Govt To Reduce Time Taken For Starting Business; To Roll Out New e-Form

As yet another step in improving ease of doing business, for the incorporation of new companies from February 15, 2020, the government will roll-out an integrated electronic form SPICe+ that will replace its earlier version simplified proforma for incorporating company electronically (SPICe).

Govt To Reduce Time Taken For Starting Business; To Roll Out New e-Form

The new SPICe+ will extend as many as 10 services and in a public notice the corporate affairs ministry said the new form would help in "saving as many procedures, time and cost for starting a business in India".

Also, through the new SPICe+, the labour ministry, Department of Revenue and the Maharashtra government will be providing some of the services.

For all the companies incorporated from Feb 15, registration for both Employees' Provident Fund Organisation (EPFO) and Employees' State Insurance Corporation (ESIC) will be mandatory. Also, it is only during the incorporation of the new company that the company would obtain both its EPFO and ESIC registration numbers other than name reservation details. EPFO and ESIC registration numbers would not be issued separately by the respective agencies, said the notice.

Also, for companies incorporated in Maharashtra from February 15, registration for professional tax would be must.

Other services to be offered as part of the new SPICe+

1. Issuance of PAN
2. Issuance of Tax Deduction and Collection Account Number (TAN)
3. Profession Tax Registration in case of Maharashtra state
4. Bank account opening
5. Allotment of Director Identification Number (DIN) and Goods and Services Tax Identification Number (GSTIN), if applied for

"All new companies incorporated through SPICe+... would also be mandatory required to apply for opening the company's bank account through the AGILE-PRO linked web form," the notice said.

The Companies Act is being implemented by the Corporate Affairs Ministry and all requisite filing as per law and for the incorporation of companies is done on the MCA21 portal. The same portal will also feature the new SPICe+ form.

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