Central government is going to launch a new Spice+ company incorporation form for businesses. Ministry of Corporate Affairs will roll-out 10-in-1 online application form on 15 February 2020. This 10-in-1 online registration form will comprise of at-least 5 new formalities namely EPFO, ESIC, professional tax registration, bank account opening and GST registration.
This is a part of the comprehensive package to make life easier for someone who is starting a new business. The Union govt. hopes to reduce time taken and cost for company registration which was estimated at about 4 hours in December to January. On an average, reservation of name takes around 3 hours.
The central govt. is processing 90% of forms which are received in a day and currently Spice+ is being tested.
10-in-1 Spice+ Online Application Form for Businesses
Here are the complete details of 10-in-1 Spice+ online application form for businesses. This Spice+ company incorporation form has 2 types:-
- The first part of 10-in-1 Spice+ online registration form deals with name registration.
- The second part of 10-in-1 form comprises of bouquet of services including incorporation, issue of PAN & TAN along with issue of director’s identification number.
All those companies who opt for EPFO and ESIC registration would be directed to the websites of 2 agencies. The agencies have indicated that numbers will be issued in around 30 minutes.
For companies which are operating in Maharashtra, there is requirement for professional tax. The GST number is also going to be part of the unified process although some issues are being sorted out. This merging of 10 processes of company registration is a backdrop of India’s poor performance in starting a new business.
The central govt. thinks that it has done good job to ensure that time taken is reduced significantly from weeks to few hours, World Bank thinks that there are no. of processes which are still involved which prompts MCA to issue new forms. Currently, India stands at 63rd rank in ease of doing business and 136 on starting of new business.