Business Startup: Company registration in India

Overview

For the reasons of incorporation of a company, The Integrated Form INC-29 has been replaced with SPICe Form INC-32 and as such the Form INC-29 has been totally removed from the MCA portal. The SPICe Form INC-32 is very comparable to Form INC-29, which also aids with fast track incorporation of a company in India. In this article, a Company Incorporation Expert from IndiaFilings provides detailed process for company registration, important features and necessary documents for SPICe – Simplified Proforma for Incorporating Company Electronically.

Company Incorporation Form – SPICe

Form INC-32 can help incorporate a company speedily in India by integrating lots of of the steps into a particular process. It has been introduced to eradicate the process related to filing of different forms. The eForm-32 has other additional benefits as a result of which the DINs get allotted to those Directors who do not have a valid DIN and also the Company’s PAN, TAN and ESIC registration can also be availed with no trouble in a single step. A maximum of three Directors are permitted for utilizing this integrated form for filing application of allotment of DIN at the same time as incorporating a company.

 Important Features of SPICe form include:

 DSC of Subscribers required instead of physical sign.

  • Date of signing MOA and AOA will be the date of affixing DSC.
  • Digital Signature of witness required. If no DSC, no SPICE process.
  • The form will be processed at Registrar’s Office.

 Types of Company That Can Be Registered using SPICe Form

Utilizing SPICe Form INC-32, the subsequent types of companies can be incorporated in India:

  • Private Limited Company
  • Producer Company and the condition is that only if 2 agricultural corporations are promoters, if there are minimum 10 promoters as appropriate for individuals, then normal incorporation process has to be pursued.
  • Section 8 Company was not accessible in INC-29.
  • New Company – Public or Private or OPC.

The company can too be of different categories such as company limited by shares, company limited by guarantee or unlimited company.

The main addition to the SPICe Form INC-32 is related to provision for entering name approval that was previously obtained by the applicant by filing INC-1 – in that way assuring the name.

Formerly there was no such provision in the e-Form INC-29, by this means there were chances for resubmissions leading to delay in the procedure for incorporation.

 Document Required for Company Registration

The subsequent documents should be filed with SPICe Form INC-32 for incorporation of company:

Memorandum of Association – Appropriate and compulsory only in case of Section 8 company or company with foreign subscribers not having DIN

Articles of Association – Valid and compulsory 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) – Obligatory in all cases

Proof of office address

Copies of utility bills that is not older than two months

Copy of approval in case the proposed name comprises any word(s) or expression(s) which necessitates approval from central government

If the proposed name is on the basis of on a registered trademark or is area under discussion matter of an application pending for registration under the Trade Marks Act, then it is compulsory to affix the trademark registration certificate or trademark application copy

NOC from the sole proprietor or partners or other associates or existing company

Proof of identity as well as residential address of the subscribers

Proof of identity as well as residential address of directors

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