SPICe Form INC-32 is a simplified proforma similar to INC-29 that helps with fast-track incorporation of a company in India with a single application for reservation of name, incorporation of a new company or application for allotment of DIN electronically. It is recently introduced by the Ministry of Corporate Affairs (MCA). The SPICe Form INC-32 assimilates the several steps involved in the process of incorporation of a company into one- way method.
If you are wondering that Form INC-29 and Form INC-32 is very much similar to each other then whats the difference? Then the major difference is that under Form INC-32, there is a procedure for entering name approval already obtained by the applicant. On the contrary, there is no provision for entering a previously obtained name approval in Form INC-29. As a result, the application form can be rejected or may ask for the resubmission.
This article will further explain to you, how this SPICe or Form INC-32 can be beneficial-
Types of a company who can use Form INC-32 to be incorporated in India:
There are certain companies that can use Form INC-32 to be incorporated in India and are described below:
- Private Limited company: Private Limited company is a type of a company in which the owner’s liability is confined to his shares and the limit for the shareholder is 50. as it is a private small business, so it restricts its shareholders from publicly trading shares.
- Public Limited company: a Public limited company is a publicly held company whose liabilities are limited and offers its shares to the general public.
- One Person Company: One Person company is held in the hands of a single person who is capable to start a one-person economic entity.
- Section 8 company: Section 8 company is similar to trust or society, which are established to promote commerce, science, art, education, sports, research, religion, social welfare, donation, protection of the environment and many other things. These not-for-profit organizations provide profit and the further income is for promoting the company’s objectives. Hence, no dividend is paid to its members.
- Producer company: Producer company is formed by 10 or more persons or 2 or more institutions engaging in agricultural activities that aims to hike their incomes, support status, and profitability along with the standard of living.
There are several other companies also that falls under the categories of a company limited by shares, a company limited by guarantee or an unlimited company.
Procedure for filing SPICe Form INC-32
There are some specific documents that must be accompanied with the SPICe Form INC-32. These are given below:
- MOA- Memorandum of Association
- AOA – Articles of Association
- Affidavit and declaration by subscriber and director – Compulsory in all cases
- Address Proof of office
- Copies of utility bills- must not older than two months
- Copy of approval in case the proposed name contains any word(s) or expression(s) which requires approval from the central government
- If the Director name is based on a registered trademark or is a subject matter of an application pending for registration under the Trade Marks Act, then it is mandatory to attach the trademark registration certificate or trademark application copy
- NOC from the sole proprietor/ partners/other associates/ existing company
- Proof of identity and residential address of the subscribers
- Proof of identity and residential address of directors
As soon as the E- Form is filed, Central Processing Centre of the Ministry of Corporate Affairs (MCA) processed it. If found complete then only the company would register and CNN would be allocated to the individual. A valid DIN is also very significant in the process of company Incorporation. If the proposed Directors are not having a valid DIN then it is issued to them. Maximum three Directors are entitled to use this assimilated Form for filling application of allotment of DIN at the time of Incorporation of a Company. SPICe Form INC-32 is not only helpful in the fast process of allotment of DIN and incorporation certificate but for obtaining Company’s PAN, TAN and ESIC registration in a single step, it has proved important.
Declaration by Professional
It is mandatory that the SPICe Form INC-32 must be signed by a Professional Chartered Accountant/ Company Secretary/ Cost Accountant/ Advocate digitally. The declaration by a Professional that all Information presented hereby is true along with his membership number and certificate number is also compulsory to complete this form.
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