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Companies Act Business Setup

Procedure for Incorporation of Private Limited Company using SPICE+

December 20, 2020 by Team Instabizfilings

The provisions for Incorporation of Private Limited Company are governed under the Section 2(68), Section 7 read with Rule 8, Rule 9 and Rule 12 of the Companies Act, 2013.

Ministry of Corporate Affairs (MCA) has tried to simply the process of Incorporation of Company by bringing many revolutionary changes. The MCA has vide its notification dated February 18, 2020 has amended the Companies (Incorporation) Rules, 2014 effective from February 23, 2020 has introduced a Form SPICE+ for Incorporation. The features of the form have been discussed in this article.

Meaning

A private limited company is a company privately held for small businesses. This type of business entity limits owner liability to their shareholdings, the number of shareholders to 200, and restricts shareholders from publicly trading shares. It is the most prevalent and popular type of corporate legal entity in India.

The following state the minimum requirements for setting up a Private Limited Company:

Directors

Minimum number of directors: 2
It must be a living person
One director must be Indian Citizen and resident of India

Shareholders

Minimum number of shareholders: 2
Director and Shareholder can be the same person
It can be a corporate entity/Natural person

Capital

Minimum capital: No Minimum Capital requirement
Two types of capital i.e. Authorize share capital (Raised from member) and Paid up Capital (Capital which is paid by member).
It can be increase as and when required

Registered Office

Residential place can also be register as office or Any other place

Steps to be followed for Incorporation of Private Limited Company

Step 1. Obtain Digital Signing Certificate from Certifying Authorities
Step 2. Fill SPICe+ form (Part A – Name availability – You can submit name availability request)
Step 3. Fill SPICe+ Part B form (Company information i.e. pertaining to directors, shareholders, registered office etc.)
Step 4. Fill e-form SPICe+ MOA (INC-33) ,SPICe+ AOA (INC-34) and SPICe+ AGILE-PRO (INC-35)
Step 5. Download all the e-forms prepare online and affix DSC on all the e-forms.
Step 6. Attached the require documents with form SPICe+ and upload the e-forms using linked forms facility from the MCA portal.
Step 7. Issuance of certificate of Incorporation

Agile-Pro

Meaning: Application for Goods and service tax Identification number, employees state Insurance corporation registration, Profession tax Registration and Opening of bank account. It is application for registration of the following numbers namely:

1. GSTIN with effect from 31st March 2019

2. EPFO with effect from 8th April 2019

3. ESIC with effect from 15th April 2019

4. Profession Tax Registration (Only Maharashtra)

5. Opening of Bank Account

Note: It is mandatory to file EPFO/ ESIC/ PROFESSION TAX (for Maharashtra) and Opening of bank account through web form AGILE-PRO

Important points about this form

We can directly apply for GSTIN instead of applying it separately. However, it is not mandatory to apply here
To fill this form, help kit is given with complete details
It is an application for GSTIN, EPFO, ESIC, Profession Tax Registration and Opening of Bank Account

So now using MCA SPICE+ form, a Company can get upto 5 registrations in a Single form namely;

Registration as Private Limited Company

GST Registration
EPFO Registration
ESIC Registration
Professional Tax Registration (Only Maharashtra)

Documents / Information Required to form a Private Limited Company

Digital Signature Certificate (DSC):

(To be obtained by all Directors as well as Subscribers if the number does not exceed 7)

1) Photo

2) PAN – Self attested

3) Address proof – Aadhar/ Bank Statement/Passport – Self attested

4) Mobile number

5) Email ID

Name Application

1) Two Proposed name

2) Main Object Clause

3) If proposed name is resembling to existing company/ trademark then NOC in the form of Board resolution (BR) along with ID of person signing BR.

Registered office address Proof

1) Sale deed/Lease deed;

2) Utility bill (Electricity Bill) – not older than two months;

3) If on rented rent agreement along with rent receipt;

4) If on free consent then NOC from the owner of the property;

Directors/Shareholders KYC

If Directors/ Shareholders does not have DIN

1) ID Proof – Passport / Driving Licence / Voting ID;

2) Address Proof – Bank Statement or Passbook/ Electricity Bill/ Telephone bill/ Mobile bill;

3) Email ID and Mobile No. of Director/Shareholders;

DIN related Information required

DIN related Information required:

1) Whether Citizen of India;

2) Whether residence of India;

3) Educational Qualification;

4) Place of Birth.

Disclaimer

The information provided in this blog is purely for general informational purposes only. While every effort has been made to ensure the accuracy, reliability and completeness of the content presented, we make no representations or warranties of any kind, express or implied, for the same.

We expressly disclaim any and all liability for any loss, damage or injury arising from or in connection with the use of or reliance on this information. This includes, but is not limited to, any direct, indirect, incidental, consequential or punitive damage.

Further, we reserve the right to make changes to the content at any time without prior notice. For specific advice tailored to your situation, we request you to get in touch with us.