The Ministry of Corporate Affairs is set to launch the new company incorporation form "Spice+". This is a part of a comprehensive package to make life easier for someone starting a business. It will be launched on 15 February 2020.
Spice+ form:
♦ The form has at least five new formalities including Employees' Provident Fund Organisation (EPFO), Employees' State Insurance Corporation (ESIC) and professional tax registration, the opening of bank account and GST registration.
♦ The new form will reduce the time taken and the cost of registering a company that was estimated at around 4 hours in December-January.
♦ It has been estimated that on average, the name reservation takes around 3 hours.
♦ There are two parts in Spice+ form:
1) The first one deals with name registration
2) The second part for a bouquet of services, including incorporation, issue of Primary Account Number (PAN) and Tax Deduction and Collection Account Number (TAN), along with the issue of director's identification number.
♦ People opting for EPFO and ESIC registration will be directed to the websites of the two agencies.
Ministry of Corporate Affairs:
Ministry of Corporate Affairs (MCA) regulates corporate affairs in the country India through the Companies Act, 1956, 2013 and other allied Acts, Bills, and Rules. It provides services, guidance, and other corporate affairs related information. Its primary aim is to protect investors and offer many important services to stakeholders.
Minister of MCA: Smt. Nirmala Sitharaman
Minister of State of MCA: Shri Anurag Singh Thakur
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