Government launches “SPICe+” to improve Ease of Doing Business in the country

A web form that integrates 10 services of various ministries

• Ministry of Corporate Affairs has introduced the compact e-Form “SPICe+” a web form that integrates 10 services of various ministries and departments
• It will help the new startup entrepreneurs to accomplish necessary several business compliances through a single form
• It is a Simplified Proforma for Incorporating Company Electronically plus (SPICe+) is a compact e-Form for company incorporation

Need for SPICe+ platform

• As a part of the noteworthy initiatives directed towards increasing Ease of Doing Business, the Ministry of Corporate Affairs has now brought the all-inclusive e-Form SPICe+
• The SPICe+ shall replace the existing SPICe form and the ministry shall shortly notify and deploy a new Web Form „SPICe+‟ on the MCA21 portal
• This will help boost Ease of Doing Business in India, since India ranked 63rd in Ease of Doing Business ranking published by World Bank

Key highlights of SPICe+

Meaning: It is a simplified Proforma for Incorporating Company Electronically plus (SPICe+) is a compact e-Form for company incorporation. This e-form will offer the integrated compliance services in the following areas.,

Services: Company name reservation, Company incorporation, DIN allotment, Mandatory PAN registration, TAN registration, EPF registration, ESIC registration, Profession Tax registration (in case of Maharashtra) and Opening of Company Bank Account

• SPICe+ would offer 10 services by 3 Central Govt Ministries & Departments (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Government (Maharashtra)
• So, it saves as many procedures, time and cost for Starting a Business in India and would be applicable for all new company incorporations
• The new web form would facilitate On-screen filing and real time data validation for seamless incorporation of companies
• For ensuring ease while filing, SPICe+ has been structured into various sections. Information once entered can be saved and modified
• 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+
• All new companies incorporated through SPICe+ would also be mandatorily required applying for opening the company‟s Bank account through the AGILE-PRO linked web form
• The SPICe+ form shall also facilitate the online GST registration if it has been applied for by the applicant

Details about India’s Ease of Doing Business Ranking

• In 2019, the World Bank placed India at the 136th rank for Ease of Starting Business
• It was provided the 154th and 115th ranks for paying taxes and enforcing contracts respectively
• Therefore, it is essential for initiatives such as SPICe+ to improve India‟s position globally

Pic courtesy : Indus Dictum