Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
Like a sapling needs the right amount of sunshine, water, and nutrients to grow. Similarly, a new business idea requires an efficient and secure environment to flourish. Especially in today’s competitive market, ruthlessly ruled by corporate giants and conglomerates, support to the entrepreneurs and their budding ideas should be a priority for the Government. Concrete measures should be proactively taken by the Government of India to ensure the smooth establishment and operation of the new businesses. Let’s take a look for the Benefits of Registering New Business in India through SPICs.
At present, India fares quite poorly at the World Bank Ease of Doing Business ranking, lagging behind in the 130th position. Under the charismatic leadership of the Honourable Prime Minister, the Government is determined to bring about monumental shifts in the business sector of the country. The aim is to secure India’s position amongst the Globes’ top 50 destinations in ensuring ease of doing business and offering a commerce-friendly atmosphere. In the last couple of years, initiatives such as ‘Make in India,’ ‘Unified Payments Interface,’ etc. have been launched to promote the growth of indigenous industries, and to transact in a transparent and efficient manner.
The introduction of SPICe (Simplified Performa for Incorporating Companies Electronically) under the Companies Fourth Amendment Rules 2016 is another bold step. It provides a digital platform to register and start a new business. The online application ensures transparency and efficiency and eliminates corruption by by-passing the corrupt elements in the system. The concept is similar to the erstwhile INC29, which simplified the effort of establishing a business. Any type of company, be it Sole Proprietorship or Private Limited or Public Limited, can be incorporated using the online platform.
As per the provisions of SPICe, one can file an Article of Association and a pre-drafted Memorandum of Association electronically, thereby saving precious time and removing the intricate process of filing the same manually to the respective authorities. Also, the applicant can fill up the INC32 form electronically, providing mandatory details about the business. There is provision for uploading scanned copies of the affidavits, proof of office address, copies of utility bills, etc. to ease the process of verification. The steps involved in this process include the digital signature certificates, director’s identification number, the filing of a memorandum of association, articles of association and other mandatory business details.
The various steps involved in the process, arranged chronologically, are as follows:
The following documents are required for filing INC32:
Considering the innumerable benefits of the SPICe system, it can be chosen as a preferred method by the companies to start a new business.
Also, Read
Are your GAIL India Limited shares now eligible for transfer to the IEPF Authority, or have the...
India's financial sector is changing due to advancements in technology and new regulations. GIF...
The Indian startup ecosystem, which is the third-largest in the world, is expected to become a...
India's startup ecosystem has recently experienced a rapid rise as a global powerhouse. Several...
In the Union Budget 2024, Finance Minister Nirmala Sitharaman announced several changes to the...
Are you human?: 7 + 6 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
Business valuation method is nothing but a set of process and procedure which is used to determine the worth of the...
28 May, 2019
RERA was introduced in the year 2016. RERA was implemented with a view to bring transparency and accountability in...
01 Dec, 2020