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The MOA and Ministry of Corporate Affairs (MCA), over the last couple of years, has come up with some amendments to speed up the process of company registration. In a notification on October 1, 2016, it introduced the Fourth Amendment Rules 2016, wherein new e-forms were launched to expedite the Fast Track Company Registration process significantly. The introduction of (Simplified Performa for Incorporating Companies Electronically) SPICe under the “Companies Fourth Amendment Rules 2016” is a similar bold step. The online application ensures transparency and efficiency and eliminates corruption by by-passing the corrupt elements in the system. It simplifies the company incorporation process through a new online application form, INC-32, in addition to online application forms for Memorandum of Association (INC-33) and Articles of Association (INC-34).
Before an Amendment, the incorporation of a company requires the applicant to fill up several documents. It includes DIR-3 (acquiring of the Director Identification Number), INC-1 (obtaining of name approval), INC-7 (registering a company with the Memorandum and Articles of Association), and INC-22 (approval of registered office). The newly introduced INC-29 includes all the details to be filled in the previous five forms and reduces the processing time to as less as 48 hours.
The various documents that are required for form INC 32 are- memorandum of association, of the company, articles of association of the company, affidavit as well as declaration from the directors and subscribers, address proof of the registered office of the company, identity proof of the directors, identity proof as well as residential proof of the subscribers and NOC from the partners or associates or the proprietors of the company. By looking at the advantages of the SPICe system, it is an advisable system.
Read More: SPICe has Emerged to Be the Most “Fast-Track Company Registration System”.
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