Greetings of the day..!!
Trust you’re enjoying our corporate law updates with your love ones. Today (26.01.2018) Ministry of Corporate Affairs issued major amendments in Company Registration Process, Name Approval Application Process and Director Identification Number (DIN) Applying Application Process. The detailed information about all three amendments are below:-
Company Registration Process
- Incorporation of company/startup registration in India is absolutely FREE now. In other words we can say that no government fees will changed by department for registration of a New Company; but department imposed two conditions for same. The two conditions are:- (A) Authorized share capital is not more than 10,00,000 (Ten Lakh) and (B) Company not having share capital registered with less than 20 Members.
- If a company is registering with more than seven subscriber then MOA & AOA shall be filled with INC-32 (Physical Attachment) in the respective format as specified in Table A to J in Schedule I without filing form INC-33 and INC-34.
- If a company is registering in India and subscribers of the company is outside India then MOA & AOA shall be filled with INC-32 (Physical Attachment) in the respective format as specified in Table A to J in Schedule I without filing form INC-33 and INC-34.
NOTE – The payment of stamp duty is the state matter, so you need to pay stamp duty while incorporating a company in India.
Application for Name Reservation (Reserve Unique Name)
- For applying the proposed name of the company, you need to visit MCA website (www.mca.gov.in) and use user login (http://www.mca.gov.in/mcafoportal/login.do) option to apply name under Reserve Unique Name (RUN) service.
- The Proposed name is auto check by system through an electronic registry.
- Government fees is Rs 1000/-
- No Re-submission (Users may please note that the name applied for will either be approved or rejected and no re-submission is allowed)
- Reserved Name Validity – 20 Days from the date of allotment for New Company and 60 days for Existing Company.
- No need of Director Identification Number for reservation of Name
- No Digital Signature Required
- The same user Login ID which was used for reserving the name has to be used for submitting and uploading INC-32, INC-12 and INC-24 e-forms
Following details required to fill while applying name under RUN Service:-
- Entity Type (Like Private, Public, OPC, Section 8, e.t.c)
- CIN – Corporate Identification Number (Only for existing company)
- Proposed Name (Only One)
- Comments (Enter the objects of the proposed company and any other relevant comments in support of the proposed name)
- Optional Attachment (Maximum Size – 6 MB)
Director Identification Number (DIN)
The Allotment of Director Identification Number ( DIN) shall not be possible without a proposed appointment in the existing Company or in a Company proposed to be incorporated.
DIN at the time of incorporation shall be apply only in INC-32 and maximum three person take benefit of this scheme.
Running/ Existing Company
- Board Resolution proposing his/ her appointment as director of an “existing/running company” is mandatory.
- Form DIR-3 shall be signed and submitted electronically by the applicant using his or her own Digital signature certificate and shall be verified digitally by a company secretary in full time employment of the company or by the managing director or director or CEO or CFO of the company in which the applicant is intended to be appointed as director in an existing company.
NOTE – No need for Certification of DIR-3 by Practicing CS, CMA or CA.