Benefits of Registering New Business in India by using SPICe

Entrepreneurs often come forward with the brilliant ideas of doing business. A fast and secure process that helps them in doing the same is essential for the security and success of the business. Hence, it is important for the government to extend the support to the entrepreneurs in keeping their unique business ideas safe and secure. Hence, efforts have been made by the government of India to make sure the businesses can be set up smooth and easy. India currently ranks at 130th out of 190 nations for the ease of doing business. The present ranking is just one place higher than the previous year. The present government of India is making sincere efforts in bringing forth changes in the business sector in India. The Honorable Prime Minister has decided Bring India amidst top 50 nations that are business friendly and doing business is easy. To make sure such an initiative completes with the positive vibe the present government of India has recently introduced the SPICe under the Companies Fourth Amendment Rules 2016. It is important to understand what is SPICe? SPICe stands for Simplified Performa for Incorporating Company Electronically. Similar to the concept of INC29, the INC29 simplified the effort of establishing a business in an effortless manner. Whereas, SPICe was established to provide a digital platform to register and start the business with a simplified approach. Under the provisions provided by SPICe, an entrepreneur can file an Article of Association and the pre-drafted Memorandum of Association electronically. This helps in saving a lot of time and removing the complicating process of filing the same manually to the authorities.                                 Some of the main highlights of SPICe are as follows:- The form INC32 can get filed after INC1 that is used for obtaining the name of the business. The Article of Association (AOA) and the Memorandum of Association (MOA) is filed electronically by filing INC33 and INC34 under SPICe. The subscribers and witnesses only need to affix their digital signatures on the fore mentioned e-documents. The introduction of the SPICe will eventually phase out the INC29 and INC7. Any type of Producer Company, Private Limited Company, Public Limited Company, Section 8 Company,  One Person Company can incorporate using SPICe. Documents Required for SPICe Form INC-32. Before filing for the SPICe Form documents must be arranged to avoid legal complications. Some of the important documents are listed below. The following documents are necessary and they must be filed with SPICe Form INC-32. Memorandum of Association. Articles of Submission. Affidavit and Declaration by first subscriber and director. Office Address Proof. NOC from the sole proprietor/ associated/partner of the existing company. Proof of Identity, residential address, and subscribers. Proof of identity, directors, and residential address. It is important to understand, How it will help the businesses? But before it is equally important to understand how does SPICe work? The process of using this form is very easy and hassle free. As a first time user, you need to take the following steps. Apply for the Digital Signature Certificate (DSC). The directors of the concerned business need to apply for the DSC. Applying for the DIN. Maximum 3 directors can apply for the same when filing the form INC32 itself. Finally, the forms are filed with the MCA - Ministry of Corporate Affairs with the required documents. Now we can understand how does this help the businesses in the long run. No person can deny the ease of registering the business this form brings provided this provision is implemented efficiently.