SPICe – INC-32 – Simple Form for Incorporating Company
SPICe – Simple Form for Incorporating Company
Ministry of Corporate Affairs (MCA) has recently introduced SPICe Form INC-32 which is a Simplified Proforma for Incorporating Company Electronically. 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 DIN. SPICe or Form INC-32 is very similar to Form INC-29, which also helps with fast track incorporation of a company in India. In this article, we review SPICe or Form INC-32 in detail.
SPICe – Form INC-32
Form INC-32 can help incorporate a company quickly in India by integrating many of the steps into a single process. Using SPICe Form INC-32, the following types of companies can be incorporated in India:
- Private Limited Company
- Public Limited Company
- One Person Company
- Section 8 Company
- Producer Company
The company can also be of different categories like company limited by shares, company limited by guarantee or unlimited company.
Form INC-32 vs Form INC-29
Form INC-32 is very similar to Form INC-29 or the Integrated Incorporation Form, which is currently in use. Form INC-29 and SPICe Form INC-32 can help incorporate a company in a single step within 1 or 2 days. However, the biggest difference between SPICe Form and INC-29 is that in SPICe Form INC-32, there is a provision for entering name approval that was already obtained by the applicant – thereby assuring the name. In Form INC-29, there is no procedure for entering a previously obtained name approval leading for chances for resubmission or rejection of the application.
Procedure for Filing SPICe – Form INC-32
Form INC-32 must be accompanied by supporting documents including details of Directors & subscribers, affidavits, declarations, identity proof, address proof, MoA and AoA etc. Once the eForm is filed, its processed by the MCA’s Central Processing Centre. If found complete, company would be registered and CIN would be allocated. Also DINs gets issued to the proposed Directors who do not have a valid DIN. Maximum three Directors are allowed for using this integrated form for filing application of allotment of DIN while incorporating a company.
In addition to the allotment of DIN and providing of incorporation certificate, the Company’s PAN, TAN and ESIC registration can also be obtained easily in a single step while using Form INC-32.
Declaration by Professional
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.
Documents Required for SPICe Form INC-32
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 subscriber(s) and director(s) – Mandatory in all cases
- Proof of office address
- Copies of utility bills that are not older than two months
- Copy of approval in case the proposed name contains any word(s) or expression(s) 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