What is SPICe?

SPICe (Simplified Proforma for Incorporating a Company Electronically), also known as Form INC 32, is a form introduced by the Ministry of Corporate Affairs (MCA) to simplify the company incorporation process in India. The major advantage of using SPICe is that it merges multiple procedures into a single form. This promotes a smoother and faster registration process for businesses.

SPICe offers several services such as Incorporation of the company, Application for Director Identification Number (DIN), PAN and TAN allotment, GSTIN (optional), etc.

Who can file SPICe?

SPICe can be used by any individual or group of individuals who are looking to incorporate their business. SPICe can also be used by Non-resident Indians (NRIs) as well as Foreign nationals. The types of business incorporated using SPICe include:

• Private Limited Company
• Public Limited Company
• One Person Company (OPC)
• Section 8 Company (Non-profit)
• Producer Company

SPICe vs Form INC 29

Earlier, Form INC 29 was used to incorporate a business in India. Even though it comes with lots of benefits, people viewed it little risky, as the whole application might get rejected because of an error in any particular section of the application. 

Also, INC-29 combined the incorporation process with DIN and PAN applications, SPICe goes a step further by also including TAN and GSTIN applications. One of the major difference between SPICe and INC 29 is that SPICe includes a provision for name approval, which was not available in Form INC-29.

Advantages of SPICe Form

The following are the major advantages of SPICe Forms:

• Simplified Process: Combines multiple steps into one form, less paperwork and administrative work.
• Time and Cost Savings: Bundles services, saves time and cost of company registration.
• Faster Processing: Electronic submission is faster than traditional method.
• Transparent and Digital interface: Provides a transparent and user-friendly online interface, makes the incorporation process more accessible and efficient.

Documents Required for Filing SPICe

The following are the major documents required for filing SPICe:

• Passport, Voter ID, or Aadhaar card of directors and shareholders
• Recent utility bills, bank statements or rental agreements
• Rent agreement or property ownership documents along with utility bill
• Memorandum of Association (MOA)
• Articles of Association (AOA)
• Photograph of Directors: Recent passport-size photographs
• Digital signature certificates (DSC) of directors
• Affidavit and declaration by shareholders and directors