Ministry of corporate affairs (MCA) as an initiative for ease of doing business in India has introduced simplified Proforma in Form INC 32 (known as SPICe) for incorporating company electronically. With a single application, an investor can now apply for new company incorporation and allotment of DIN.
Steps in Company Incorporation:
- Minimum 2 Directors in case of Private Company and 3 in case of Public Company (exception in case of one person company)
- Minimum 2 shareholders in case of Private Company and 7 in case of Public Company (exception in case of one person company)
- Incorporation procedure
- Directors are required to apply for DSC (Digital Signature Certificate).
- All the directors are required to apply for DIN (Director’s Identification No.).
- Applicant is required to apply for name of the company.
- After obtaining name approval from ROC,
- File application for incorporation of Company
- Appointment of directors in form DIR-12; and
- Situation of registered office of the Company along with Memorandum of Association (MOA) and Articles of Association (AOA) of the Company.
- Once ROC is satisfied, Certificate of Incorporation is sent through email.
- Commencement of Business: File application for commencement of business (Mandatory only in the case of Public Company)
Types of Companies that can be incorporated in India
- Private Limited Company
- Public Limited Company
- One Person Company
- Section 8 Company
- Producer Company
Fast Track Company Registration
The Ministry of corporate affairs (MCA) had introduced concept of fast track company registration by introducing single integrated form in INC 29 by merging the process of getting Director’s Identification No (DIN), Name approval and application for incorporation of Company. The integrated form has limited usage mostly in cases where the Company is promoted by a group company or having a trade mark registered in the name.
Simple Form for Incorporating Company (SPICe)
The new process now requires the investor to obtain name approval for the Company. After name approval, the applicant may use simplified form INC 32 for applying DIN and incorporation of Company along with the supporting documents as required. The MOA (INC 33) and AOA (INC 34) can now be filled electronically and submitted along with INC 32.
In addition to this, INC 32 also incorporate features for allotment of Permanent Account Number (PAN), TAN and ESIC registration in a single integrated form.
Once the form is filed and found complete, the registration certification shall be issued by the MCA’s central processing centre.
The entire process for registration of Company now takes 7 to 10 working days.
Documents required to be attached alongwith INC 32
- Affidavits and declaration of first subscriber(s) and director(s).
- Proof of identity and residential address of the subscribers
- Proof of identity and residential address of the directors
- Proof of office address/rent agreement.
- Copy of utility bills not older than 2 months.
- NOC from owner of office place for use of premises as registered office.
- MOA and AOA- Applicable and Mandatory only in case of Section 8 Company or Company with Foreign subscribers not having DIN.
