Government to launch 10-in-1 form for starting company faster

NEW DELHI: The ministry of corporate affairs is ready to launch Spice+, the new company incorporation form, with at least five new formalities — EPFO, ESIC & professional tax registration, opening of bank account and GST registration — as part of a comprehensive package to make life easier for someone starting a business.
With the help of the new form, which is to be rolled out on February 15, the government hopes to reduce the time taken as well as the cost for registering a company that was estimated at around 4 hours in December-January. On an average, name reservation takes around 3 hours. “We are already processing 90% of the forms that we receive in a day,” said an officer, adding that currently the Spice+ form is being tested.
Spice+ has two parts: The first one deals with name registration, and the second part for a bouquet of services, including incorporation, issue of PAN & TAN, along with the issue of director’s identification number. Those opting for EPFO and ESIC registration will be directed to the websites of the two agencies, who have indicated that numbers will be issued in around 30 minutes. The requirement for professional tax is there only for companies operating in Maharashtra. Sources said GST number will also be part of the unified process, although there are some issues that are being sorted out.
Merger of the 10 processes follows India’s poor performance on starting a business. While the government believes that it has done a good job in ensuring that the time taken is cut down sharply from weeks to a few hours, the World Bank is of the view that there are a number of processes that are still involved, prompting MCA to issue new forms. India currently ranks 63rd on the rankings for ease of doing business, and 136th on starting a business.

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