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Govt to introduce new e-form to reduce time for starting new business

In the new e-form, services offered would help in "saving as many procedures, time and cost for starting a business in India," the ministry said in a public notice.

India TV News Desk India TV News Desk
New Delhi Updated on: February 09, 2020 14:49 IST
Ease of business

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In a bid to further improve ease of doing business in the country, the government will introduce an integrated electronic form for incorporating new companies from February 15, wherein EPFO and ESIC registration numbers will also be allotted at the same time. The corporate affairs ministry would introduce the form -- SPICe+ -- to offer 10 services.

Currently, the ministry has the electronic form SPICe (Simplified Proforma for Incorporating Company Electronically) and that would be replaced with SPICe+.

Govt's new e-form for new businesses

The 10 services offered through the new form would help in "saving as many procedures, time and cost for starting a business in India," the ministry said in a public notice.

The labour ministry, Department of Revenue in the finance ministry and the Maharashtra government would also be offering certain services through the form.

Registration for EPFO (Employees' Provident Fund Organisation) and ESIC (Employees' State Insurance Corporation) would be mandatory for all new companies incorporated from February 15.

EPFO and ESIC registration numbers would not be separately issued by the respective agencies, the notice said.

Further, registration for profession tax would be compulsory for companies incorporated in Maharashtra from February 15.

Besides name reservation and incorporation of a company, EPFO and ESIC registration numbers would be issued.

Mandatory issuance of PAN (Permanent Account Number), TAN (Tax Deduction and Collection Account Number), Profession Tax Registration (Maharashtra) and opening of bank account for the company concerned would be done through the form.

Director Identification Number (DIN) and GSTIN, if applied, would also be allotted.

GSTIN is the Goods and Services Tax Identification Number.

The corporate affairs ministry is implementing the Companies Act and all required filings under the law as well as incorporation of companies are made through its portal MCA21.

The new form would be available on this portal.

"All new companies incorporated through SPICe+... would also be mandatory required to apply for opening the company's bank account through the AGILE-PRO linked web form," the notice said.

There are more than 11.5 lakh active registered companies in the country and thousands of companies are getting incorporated every month.

Generally, active companies are those which comply with all regulatory requirements, including timely submission of filings. 

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