Spice+ A new version

Spice+ stands for Simplified proforma for incorporation of companies electronically plus. It is an updated version of spice (2016) It is a Web portal launched by the ministry of corporate affairs. No doubt India has shown a massive improvement in EODB rankings in past couple of years. In the report of 2020 India attained 63rd rank in EDOB ranking, still there are some parameters of World bank in which India needs to improve like starting a business, starting business in India is a lengthy and complex process. It is said that to open a restraunt in Delhi you require 49 documents whereas to get an arms licence need only 19 documents. To resolve this issue for startups Indian government has taken new steps and one of those steps is spice+

Following are some important points regarding spice+

  1. It will offer 10 services by 3 central government ministries and departments (MCA, MOL, MOF) and one state government (maharshtra)
  2. It has 2 parts Part A- For name reservation of new companies. Part B – Offering a bunch of services including in corporations, Director Identification number, mandatory issue of PAN, besides allotment of Goods and Services identification number GSTIN
  3. Time saving
  4. Cost saving
  5. Easy and simplified
  6. will encourage new startups
  7. will help in achieving the target of 50th position in EODB ranking 2020.

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