Inc 29 for opc, professional sig required
This query is : Resolved
14 May 2015
Earlier method of incorporation of OPC (under form INC 2) didn't required the digital signature of Professionals in the forms. I think that was done to make it possible/easier for any individual (promoter) named in the AOA with valid DIN and dsc, to incorporate the company themselves.
However, in the new form INC 29, the digital signature of professional appears to be mandatory even in case of OPC. Wonder why is that.
However, in the new form INC 29, the digital signature of professional appears to be mandatory even in case of OPC. Wonder why is that.
14 May 2015
http://taxguru.in/company-law/eform-inc29-single-form-din-application-company-incorporation-company.html
14 May 2015
http://www.myonlineca.in/legal-adda-powered-by-myonlineca/mca-new-inc-29-single-e-form-for-company-incorporation
14 May 2015
Very unhelpful reply, doesn't answer my question.
Btw, today I filed for an OPC by the old way (INC-2), and got a required re-submission with a message that INC 8 (declaration by professional) have to be scanned too.
Btw, today I filed for an OPC by the old way (INC-2), and got a required re-submission with a message that INC 8 (declaration by professional) have to be scanned too.
31 July 2024
The requirement for professional signatures in the incorporation process of a One Person Company (OPC) has evolved with changes in the regulatory framework. Here’s a detailed explanation regarding the new requirements under Form INC-29 and the role of professional signatures:
### **1. ** **Background of OPC Incorporation**
**1.1. ** **Old Method (INC-2):**
- **Process:** Under the previous system (Form INC-2), the incorporation of an OPC did not require the digital signature of a professional. The form allowed individuals to incorporate a company with their own Digital Signature Certificates (DSCs) and Director Identification Numbers (DINs).
- **Flexibility:** This approach provided more flexibility and ease for individual promoters to establish their companies without the need for professional intervention.
**1.2. ** **New Method (INC-29):**
- **Unified Form:** Form INC-29 is a single-window form for the incorporation of a company, including OPCs, which simplifies the process by consolidating various forms and requirements into one.
- **Professional Signature:** As per the current requirements, Form INC-29 mandates the digital signature of a professional, such as a Company Secretary, Chartered Accountant, or Cost Accountant.
### **2. ** **Reasons for Mandating Professional Signature**
**2.1. ** **Regulatory Compliance:**
- **Accuracy and Legitimacy:** The involvement of professionals ensures that the incorporation process complies with all legal and regulatory requirements. Professionals are responsible for verifying the accuracy of the information provided and ensuring that all statutory obligations are met.
- **Quality Control:** Professional signatures help in maintaining a higher standard of accuracy and compliance in the incorporation process, reducing errors and ensuring proper adherence to the Companies Act.
**2.2. ** **Enhanced Accountability:**
- **Responsibility:** Professionals take responsibility for the correctness of the declarations and documents submitted. This enhances the accountability of the incorporation process and helps prevent fraudulent or incorrect filings.
- **Verification:** The professional’s involvement ensures that the necessary declarations, such as those under INC-8, are properly verified and submitted.
### **3. ** **Current Requirements for OPC Incorporation**
**3.1. ** **Form INC-29:**
- **Mandatory Professional Signature:** For Form INC-29, it is mandatory to obtain the digital signature of a professional. This requirement applies to OPCs as well, despite their simpler structure compared to other types of companies.
- **Declaration by Professional:** In addition to Form INC-29, a declaration by a professional (Form INC-8) needs to be scanned and attached, certifying that the information provided is accurate and in compliance with the legal requirements.
**3.2. ** **Old Method (INC-2):**
- **Resubmission:** If you have filed for OPC incorporation using the old Form INC-2, and received a notice for resubmission, it indicates that the system now requires compliance with updated procedures, including the submission of Form INC-8.
- **Transition:** The transition to the new system (Form INC-29) has been implemented to streamline processes and ensure higher compliance standards.
### **Summary**
1. **Professional Signature Requirement:** Form INC-29 mandates the digital signature of a professional for the incorporation of OPCs, ensuring compliance with regulatory standards and enhancing accountability.
2. **Regulatory Compliance:** The involvement of professionals helps maintain accuracy and legitimacy in the incorporation process.
3. **Resubmission Notice:** If using the old method (INC-2), you must now comply with updated requirements, including the submission of Form INC-8.
The move to require professional signatures reflects a broader aim to improve the quality and accuracy of company registrations, ensuring that all statutory requirements are thoroughly met.
### **1. ** **Background of OPC Incorporation**
**1.1. ** **Old Method (INC-2):**
- **Process:** Under the previous system (Form INC-2), the incorporation of an OPC did not require the digital signature of a professional. The form allowed individuals to incorporate a company with their own Digital Signature Certificates (DSCs) and Director Identification Numbers (DINs).
- **Flexibility:** This approach provided more flexibility and ease for individual promoters to establish their companies without the need for professional intervention.
**1.2. ** **New Method (INC-29):**
- **Unified Form:** Form INC-29 is a single-window form for the incorporation of a company, including OPCs, which simplifies the process by consolidating various forms and requirements into one.
- **Professional Signature:** As per the current requirements, Form INC-29 mandates the digital signature of a professional, such as a Company Secretary, Chartered Accountant, or Cost Accountant.
### **2. ** **Reasons for Mandating Professional Signature**
**2.1. ** **Regulatory Compliance:**
- **Accuracy and Legitimacy:** The involvement of professionals ensures that the incorporation process complies with all legal and regulatory requirements. Professionals are responsible for verifying the accuracy of the information provided and ensuring that all statutory obligations are met.
- **Quality Control:** Professional signatures help in maintaining a higher standard of accuracy and compliance in the incorporation process, reducing errors and ensuring proper adherence to the Companies Act.
**2.2. ** **Enhanced Accountability:**
- **Responsibility:** Professionals take responsibility for the correctness of the declarations and documents submitted. This enhances the accountability of the incorporation process and helps prevent fraudulent or incorrect filings.
- **Verification:** The professional’s involvement ensures that the necessary declarations, such as those under INC-8, are properly verified and submitted.
### **3. ** **Current Requirements for OPC Incorporation**
**3.1. ** **Form INC-29:**
- **Mandatory Professional Signature:** For Form INC-29, it is mandatory to obtain the digital signature of a professional. This requirement applies to OPCs as well, despite their simpler structure compared to other types of companies.
- **Declaration by Professional:** In addition to Form INC-29, a declaration by a professional (Form INC-8) needs to be scanned and attached, certifying that the information provided is accurate and in compliance with the legal requirements.
**3.2. ** **Old Method (INC-2):**
- **Resubmission:** If you have filed for OPC incorporation using the old Form INC-2, and received a notice for resubmission, it indicates that the system now requires compliance with updated procedures, including the submission of Form INC-8.
- **Transition:** The transition to the new system (Form INC-29) has been implemented to streamline processes and ensure higher compliance standards.
### **Summary**
1. **Professional Signature Requirement:** Form INC-29 mandates the digital signature of a professional for the incorporation of OPCs, ensuring compliance with regulatory standards and enhancing accountability.
2. **Regulatory Compliance:** The involvement of professionals helps maintain accuracy and legitimacy in the incorporation process.
3. **Resubmission Notice:** If using the old method (INC-2), you must now comply with updated requirements, including the submission of Form INC-8.
The move to require professional signatures reflects a broader aim to improve the quality and accuracy of company registrations, ensuring that all statutory requirements are thoroughly met.
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