Month: March 2020

New procedure of company incorporation

New procedure of company incorporation

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Recently the government has released the Form SPICe Plus (SPICe+) under the ease of doing business in India initiative. The newly launched Form Spice + has replaced the old Form Spice which was a pdf form for Company incorporation. It is mandatory for online Company registration of all the Companies as per the directives of the Ministry of Corporate Affairs. The company here means all kinds of Companies being incorporated be it a Private limited company, Public Limited Company, One Person Company, Nidhi Company, Section 8 Company or Producer Company. With effect from 23rd February, 2020 all Companies shall be incorporated through the newly launched web form SPICE+.

FEATURES:

The form SPICe+ aims to offer about 10 services by three Central Government Ministries and Departments (Ministry of Corporate Affairs, Ministry of Labour and the Department of Revenue in the Ministry of Finance) and one State Government (Maharashtra). The Company registration form is an integrated web form with a single-window for multiple services.

The newly integrated web form SPICE+ offers the following services:

– Part A –: Name Reservation

– Part B: Company Incorporation

  • Application for DIN
  • Corporate Identification Number
  • PAN Number
  • TAN Number
  • GSTIN Number
  • EPFO Registration
  • ESIC Registration
  • Opening of Bank Account for the Company
  • Profession Tax Registration (only for Maharashtra)

Related Blog: SPICE PLUS COMPANY PROCEDURES

Part A (Name Reservation) and Part B (All Other Services) can be applied for on a simultaneous basis.

Part A can be applied separately and upon reservation of the name, Part B can be applied for.

OTHER SIGNIFICANT CHANGES:

  1. With the introduction of a new dashboard for the web form SPICe+ and linked forms, the approved name will be displayed on it, eliminating the need to do an SRN search.
  2. Companies incorporated through SPICe+ will have to apply for mandatorily:
    – EPFO Registration
    – ESIC Registration
    – Opening of a Bank Account (AGILE – PRO)
    – Profession Tax Registration (only for incorporation in Maharashtra)
  3. Once the application is completed in all respects, the next step would be the downloading and signing the application.
  4. Pre-scrutiny checks and other validations happen in the web form, but DSC Validation will happen only at the upload stage.
  5. Declaration by the subscribers and the first directors in INC – 9 shall now be auto-generated in PDF format and submitted electronically.

Related Blog: Online Business Registration Anywhere in India

Therefore the newly launched SPICE+ form is said to save valuable time, procedure and cost, it is an one stop solution for all the Company incorporation requirements.

FAQ:

How do I change my company name?

Once the Company is incorporated the change in Company name means change in all the incorporation documents. For assistance drop a query by clicking on the link https://www.caonweb.com/company-registration.php

Do I need a business bank account?

Yes, every company needs to operate through a current bank account, therefore the new incorporation procedure provides for bank account number at the time of incorporation.

What is the DIN (Director Identification Number) to register a new company?

DIN is the Director Identification Number which is a unique number assigned to a director and the same number can used in all the companies with whom the Director is associated.

Related Blog : ALL ABOUT COMPANY REGISTRATION IN INDIA

Is it possible to register a company online?

Yes, under the ease of doing business in Indi initiative the whole Company registration procedure is online.

How can one get Private Company Registered?

For getting the private Company registered one requires CA services as the process needs professional guidance. For info click on the link https://blog.caonweb.com/ to search & find the related topic

How to Register a Company in India

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Private Limited Company Registration is the most general and suitable form of entity for carrying out business in India with a long term objective. A Private Limited Company Registration is governed by the Companies Act 2013. The business under this structure can be started by making investment through the equity shares in the Company. It has the advantage over other forms of business structure as it has limited liability, greater stability and recognition. The Basic Requirement for a new Company Incorporation in India is to have Minimum Two Directors and Two Shareholders (Both can be same as well).

Related Blog : ALL ABOUT COMPANY REGISTRATION IN INDIA

DOCUMENTS REQUIRED TO INCORPORATE COMPANY IN INDIA:

  • Self-attested copies of pan cards of all directors.
  • Self-attested copies of id proof like Passport/Aadhaar/Voter Id.
  • Self-attested copies of address proof like bill/ bank statement
  • Passport size Photos of all directors.
  • Valid email id & contact number of directors.
  • Address proof for registered office like electricity bill/utility bill not older than 2 months.
Accounting and Bookkeeping services

OVERVEIW

Before going for Company registration it’s important to have a broader idea about the major Amendments in Company Incorporation Process. Ministry of Corporate Affairs (MCA) has introduced new web forms for Company registration in India based on the Companies Act, 2013. The Ministry of Corporate Affairs (MCA) under the ease of doing business initiative has introduced the new SPICE+ web form which is a linked form for Company incorporation in India. The new web form contains various registrations like:

  • DIN i.e. Director Identification Number
  • Company Incorporation Certificate
  • PAN Number
  • TAN Number
  • GST i.e. Goods and Service Tax Registration
  • Allotment of Ban Account No.
  • EPFO Registration
  • ESIC Registration

PROCEDURE FOR COMPANY REGISTRATION

  • 1.   Name approval

First of all, one needs to decide the name of the proposed Company which will be applied to MCA for approval. Names provided should ideally be unique and suggestive of the business activity of the Company.

  • 2.   Application of DSC

The next step is to apply for Digital Signature Certificate. Digital signature is an online signature used for signing the e-forms with the Ministry.

  • 3.    MOA & AOA Preparation

Once the name is approved, required incorporation and subscriber documents are prepared along with the Memorandum of association and Articles of Association. These contain the rules & byelaws of the company as per the Companies Act, 2013.

  • 4.   Filling of the Application form

The  Government has simplified the procedure and has introduced a single web form for all necessary applications i.e. Spice+. Hence, application for Company registration, DPIN, PAN  TAN, ESI, EPF, GST and Bank Account Number for the company can be applied along with the incorporation application.

  • 5.   Get incorporation certificate

After filing the web form SPIC+ with the ministry the MCA takes its time to check, verify and review the incorporation application. After doing the same the Forms are approved and the Certificate of Incorporation is generated. The COI contains the CIN i.e. Corporate Identification Nubmer, Date of Incorporation and the PAN, TAN number of the newly incorporated company.

Caservices can be availed, as they help in incorporation of new company, compliance, advisory, and management consultancy services to clients.

To know more visit: What is Advance Tax and Due Dates for Advance Tax Payment

FAQs

Ques. What are the Compliances to be done after company formation?

Ans. After Company Formation, The Very first Step is to transfer the share application amount in the bank account and file form for Commencement of Business, Prepare of office stationery i.e. letter head, stamps etc., and appointment of the first auditor of the company.

Ques. Who can be the member of a Company incorporated in India?

Ans. Any individual or organization can become the member of company.

Ques. What is the validity period of Certificate of Incorporation Issued by the ROC?

Ans. Once a Certificate of Incorporation (COI) is issued by the Registrar of Companies, it is valid for the lifetime of the company.

Ques. How can we check whether the company registration process is complete?

Ans. Once the Company is successfully incorporated the master data is generated on the Ministry of Corporate Affairs website and can accessed by the public.

Related Blog: Mobile & E-Mail Validation Before ITR Filing