval from central government.
- If the proposed name is based on a registered trademark or is subject matter of an application pending for registration under the Trade Marks Act, then it is mandatory to attach the trademark registration certificate or trademark application copy.
- NOC from the sole proprietor/ partners/other associates/ existing company.
- Proof of identity and residential address of the subscribers.
- Proof of identity and residential address of directors.
The advantage of SPICe is that there is no need to reserve Companies Name prior to Incorporation. The biggest disadvantage in SPICe system is that the maximum number of subscribers can be seven only. In case of more subscribers, normal incorporation procedure is to be followed. Only one name of the company can be proposed and it is a bit costlier as DSC of all subscribers and witness is needed.
Author: This blog is written by Ms. Afreen Hashmi, a passionate blogger of Aapka Consultant.
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