Background:-
Now, Very good news to all entrepreneurs who need to start a company .INC -29 form reduces the time lag of registering company process. Ministry of Corporate Affairs has introduced Form INC-29 (with effect from 1st May, 2015), an integrated form for Incorporation which combines Forms for director identification number (DIN),Name approval,& incorporation process into one.
One can incorporate public or private company in less time by using this form. Presently, this form is not available for Not profit Companies.
How to incorporate with INC 29:-
Get Digital signature (DSC)
DSC can be obtained just by filling DSC application form of class 2 individual & documents need to be attested by Gazette officer, bank manager or post master.
Registering a private company
- Minimum 2 directors,
- Minimum 1Lakh rupees share capital,
- Minimum 2 share holders,
- Directors & share holders may be same person,
- As per sec 149(3) at least one director stay should be more than 182 days in previous year
- Director identification number (DIN) for all directors,
- Digital signature certificate (DSC) for any two directors.
How to get DIN & DSC
- DIN is a unique number issued by MCA.
- By filing DIR-3 we can get DIN.
Documents &details required for DIN &DSC
- Pan card as proof of identity is mandatory, in case of foreign citizen copy of passport
- Proof of address:- passport, election id, ration card, driving license, aadhar card, any utilities bill (electricity, telephone etc) it should not be older than 2months from date of filing of DIR-3. In case of foreign citizen 2 months time replaced by 1year.
- Passport size photo in jpeg format
- Current occupation
- Email id &contact number
- Educational qualification
- DIR-4 Verification form signed by applicant
- All documents require self-attestation
- For director residing outside India supporting documents attested by consulate of Indian embassy, foreign notary, CEO, CS, MD.
- DIR-3 digitally signed by same person or CA/CS/Cost account in whole time practice or
- CS in full time employment or any director of the company in which applicant is to be appointed as director
- For DSC – just by filling DSC application form of class 2 individual & documents need to be attested by Gazette officer, bank manager or post master.
Checking name availability & trademark
Promoters need to give 6 names & in order of their preference & priority. They can check existing names in MCA website.
By filing Form INC-1, we can apply for name of the company.
Drafting Main object, articles of association &memorandum of association
Drafting the main object, articles of association & memorandum of association as per companies act 2013 guideline
Registration office verification
Need to upload rental copy of the premises & No objection certificate from owner. If own premises means need to upload registered sale deed copy of premises
Appointment letters &declarations DIR-22
Letters of appointment of directors, CEO, Managers, declaration by first directors in INC-9 & by appointee & managing director in DIR-2
i. Payment of ROC Fees
ii. Applying for PAN &TAN
Time Squeezing galore
INC-29 is a combined form for application for DIN, Name Availability and Incorporation, PAN, TAN and also ESIC doing away with the requirement of filing:
• DIR-3
• INC-1
• INC-7
• INC-22
• DIR-12
• PAN Application
• ESIC Application
• TAN Application
Some of the key attractions about Integrated e-form (INC 29) are:-
• Now Company can be incorporated much faster. Separate queue for processing INC-29 has been created at ROC back office.
• Filing INC 29 is only an option. It means existing incorporation process will also continue.
• DSC and DIN of at least One Proposed Director will be needed for filing the Form.
• This is exciting process at additional consolidated fee of Rs. 2000/-.
• Particulars of maximum three directors can be filed in INC 29 and allotment of DIN of maximum three proposed Directors
• Only Single Name shall be allowed to be filled with one resubmission option (and total resubmission options are three).
• Promoter may prepare MOA as per template INC-30 & AOA as per template INC-31 as per Rule 13.
• In case of rejection of the form, fee will not sink and can be recovered by way of applying for refund through Refund Form.
• MOA/AOA could be filed, physically signed, scanned and attached to the form. Option is available for amending the MOA/AOA.
• All attachments/ Declarations/ Proofs, etc will be required for the form.
• Certificate of Commencement of Business will continue.
• INC-29 is not a STP form.
ATTACHMENTS TO the Form INC-29
However, following are the mandatory attachments in all cases:
• Memorandum of Association
• Articles of Association.
• Affidavit and declaration by first subscriber(s) and director(s)
If the proposed Directors do not have DIN Numbers, then following papers need to be attached:
• PAN will be verified by the system linkage – no need to attach.
• Self signed Copy of Identity Proof.
• Self signed copy of Address Proof.
• Photograph
If the address for correspondence is the address of registered office of the company, then following attachments are mandatory:
• Proof of office address.
• Copies of utility bills not older than two months.
If the proposed name is based on a registered trademark or is subject matter of an application pending for registration under the Trade Marks Act, then it is mandatory to attach:
• Approval of the owner of the trademark or the applicant of such trademark for registration of Trademark.
If the name of the proposed company includes the name of relative(s) of the promoter, then it is mandatory to attach:
• Proof of relation of the relative with promoter.
If the promoters are carrying on any Partnership firm, sole proprietary or unregistered entity in the name as applied for, then it is mandatory to attach:
• NOC from the sole proprietor/ partners/other associates/ existing company.
In case the proposed name contains name of any person other than the promoter(s) or their close blood relative(s), then it is mandatory to attach:
• NOC from any other person.
If any subscriber to the proposed company is Foreign company and/or company incorporated outside India, then it is mandatory to attach:
• Copy of certificate of incorporation of the foreign body corporate and resolution passed.
CONCLUSION
This initiative on day one looks promising. This E-form INC-29 focuses on the ease of doing business initiatives. The lengthy time period of approximately 48 days has been reduced to 48 hours. This is a priority area for Prime Minister of India, who has made it a personal mission to improve India’s scores on this parameter. Once the form stabilizes then this will certainly change image of India. Other revenue departments are also likely to join this integrated process.
About Authors:-
Article by Naveen & Akhila
Both pursuing CA Couse from ICAI
You can reach us on :-naveencaaspirant@gmail.com
Tags Corporate Law
CAclubindia
