SKP Business Alert
Volume 8 Issue 7 | 4 October 2016
MCA introduces SPICE for Company Formation

In keeping with international practices, the Ministry of Corporate Affairs (MCA) has come up with a new scheme for filing an incorporation application with the Registrar of Companies under the Companies Act 2013 called the Simplified Proforma for Incorporating Company Electronically (SPICE).

Highlights of the scheme
  • The new integrated process of incorporation of a company introduced in e-form INC-32 with Memorandum of Association (e-MOA) and Articles of Association (e-AOA) in e-form INC-33 and INC-34 respectively.
  • With new e-MOA and e-AOA, there is no need of the traditionally used subscriber sheet. Digital signature of subscribers will be required instead.
  • This eliminated the requirements of notarising and apostillisation of subscriber sheet
  • Witness to the subscriber to the company must also sign digitally.
  • through e-form INC-1, after which e-form 32 can be filed for the Incorporation of Company.Unlike e-form INC-29, name reservation can be applied for earlier.

Source: Notification: Ministry of Corporate Affairs, New Delhi, 1 October 2016
SKP's comments
The e-MOA and e-AOA are initiatives that are focused towards the digitisation of India and e-governance.
Though MCA has introduced this new e-form INC-32 under the scheme SPICE, there is no specific mentionabout the treatment to previous company incorporation forms such as INC-7 and INC-29.
However, considering the features of INC-32, it is expected that INC-7 and INC-29 may be replaced for filing purposes in a phased manner.

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