SPICe+ Form: A Master Guide

The SPICe+ form stands for Simplified Proforma for Incorporating Company Electronically Plus. It is a digitally integrated 10-service web form for company incorporation services in India. The form simplifies the process of company registration by combining name reservation (Part A), incorporation (Part B), DIN, PAN, TAN, EPFO, ESIC, opening a bank account, and profession tax into a single streamlined process. 

In this blog, we will cover all aspects of the SPICe+ form, including who needs to file it, the required documents, the filing process, benefits, and more. 

What Is The SPICe+ Form?

Also known as the INC-32, SPICe+ form is used to incorporate a company in India. This government-led initiative aims to simplify and streamline the company registration process in India. The SPICe+ form has replaced the old SPICe form; hence, all company incorporations (excluding LLPs) are processed through SPICe+. 

The form aims to offer 10 services by three Central Government Ministries and Departments. Such as the Ministry of Corporate Affairs, the Department of Revenue in the Ministry of Finance, and the Ministry of Labour. It also involves one state government (Maharashtra).

The SPICe+ form offers multiple services with a single window, enhancing the overall company incorporation process. 

Services Offered By SPICe+ Form

The following are the services offered by the new integrated SPICe+ form:

Part A: Name Reservation (Service intended only for new companies). 

Part B: 

• Company incorporation. 
• Application for DIN 
• PAN Application
• TAN Application
• GSTIN Application
• EPFO Registration
• ESIC Registration
• Opening of Bank Account for the Company
• Profession Tax registration is currently integrated for certain states (such as Maharashtra)

There are two ways in which the SPICe+ form can be applied.

• Part A (Name Reservation) and Part B (All Other Services) can both be applied simultaneously. 
• Initially, Part A can be applied for, and once the name reservation is completed, Part B can be applied for.

Who Should Fill The SPICe+ Form

Under the Companies Act 2013, any body who intends to register a company in India must mandatorily file the SPICe+ form. This includes: 

• Non-resident Indian (NRIs)
• Foreign Nationals
• Overseas companies setting up their branches or subsidiaries in India. 
• Startups and tech companies
• SMEs. 

However, Limited Liability Partnerships (LLPs) will use a different web form, such as FiLLiP, rather than SPICe+. 

Step-by-Step Process To File SPICe+ Form For New Company Incorporation

The following is the step-by-step process for new company incorporation under SPICe+:

Step 1: Listed under the "MCA Services", click on the SPICe+ feature. 

Step 2: After clicking the SPICe+ form, a screen will open where you must select "New Application Option". The new application opens the page as shown below:

Step 3: Select the "Type of Company" from the options displayed below. 

Step 4: Choose the "Class of Company" from the options provided. 

Step 5: Select the "Category of Company" from the following options provided: 

• Company limited by shares
• Company limited by guarantee
• Unlimited Company

Step 6: Select the "Sub-Category of Company" that has the following options: 

Step 7: Next, you are required to mention the "Main division of industrial activity of the Company" (here mention the code of the industrial activities). For instance, if you choose 01, the description of the relevant business will automatically populate the "Description of the main divisions" section. 

Section 8: Now, you are required to give the particulars of the "proposed or approved name". You must also click "Auto Check" to initiate the first level of automated scrutiny of the approved or proposed name, as per the rules governing the name. 

You can easily submit Part A for the name reservation or go ahead with the incorporation process. After choosing to go ahead with the incorporation process, Part B of the form is enabled. 

Part B has different sections, each with validation to check the form. The required details for registration must be entered. Details also include

• Proposed directors and subscribers. 
• Capital of the company. 
• Address of the registered office of the company
• Other information to apply for tax registration, such as PAN and TAN. 

Once the Part B is filled, please make sure to carry out a scrutiny check. Once the check is successful, click on the submit. 

Post-click, a confirmation of the form's successful submission will be displayed on the screen. You are required to download the PDF of Part B submitted for affixing the Digital Signature Certificate (DSC) and for filing any link forms. 

The forms that are linked to SPICe+ are AGILE-PRO, SPICe+ MOA, SPICe+ AOA, URC-1, and INC-9. Part B of the SPICe+ and the linked forms are uploaded to the Ministry of Corporate Affairs (MCA) portal. 

A service request number will be generated to make a payment towards the company's incorporation. After the payment is successful, the forms will be processed. In case of any errors, the form must be resubmitted in the same manner. 

SPICe+ Form For NRIs - Additional Requirements

Generally, the SPICe+ form for registration process is similar for all applicants; NRIs must meet a few additional requirements when incorporating a company in India. 

• Resident Director: One director must be a resident of India. 
• FEMA and RBI Compliance: NRI investments must comply with FEMA guidelines and RBI regulations. 
• Investment Route: Funds must be routed through the NRE or NRO accounts. 
• FDI Reporting: Form FC-GPR is required to be filed after the allotment of shares. 
• Document Verification: All documents must be notarized and apostilled, if required. 

Documents Required For SPICe+ Form

One of the most integral parts of filling out the SPICe+ form is uploading the correct documents to ensure successful registration. The following is a breakdown of the required documents. 

For Directors & Shareholders: 

• The identity proof: PAN Card, Aadhaar Card, and Passport. 
• Address Proof: Driver's license, the electricity bill, the rent agreement, and the bank statement. 

For Registered Office

• The Ownership Proof: Ownership documents ( if owned) / Property deed. 
• Rental Agreement: (If the property is on rent), along with a No Objection Certificate (NOC) supplied by the landlord. 
• Utility Bills: Electricity or Water Bill (must not be more than 2 months old). 

Other Required Documents

• Declaration Forms: Forms such as DIR-2 (consent to act as a director) and INC-9 (declaration by directors and the shareholders). 
• MOA and AOA: The Articles of Association or Memorandum of Association specify the internal rules and the business activities. 

Documents Required By NRIs

The documentation for non-resident Indian (NRIs) for the SPICe plus form is slightly different from that for resident applicants. For an NRI application, additional verification requirements must be met in accordance with FEMA and MCA guidelines.

The key documents are: 

Passport (Mandatory): The passport serves as the primary identity proof for NRIs. Hence, it must be valid when submitted as proof of identity, with the details on it clear and visible. 

Overseas address proof: NRIs are required to submit valid proof of address from their country of residence. This includes their driving licenses, utility bills, bank statements, and so on. 

Notarized and Apostilled: The documents submitted by NRIs must be notarized in their country of residence. In certain cases, the documents must also be apostilled or consularized in accordance with Indian legal requirements. 

Director Identification Number (DIN) Documents: If an NRI is applying to become a director in an Indian company, a DIN can be allotted through the SPICe+ form. However, additional documents such as identity proof and address proof are required for DIN allotment.

Director Signature Certificate (DSC): The NRIs are required to obtain a valid DSC to digitally sign the SPICe plus form and other documents of incorporation. 

NRIs must ensure that all their documents are properly verified and comply with Indian regulations to avoid any rejection or delay during the incorporation process.

Benefits Of SPICe+ Form

The SPICe+ Form smoothly handles DIN (Director Identification Number) allocation, name reservation, and incorporation formalities (often known as the SPICe form for DIN). The form offers an array of benefits and features that position it apart from the traditional company incorporation process. 

The following are some benefits of the SPICe+ form. 

Multiple Service Integration: A single form allows multiple registrations for the PAN, TAN, DIN, GSTIN, EPFO, ESIC, and more. 

Less Paperwork: All incorporation-related details can be submitted digitally via a single form, reducing reliance on physical documentation. 

Enhances Ease in Doing Business: The SPICe+ form aids the government's goals of making India a hub for innovation and startups. 

Simple Compliances: The SPICe+ form handles various registrations in a single streamlined process, ensuring all compliance requirements are met once and for all at the time of company incorporation. 

Common Mistakes To Avoid In SPICe+ Filing

The following are some of the most common mistakes applicants make when filing their SPICe+ form. Take note of them so you don't end up in the same position: 

1) One of the most common causes of SPICe+ form rejection is that the proposed company name is too similar to any other existing entity or a registered trademark. Hence, before filing Part A, search the MCA database and trademark registration records to ensure that your preferred name is available. 

2) Submitting more than two months old address proof. The Registrar of Companies (ROC) is strict about the recentness of the latest bills submitted. Meaning that if there is even a minor date difference, the entire application is halted, and resubmission is required.

3) Wrong NIC code selection. This mistake caused problems with the GST registration leg of AGILE-PRO-S. The code must precisely reflect the company's principal business activity. In the case where you have selected either an incorporated or a generic code, it can delay the entire GST approval and mandate a post-incorporation amendment. 

4) Lastly, almost all applications don't know that the Part A name reservation expires in 20 days. Meaning if you did not file Part B of the form within the 20-day window, the name reserved for your company will lapse. Hence, have all documents and DSCs ready before you file Part A. 

The Bottom Line

From a multi-step maze to a streamlined incorporation process, the SPICe+ form has revolutionized the company incorporation process in India. The form consolidates name reservation, DIN allotment, incorporation, tax registrations, and bank account mandates into one streamlined filing. 

As a business owner, understanding the SPICe+ process is essential. This one form single-handedly simplifies everything from documentation to post-incorporation compliance and more. As an NRI, if you are seeking professional guidance on SPICe+ form filing, Savetaxs is the name to trust. Our experts will consult you on SPICe+ Part A and B preparation, assisting with name reservation and company incorporation, document preparation, regulatory compliance, and more. 

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