As part of the Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs (MCA) has notified a new web form christenedSimplified Proforma for Incorporating Company Electronically Plus (SPICe+) replacing the existing SPICe form.
SPICe+ will offer 10 services by 3 Central Govt Ministries & Departments (Ministry of Corporate Affairs, Ministry of Labour, and Department of Revenue in the Ministry of Finance) and one State Government (Maharashtra).
Registration for EPFO and ESIC shall be mandatory for all new companies to be incorporated through SPICe+ and no EPFO & ESIC registration nos. shall be separately issued by the respective agencies.
Registration for Profession Tax shall also be mandatory for all new companies to be incorporated in the State of Maharashtra through SPICe+.
This will save procedure, time, and cost for starting a business in India and will be applicable for all new company incorporations.
India had improved its ranking to the 63rd spot on the World Bank’s Ease of Doing Business(EODB) survey, out of 190 countries.
The reserve unique name (RUN) web service will now only be applicable for a change of name with SPICe+ coming in.
In the 2019 EODB rankings, the World Bank had placed India at the 136th spot for ease of starting business. The country was ranked 154th and 115th for paying taxes and enforcing contracts in the survey.