Govt Reduces Cost For Incorporating Startups

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The Ministry of Corporate Affairs (MCA), vide notification dated 29th December 2016, has amended its incorporation rules.

The changes in the principal rules have been briefed out as follows:

  1. Simplified Proforma for Incorporating a Company Electronically (SPICe) Forms are mandatory for incorporation (with up to 7 subscribers) from 1st January 2017.
  2. The Filing Fees has been reduced from Rs 2000 to Rs 500.
  3. The number of r- submission has been reduced from 3 to 2.
  4. Form INC-2 is deprecated.
  5. INC-7 shall be used for incorporating Part 1 Companies and companies with more than seven subscribers.
  6. The revised INC-7 shall be made available on the portal for filing purposes with effect from 15th January 2017.

You can find the entire notification here.

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