Bhawna Dubey (Chartered Accountant) (64 Points)
19 May 2017
A J
(PROFFESION)
(22 Points)
Replied 24 June 2017
1st Thing – Digital Signature Certificate For Director Identification Number Previously, the DIN forms were filed by professionals after certifying the forms with their DSCs. The new Act, however, has made it mandatory to obtain the DSC for obtaining the DIN. Hence, any person wishing to obtain a DIN has to apply for a DSC first.
2nd Things – Even More Stringent Name Approval Norms There have been no such major changes in the Naming Guidelines which were originally issued in 2011. However, the implementation and execution of these guidelines have been made tougher by the Ministry officials. For e.g.: for carrying out any business related to construction of buildings, you might need to submit a No Objection Certificate from the Indian Council of Architecture.
3rd Thing – Revised Formats Of MOA And AOA The Formats of the MOA and AOA is embedded in the Act. These formats needs to be executed as specified in the NCA Incorporation Rules, 2014.
4th Thing – Increase In Documentation Previously under Companies Act, 1956, there were only three to four documents that were to be submitted to the ROC along with the incorporation forms. The number now stands at 14-15. Starting from the address proof of directors to statement from certified professionals, everything has to submit to the ROC.
5th Thing – Extensive Requirements Of Notary And Stamping Almost every document has to be notarized to incorporate a company. The affidavits from promoters, consent of directors, declaration from promoters, and declaration from professionals have to be notarized and submitted along with the incorporation forms.
6th Thing: Non Straight Through Process ( STP) Mode Of Processing Under Companies Act, 1956, a unique name in tandem with the guidelines (if certified by a practicing professional) ensured its instant approval by the virtue of STP mode. This has been discontinued now. The provision for certification by a professional has been discontinued in Name Approval forms.
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