Fast Track Incorporation of Company through INC-29 under Companies Act 2013

Fast-Track-Incorporation-Company-INC-29

Fast Track Incorporation of Company through INC-29 under Companies Act 2013


Under the ease of doing business initiatives taken by Modi Government, Ministry of Corporate Affairs (MCA) has tried to reduce the time required for incorporation of a new company in India. For this purpose, Ministry of Corporate Affairs (MCA) has introduced new Form INC-29 for incorporation of companies. INC-29 is a consolidated application form for obtaining DIN, Company Name Reservation and Incorporation. As the different steps of incorporation have been merged under this method, the time required for incorporation has been reduced considerably.    

Here under is the procedure for Fast Track Incorporation of Company through INC-29 under Companies Act 2013     

S. No.
Action to be taken
Remark
1
Minimum Requirements
For Private Limited Company
1.     Minimum two directors
2.     Minimum two shareholders 
3.     Minimum Paid- up capital of Rs. 1 Lakh

For Public Limited Company
1.     Minimum three directors
2.     Minimum seven shareholders 
3.      Minimum Paid- up capital of Rs. 5 Lakh

2
Obtain Digital Signatures
Obtain a Digital Signature for at least one director to sign the E-forms related to incorporate. 

3
Filing of INC-29 with ROC
DIN : In case Director Cum Subscribers have DIN then use their DIN but if any of them not having, then you can make DIN application in the form INC-29 itself.

Name Reservation : Since the e-form INC-29 gives an option to provide only 1 name, it should be ensured that the name is available and it is as per the applicable rules of Companies Act, 2013.

INC-29 : Following documents shall be required for filing INC-29 :

The following documents are mandatory in all cases:
1.  Memorandum of Association
2.  Articles of Association.
3. Affidavit and declaration by the first subscriber(s) and director(s)

If the address for correspondence is the address of registered office of the company, then following attachments are mandatory:
4.  Proof of office address
5.  Copies of utility bills that are   not older than two  months.

If any subscriber to the proposed company is Foreign company and/or company incorporated outside India, then it is mandatory to attach:
6.Copy of certificate of incorporation of the foreign body corporate and resolution passed

Note: It is optional to attach Copy of certificate of incorporation in case the subscriber to the proposed company is Body Corporate.

If any subscriber to the proposed company is a Company itself, then it is mandatory to attach:
7.Resolution passed by promoter company

In case any of the directors have any interest in the proposed company, then it is mandatory to attach:

In case of an OPC, it is mandatory to attach:
9.  Consent of nominee
10.Proof of identity and residential address  of the nominee

If any one of the subscribers does not have a DIN, it is mandatory to attach:
11.Proof of identity and residential address of the subscribers

If any one of the director (including subscriber cum director) does not have DIN, then it is mandatory to attach:
12.Proof of identity and residential address  of such director

Any other information can be provided as an optional attachment.

4
Verification of documents / forms by RoC

RoC verifies/scrutinises all the documents and eform and may suggest few changes to be made in the attachments or form itself. We need to make necessary changes accordingly.

5
Issuance of Incorporation Certificate by ROC
Once the ROC is satisfied that the company has complied with all the formalities and Form INC-29 is duly approved by RoC, the digitally signed “Certificate of Incorporation” will be emailed. Once the Certificate of Incorporation is issued, the company comes into existence.


Previous
Next Post »