What is the Difference Between SPICe and SPICe+ Form?

Difference Between SPICe and SPICe+ Form

The acronym SPICe refers to “Simplified Proforma for Incorporating Company electronically.” It is an electronic form that the Indian Ministry of Corporate Affairs makes available to establish new businesses quickly.

The outdated SPICe form is replaced with the enhanced SPICe+ form. The Indian Ministry of Corporate Affairs provides it. It is known as “Simplified Proforma for Incorporating Company Plus.” SPICe+ has several additional features and integrated services to make forming a company even easier. It streamlines the incorporation process as a single-window system for numerous registrations, including GSTIN, EPFO, ESIC, and more.

Because it enables business owners and entrepreneurs to make knowledgeable decisions when incorporating a firm, understanding the distinctions between SPICe and SPICe+ is essential. Knowing the extra services and capabilities provided by SPICe+ enables applicants to effectively handle several registrations and legislative compliances from a single platform. This improved comprehension makes incorporation easier and quicker while decreasing the difficulties in registering various components of a firm.

Definition and Purpose of SPICe Form

The Ministry of Corporate Affairs (MCA) in India introduced SPICe, “Simplified Proforma for Incorporating Company Electronically,” as a new electronic form. SPICe’s main goal is to streamline and expedite the incorporation procedure for a new business. It is an integrated application that enables business owners to submit a single form to apply for several registrations, including the Director Identification Number (DIN), name reservation, incorporation certificate, and more. By drastically reducing paperwork and manual procedures, SPICe facilitates quicker company formation and encourages the convenience of conducting business in India.

Features and benefits of SPICe 

Numerous features and benefits that SPICe offers make it a popular option for Indian business owners and entrepreneurs. Key characteristics include:

• Single Integrated Form: SPICe acts as a one-stop solution, expediting the application process by enabling applicants to simultaneously submit applications for a DIN, a name reservation, and company incorporation.
• Process simplification: The electronic format does not require physical documentation, which reduces paperwork and manual labour and speeds up processing times.
• Name Reservation: Through SPICe, business owners can suggest and reserve a company name, guaranteeing they have their choice name available for incorporation.
• DIN Allotment: The same form may be used to simultaneously apply for Director Identification Numbers (DINs) for proposed directors.
• Time and Cost-Efficiency: SPICe minimizes the time and expenses associated with the incorporation process by merging various services into a single application.
• Online Payment: Online payment is possible through SPICe, which adds convenience and lessens the need for in-person transactions.
• Professional Certification: To ensure accuracy and compliance, applicants can have their forms certified by working experts.

Process and requirements for SPICe registration

The following steps are included in the SPICe registration process:

• A Digital Signature Certificate (DSC) is necessary for prospective directors to sign the online form digitally.
• Before moving forward, the applicant must submit a distinctive company name through the RUN (Reserve Unique Name) program and gain approval.
• Include all pertinent information on the SPICe form, such as the type of company, the director’s name and contact information, the location of the registered office, and any supporting documentation.
• A Chartered Accountant, Company Secretary, Cost Accountant, or Advocate must certify the form.
• Make the required payment and submit the form online.
• After reviewing the application and successfully verifying it, the Registrar of Companies (RoC) issues the Certificate of Incorporation.

Definition and Purpose of SPICe+ Form 

India’s Ministry of Corporate Affairs (MCA) launched SPICe+, or “Simplified Proforma for Incorporating Company Plus,” an improved and integrated electronic form. The main goals of SPICe+ are to simplify company incorporation and offer a comprehensive platform for several registrations, including GSTIN, EPFO, ESIC, and others. It functions as a single-window system, allowing business owners to submit applications for several registrations and statutory compliances quickly and effectively.

Features and benefits of SPICe+ 

A user-friendly and effective platform for company incorporation, SPICe+ provides a variety of features and benefits:

• Integrated Services: This feature streamlines the registration process by allowing applicants to submit a single form for services such as the DIN, name reservation, incorporation certificate, GSTIN, EPFO, and ESIC.
• Multiple Stakeholders: SPICe+ enables several stakeholders, such as directors, professionals, and shareholders, to work together and simultaneously fill in their respective information.
• Auto-fill facility: Using the auto-fill feature, you can save time by entering less information into fewer fields using the information you’ve already entered.
• Save and Edit: Applicants have the option to store the form and change it at a later time, allowing careful completion.
• User-friendly Interface: A more user-friendly interface is provided by SPICe+, which improves the registration process overall.

Process and requirements for SPICe+ registration

The following steps are included in the SPICe+ registration process:

• Obtain DSC: For potential directors and other professionals taking part in the registration process, obtain Digital Signature Certificates (DSC).
• Name Reservation: Obtain approval by submitting an application using the RUN (Reserve Unique Name) service.
• SPICe+ Form Fill Out: Fill up the SPICe+ form with the necessary information, including company data, director details, and other pertinent details.
• Professional Certification: A Chartered Accountant, Company Secretary, Cost Accountant, or Advocate must certify certain portions of the form.
• Submit and Pay: Submit the online form while paying the necessary fees.
• Processing and approval: After reviewing the application and verifying its accuracy, the Registrar of Companies (RoC) issues the Certificate of Incorporation and any other necessary registrations.

Comparison between SPICe and SPICe+

Key differences in terms of the registration process 

The primary differences lie in the scope and integration of the registration processes for SPICe and SPICe+. While SPICe+ broadens the scope by incorporating additional registrations like GSTIN, EPFO, ESIC, and more, SPICe primarily focuses on establishing new companies and supports DIN and name reservations. In addition, SPICe+ provides collaboration features, an enhanced user interface, and auto-fill functionality, further easing the registration procedure.

Differences in the incorporation of various entities 

Due to their extended reach, SPICe and SPICe+ include different entities differently.

Limited liability partnerships (LLPs) and private and public limited companies are typically incorporated using SPICe. Name reservations and DIN applications are both supported.

On the other hand, SPICe+ is more comprehensive and enables the incorporation of one-person businesses (OPCs), producer firms, and Section 8 companies in addition to private and public companies. Additionally, SPICe+ is more adaptable for various business organizations because it makes integrating several registrations, including GSTIN, EPFO, ESIC, and others, easier.

Variations in filing additional forms and documents 

There are substantial differences between SPICe and SPICe+ regarding the filling of additional forms and documents.

After the company is incorporated via SPICe, business owners must submit additional forms for registrations like GST, ESIC, EPFO, etc. These registrations necessitate additional documents and filings.

SPICe+, in contrast, does away with the requirement for different types. The single form alone incorporates several registrations. By using SPICe+, business owners may streamline their applications for GSTIN, EPFO, ESIC, Professional Tax, and bank account opening while minimizing paperwork.

The incorporation and registration processes are streamlined with SPICe+, giving business owners a more effective and convenient experience.

Changes in the number and types of registrations available

Regarding the quantity and type of registrations offered, SPICe and SPICe+ exhibit significant variances.

Entrepreneurs can reserve the company name and apply for a Director Identification Number (DIN) at SPICe. It does not, however, incorporate any extra registrations.

In contrast, SPICe+ provides a wide variety of integrated registrations. SPICe+ permits registrations such as GSTIN, EPFO, ESIC, Professional Tax, and bank account opening in addition to DIN and name reservations. The procedure for business owners is simplified by thoroughly integrating numerous registrations in SPICe+, which offers a single-window solution for multiple registrations, encourages ease of doing business, and improves the overall effectiveness of company incorporation.

Conclusion

In conclusion, Kanakkupillai proudly provides thorough and effective services for company incorporation in India. Our platform offers SPICe and SPICe+ registration services that are specifically suited to the various requirements of entrepreneurs. We make the seamless incorporation of a private limited company, LLPs, and public limited corporations possible with SPICe. Along with combining several registrations like GSTIN, EPFO, ESIC, Professional Tax, and bank account opening, SPICe+ also expands its support to one-person and producer businesses. Our approach is user-friendly, and along with our streamlined procedures, we guarantee entrepreneurs a smooth and quick registration process, paving the path for their company’s success. Feel free to contact us if you want to take advantage of the services provided by Kanakkupillai.