Incorporation of a private limited company may seem to be a tedious process but Ministry of Corporate Affairs (“MCA”) has introduced a new simplified procedure for incorporating a company under Companies Act, 2013.
MCAhas taken a significant step by introducing the Simplified Performa for Incorporating Company electronically (“SPICe”) through which a company can be incorporated in maximum of three working days. E-Form SPICe deals with the single application for reservation of name, incorporation of a new company and/or application for allotment of DIN, application for PAN and TAN can be made through a start-up lawyer.
SPICe can be filed for incorporation by a start-up lawyer, even after approval of INC-1 (approval for the name of the company). This means you can either apply with one single name for the proposed company by filing SPICe or you can apply by filing INC-1, which gives you an option to propose six names and get one name reserved. So, this gives you the best of both worlds for incorporating a private limited company.
Significant Features of SPICe form:
Attachments of SPICe form:
Important points to be noted while filing SPICe:
Therefore, we can conclude that this initiative by MCA for incorporation of private limited companies through SPICe is expected to bring the current company registration norms in line with best international practices and expedite the process of incorporation. A start-up or any other person intending to incorporate a private limited company can be assisted by start-up lawyers in Delhi.