The Ministry of Corporate Affairs has launched Simplified Performa for Incorporating Company Electronically (SPICe) e-Form INC 32 through Companies (Incorporation) Fourth Amendment Rules, 2016, on the occasion of Gandhi Jayanthi 2016, with the specific objective of providing speedy incorporation related services within stipulated time frames which are in line with international best practices.
This simplified & integrated process for incorporation of a company is done through Form No. INC-32, e- Memorandum of Association in Form No. INC-33 and e-Articles of Association in Form No. INC-34.
Existing INC-29 and INC-7 will be phased out and SPICe will be the Sole, Simplified & Versatile form available for incorporation of a company in India.
Minimum authorized and subscribed share capital required for an OPC is Rupee one or a private company having share capital is Rupees two and in case of a public company Rupees seven. At least one kind of share capital (Equity/ Preference) should be greater than zero in number of shares as well as amount of shares.
SPICe’s USP is as follows:
- Simplified and completely Digital form for Company Incorporation
- Standard format of e-Memorandum of Association as per Companies Act, 2013
- Standard format of e-Articles of Association as per Companies Act, 2013
- Memorandum and Articles will now be filed as linked e-forms (except for Section 8 companies)
- Provision to apply for Company Incorporation with a preapproved Company Name
- Mandatory DSCs of Subscribers and Witnesses (max 7+1) in SPICe MOA and SPICe AOA
- Back Office productivity gains due to faster review of e-MOA and e-AOA by approving authorises.