More Than 17300 New Companies Registered In March 2021.
India has witnessed a surge since the “Atmanirbhar Bharat” vision of the Government of India. There have been various reforms in the corporate structure to empower the business entities facilitating “Ease Of Doing Business.” The department for the promotion of industry and internal trade (DPIIT) has been pioneering the ease of doing business initiative in India. Thus the Government’s efforts have yielded good results with India going up by 12 ranks in the latest ranking conducted by the World Bank.
Accordingly, the Ministry Of Corporate Affairs (MCA) has been striving hard to introduce the reforms in this sector for the formation of a new Private Limited Company. It has introduced the new simplified SPICE PLUS FORMS. The SPICE+ forms offer 11 services by three Central Government Ministries and State Governments thereby saving the time, cost and, procedures for Starting a Business in India.
SPICe+ is an integrated Web Form.
SPICe+ has two parts viz.: Part A -for Name reservation for new companies and Part B offering a bouquet of services viz.
(ii) DIN allotment
(iii) Mandatory issue of PAN
(iv) Mandatory issue of TAN
(v) Mandatory issue of EPFO registration
(vi) Mandatory issue of ESIC registration
(vii) Mandatory issue of Profession Tax registration (Maharashtra and Karnataka)
(viii) Mandatory Opening of Bank Account for the Company and
(ix) Allotment of GSTIN (if so applied for)
From 23rd February 2020 onwards, RUN service is applicable only for the ‘change of name’ of an existing company.
Thus any new startup business entity can be registered as a Private Limited Company with minimum hassle. Settle my Tax expert team helps businesses gather the required paperwork and can get the business registered as a corporate entity within a week with no tedious paperwork and accurate year-round compliances. SMT‘s specialization and long outstanding experience will ease the legal formalities required and the Promoters can be relieved from the heavy burden of legal technicalities.