InvestorQ : What is Form SPICe+ and how it will help to regulate businesses?
Rishita Das made post

What is Form SPICe+ and how it will help to regulate businesses?

2 years ago
Form SPICe+ is the newer and electronic version of Form SPICe which stands for (Simplified Proforma for Incorporating Company Electronically). This form is yet to be issued by the government and shall be applicable with effect from 15 February 2020. This form is applicable to new businesses or incorporating new companies.

The current form of SPICe is a slow procedure and takes a little longer time for the entire company to be functioning. However, 10 more services shall be introduced to fasten the process of incorporation for companies.

This form will help the companies to complete the incorporation in a short time with an easy to access and avail of different services online. Under new form, EPFO and ESIC forms shall be allotted at the time of incorporation of the company, cutting the hassle for companies.

Mandatory issuance of PAN (Permanent Account Number), TAN (Tax Deduction and Collection Account Number), Profession Tax Registration (Maharashtra) and opening of bank account for the company concerned would be done through the form.
Also, Director Identification Number (DIN) and GSTIN, if applied, shall also be allotted along with other forms.
Under the new form SPICe+, the companies shall also be required to apply for opening the company’s bank account through the AGILE-PRO linked web form.
This would be a great relief for the companies as the hassle shall be reduced and companies could be able to start operating in a very short time.