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The government on Monday introduced a new electronic form for incorporation of companies, saying the initiative will help in reducing time and cost of starting a business in the country.

SPICe+, an integrated web form, would have two parts -- for reserving names for new companies and providing various services at the time of incorporation.

"Registration for EPFO and ESIC shall be mandatory for all new companies to be incorporated through SPICe+ and no EPFO and ESIC registration numbers shall be separately issued by the respective agencies," the corporate affairs ministry said in a release on Monday.

The ministry, which is implementing the companies law, also said the new web form would facilitate on-screen filing and real-time data validation for seamless incorporation of companies.

Ten services, including issuance of EPFO and ESIC registration numbers, would be done through SPICe+. It replaces the electronic form SPICe (Simplified Proforma for Incorporating Company Electronically).

The labour ministry, the Department of Revenue in the finance ministry and the Maharashtra government would also offer certain services through the form.

Registration for EPFO (Employees' Provident Fund Organisation) and ESIC (Employees' State Insurance Corporation) would be mandatory for incorporation of new companies.

Further, registration for profession tax would be mandatory for all new companies to be incorporated in Maharashtra through SPICe+.

According to the ministry, the new form has been notified as part of the government's ease of doing business initiatives and would reduce "time and cost of starting business in India".

Mandatory issuance of PAN (Permanent Account Number), TAN (Tax Deduction and Collection Account Number), Profession Tax Registration (Maharashtra) and opening of bank account for the company concerned would be done through the form.

Director Identification Number and GSTIN, if applied, would also be allotted. GSTIN is the Goods and Services Tax Identification Number.

All required filings under the companies law as well as incorporation of companies are made through its portal MCA21. The new form would be available on this portal.