As a young Entrepreneur, when you think about a Startup, you think about a Private limited company. Might be forming your own company seems to be Overwhelming but Finology made it easy. Incorporating your own company gives the Members- Limited Liability Benefit that means it will allow their members full exemptions from business debt & obligations.
Along with it, forming a company gives Tax Benefits too. For individuals the Tax rate is 30% whereas for companies it is 25% upto Gross Turnover of 250 crores. So if you are Thinking of Large Scale Business, convert it into a Pvt. Ltd. Company with the help of SPICe i.e., Simplified Proforma for Incorporating a Company electronically. Here we will learn “How to apply for Incorporation of Company through eForm- SPICe”. We are happy to help you!
Topics to be covered here :
- What is SPICe?
- For what purpose do SPICe form is introduced?
- Types of company to be incorporated with SPICe-(INC 32) form.
- Mandatory documents required.
- Signatures& Declaration required.
- Fees details in SPICe (INC-32) form.
- Process for filling SPICe.
What is SPICe
The Ministry of Corporate Affairs (MCA) has introduced a new, single & simplified form for incorporation of companies. It is an electronic form designed by MCA with the aim to substantially reduce the Time Taken for Registration for companies. This has been a favor to Businessmen and Global Entrepreneurs who can quickly take their business to a corporate level.
For what purpose do SPICe form is introduced
SPICe form can serve number of facilities in a single application like:
- Reservation of Name of the company.
- Incorporation of a company.
- Application for allotment of DIN (Director Identification Number).
- Application for PAN/TAN.
Types of company to be incorporated with SPICe-(INC 32) form
Following type of companies can be formed with SPICe-(INC 32) form:-
- Section 8 Company.
- Producer Company.
- Nidhi Company.
- Part-1 Company.
- New Company (others).