Five procedures for starting a business are now integrated and can be done simultaneously. The ease of doing business policy of the government is in the form of these simple steps to form a company.
*RUN ( Reserve Unique Name)*
Reserving a company name is now an easy process. Earlier companies have to file INC-1 eForm. Time taken to apply for name reservation has been reduced considerably as the form for name reservation has been replaced with a simple web service. No need for a digital signature certificate for reservation of unique name.
*Spice- ( Simplified Performa for Incorporating Company Electronically)*
Five services has been incorporated in one eform. This is unique feature of spice . As the companies have to apply for DIN (Director Identification Number), Name reservation , Incorporation, Pan( Permanent Account Number), Tan(Tax deduction and collection account number) . All these can be applied with one single eform.
~DIN Not required prior to Filing Spice e-Form:
~DIN’s for directors of new companies through spice only.
*Speedy Incorporation Approvals*:
Central Registration Centre delivers Incorporation approval within 1 working day.
REFORMS:
1. *Simplified procedure*: The procedure for incorporation of companies have been simplified and this is the biggest reform for incorporation of new companies.
2. *Zero Fees:* Incorporation of new companies can be done with zero fees. This will provide an opportunity to new entrepreneurs to register themselves.
3. *Reduced Time:* Incorporation approval will be provided by the Central Registration Centre within one working day.