The Ministry of Corporate Affairs is replacing the existing SPICe (Simplified Proforma for Incorporating Company Electronically) form with a new web form called SPICe+. The existing form, which is used for reservation of name, company incorporation, DIN allotment, and application for PAN/TAN, in its new avatar, would offer 10 services by three central government ministries and departments, the ministry said in a notice on its website. The form would be applicable for all new company incorporations from February 15, 2020, onwards, the ministry said. 
  1. The 10 services to be offered by the Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance and Maharashtra government will save “as many procedures, time and cost for starting a business in India..
  2. The online form would have two parts, first for name reservation for new companies and second, for a host of services including incorporation, DIN allotment, mandatory issue of PAN, mandatory issue of TAN, mandatory issue of EPFO registration, mandatory issue of ESIC registration, mandatory issue of Profession Tax registration (Maharashtra), mandatory opening of bank account for the company and allotment of GSTIN if applied for. Users may submit both parts together or one after the other.
  3. The ministry said the new form would offer on-screen filing of data and its real-time validation for a seamless registration. 
  4. The name and incorporation details provided in the first part will be automatically populated in all linked forms such as AGILE-PRO, eMoA, eAoA, URC1, INC-9 (as applicable). The Ministry of Corporate Affairs launched the first SPICe form in October 2016 replacing INC-29 form
  5. The government had also added the MCA21 system with the CBDT for issuing PAN and TAN to a company incorporated using the SPICe form to help reduce the number of processes and time taken for starting a business in India.
  6. The World Bank’s Ease of Doing Business ranking for 2020 had ranked India at 63rd position — a 14-rank jump from 77 in the preceding year’s ranking with reforms in areas including starting a business, dealing with construction permits, trading across borders, and resolving insolvency, according to the World Bank.