One Person Company is one of the business structures in India that can be incorporated with minimum 1 member and one nominee. This company holds the same features like the private limited company except some of the features. The process of one person company incorporation is also very similar to the private limited company incorporation. Recently the form SPICE (Simplified Proforma for Incorporating Company Electronically) was introduced in the year 2016 in order to make the procedure of one person company registration simpler and less time consuming. The SPICE form has subsumed the multiple other forms that were required to be filed and resulted in the drastic reduction in the time consumed for One Person Company registration. With this blog we will be taking a look at the process of One Company Registration in India with the SPICE form.
Prior to the introduction of SPICE form the following forms were required to be filed by the person desiring to get the One Person Company Registration in India-
- DIR – 3 for acquiring the DIN
- INC- 1 for obtaining a name
- INC-7 for company registration with AOA and MOA
- INC-22 for registered office details
- DIR 12 for the appointment of directors
Filing so many forms for getting the company registration was a very difficult task for the applicants due to which many of the people restricted themselves from obtaining the company registration. Understanding the adversities of people and to make the procedure of company incorporation simple FORM INC 29 was introduced. In this form the complete details about the company could be filled with the one name preference and the request for PAN and TAN. However, this form was not preferred by the aspiring entrepreneurs as it gave only the option of entering one name preference.
Understanding the situation of the stakeholder and the need of bringing ease in incorporation process a new form known as the SPICE or INC 32 was introduced.
With the INC – 32 or SPICE form the stakeholder will be able to do multiple steps of one company registration services in one step only. Through this form now the Allotment of Director Identification number (DIN), Incorporation of New Company, Allotment of PAN and Allotment of TAN, filing of MOA and AOA electronically can be done seamlessly. Further the need to reserve the name separately before filing SPICe has also been removes as the one name for the proposed company can be applied through SPICe (INC-32) only.
One more thing that can be done here is that in order to obtain the name approval the applicant can file the reserve unique name form first and obtain the name approval so to avoid receiving the objection the SPICE form. If the RUN form is filed the stakeholder is required to file the SPICE for within the 20 days of getting the name approval through RUN form.
AS its name suggests the SPICE form has made the procedure of One Person Company registration seamless and quick for the stakeholder. Now there is no requirement of filing number of forms rather the single form can be used to file all the details and you get your One Person Company registered in just 3-4 days.