In order to simplify and expedite (fast track) the company registration procedure in India, the Ministry of Corporate Affairs (MCA) has introduced an integrated incorporation form – Form INC-29. The process of getting Company Name Approval, Director Identification Number (DIN) and Incorporation application in Company Registration Form INC-29 has been merged into a single process that has accelerated the process of starting a company in India.
The endeavor of team setindiabiz in this blog is to share and enhance the knowledge about the Form INC 29 Fast Track Company Registration procedure for our readers. Before moving ahead with the procedure let us first know what is Form INC-29?
With eForm INC-29 you can apply for reservation of name, allotment of DIN, & incorporation of a new company in one go only. The supporting documents like details of Directors, subscribers, MoA & AoA, etc. attached with the eForm if found complete, would lead to company registration. Also, the proposed Directors have issued DINs, if they do not possess a valid DIN. However, there is an upper limit to the number of directors allowed for using the Form INC-29 for the allotment of DIN during the process of fast track company registration. In this case maximum of 3 directors can apply for the DIN through Form INC-29 during the incorporation process of the company where a minimum of 1 DIN is required or is compulsory for signature.
The Types of Companies that can be Registered Using Form INC-29:
Procedure for Fast Track Company Registration using Form INC-29.
STEP (i): Obtain Digital Signature
The digital signature of one of the proposed Directors of the company is mandatory in order to file Form INC-29. hence, Digital Signature is a mandatory prerequisite for filing Form INC-29. The Class 2 Digital Signature required for filing Form INC-29 can be obtained from setindiabiz.com.
The prerequisites for obtaining Digital Signature are:
- Signed Digital Signature form.
- Self-attested copy of PAN Card.
- Self-attested copy of Address Proof.
STEP (ii): Prepare Form INC-29
Director cum Subscribers having DIN Number
For Director cum Subscriber who already possesses DIN, they are only required to enter the DIN number in the relevant field of the form.
Director cum Subscribers NOT having DIN Number
Following information and documents need to be submitted in the DIN application made in the Form INC-29 for Director cum Subscribers who do NOT have DIN Number:
- Occupational Details, Personal Details, and Educational Qualification.
- PAN Number- In case of Indian National.
- Email Address of the Director.
- Passport Number – In case of Foreign National.
- Address information of the Director.
- Proof of Address – Bank Statement / Electricity Bill / Telephone Bill / Mobile Bill.
- Proof of Identity – Voters ID Card / Driver’s License / Passport / Aadhar Card.
Name for the Company
It is important to note that the maximum limit for providing the name of the company while using INC Form 29 is one. Hence, it is imperative to comply with the naming guidelines of a company as prescribed in the Companies Act, 2013. The application is rejected in case the name is not approved while using Form INC-29. The incorporation documents would have to be prepared afresh.
Thus, the following important points are required to be kept in mind while applying for a name using Form INC-29:
- Is the proposed company name provided as per Companies Act, 2013 in the correct format?
- Does the proposed name of the company contain the name of any blood relative?
- Do any of the subscribers carry or run business in the same name with a Partnership or Proprietorship?
- Does the proposed name of the company require any approval from Sectoral Regulator like RBI or SEBI or others?
- Is the proposed company name identical or similar to an existing company name or LLP name of the foreign company name?
- Is the proposed company name identical or similar to a filed or registered trademark?
Incorporation Documents to be attached with Form INC-29:
- Memorandum of Association (MOA).
- Articles of Association (AOA).
- Affidavit and declaration by first Subscribers and Directors.
- Copies of the utility bill of the registered office address that are not older than 2 months.
- Proof of Registered Office Address – Rental Agreement / Sale Deed.
- If the proposed company name is a filed or registered trademark, then NOC from the trademark applicant or owner must be attached
Additionally, depending on the case, other documents may have to be attached.