Ease Of Doing Business? Mandatory EPFO, ESIC Registrations May Enhance Compliance For MSMEs, Startups

Ease of Doing Business for MSMEs: With the introduction of SPICe+, registrations for EPFO and ESIC shall be mandatory for all new companies incorporated with effect from February 23, 2020.

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Ease of Doing Business for MSMEs: The Ministry of Corporate Affairs (‘MCA’) has notified a new web form ‘SPICe+’ (Simplified Proforma for Incorporating Company Electronically Plus: INC-32), replacing the existing SPICe form. SPICe+ would offer 10 services by 3 Central Government Ministries (the MCA, the Ministry of Labour & Department of Revenue in the Ministry of Finance and one State Government of Maharashtra) for starting a business in India. SPICe+ form would be applicable for all new company incorporations. This move by the MCA is part of the Central Government’s ‘Ease of Doing Business’ initiatives. In order to incorporate the aforesaid changes, MCA has notified the Companies (Incorporation) Amendment Rules, 2020 effective from February 23, 2020.

Source: Financial Express

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