How INC 29 can enable Ease of Doing Business in India
How INC 29 can enable Ease of Doing Business in India - An Analysis. The Companies Act, 2013 was notified on 30th August 2013 and the Ministry of Corporate Affairs [MCA] had notified the majority of the provisions of the Companies Act, 2013.
How INC 29 (Integrated Incorporation Form)
- Allotment of Director Identification Number
- Name reservation for the Company
- Incorporation of the Company
|Normal Process||Integrated process|
|3 different applications and 3 steps i.e.,
|One Single form for incorporating a company ( as against 5 forms viz.DIR-3/INC-1/INC-2 or INC-7 as the case may be,INC-22/DIR-12) which will capture all the required information|
Features of INC-29:
- One Single form for incorporating a company (as against 5 forms viz.DIR-3/INC-1/INC-2 or INC-7 as the case may be,INC-22/DIR-12) which will capture all the required information;
- Producer companies and New Company(others) are covered;
- Presently, section 8 Company and Part I (Ch. XXI-registration of Unregistered companies) are out of the scope of this form;
- Maximum of 3 applicants for allotment of DIN would be permissible under the form;
- DIN would be processed by the jurisdictional RoC (as against the DIN cell in the existing process);
- Only ‘Single name’ (as against 6 names) would be allowed;
- Articles of Association /Memorandum of Association the templates of which are available in the Companies(Amendment) Rules dated 1st May 2015, could be filled, physically signed, scanned and attached to the form;
- Entire fees including stamp duty becomes payable at the time of filing the form;
- A composite fee of Rs.2000/- shall become payable for the form;
- Stamp Duty as applicable shall become payable;
- Resubmission of the form shall be allowed twice(each time for a maximum period of 15 days as against once in the existing process);
- The form shall either be approved or rejected within 60 days from the date of its filing.
- In case stakeholder wants to avail any of these services separately/independently, he may have to use the existing eforms.
- In case any of the Director has no DIN, then details would be captured and validated while upload of the e-form
- Upon approval of the e-form, DIN would be generated and sent to the applicant.