Process of Incorporation of a Company
…..A Comparitive Analysis
As soon as any change is introduced to the existing practices, “n” number of questions arise in our minds and the same when left unanswered for a long time turn up to be major queries/ doubts.
Similar was the scenario when the Ministry of Corporate Affairs introduced “INC-29” an integrated company incorporation form w.e.f. the 1st day of May, 2015.
Here an effort has been made to give you all a clear picture of the introduced modifications in the process of Incorporation of a Company with the help of a comparitive analysis.
|S.No.||Basis of Comparison||Previous Procedure||Modified Procedure|
|1.||Forms required to be filed||Ø DIR-3: Application for DIN
INC-1: Application for Name approval
INC-7: Application for Incorporation of the Company
DIR-12: Appointment of first directors
INC-22: Intimation of the registered office of the Company
|Form INC-29: One single form for getting a Company registered.|
|2.||Steps to be taken||Ø 1. Apply for DSC
Ø 2. Apply for DIN
Ø 3. File form INC-1 for getting any of the proposed 6 name approved.
Ø 4. File Form INC-7, DIR-12 and INC-22 along with the requisite attachments
Ø 5. Wait for the approval from MCA.
6. Then apply for PAN &TAN.
|1. Apply for DSC
2. File form INC-29 with requisite attachments. As Form INC-29 is the only form required for registration of company as well as, taking DIN (maximum 3); Applying for PAN & TAN, Director appointment; Intimation of registered office, etc. Also, only one name can be proposed now.
|3.||Attachments||1. MOA & AOA;
2. Declaration by professionals in Form INC-8 .
3. Affidavit in form INC-9 from each subscriber & of the MOA.
4. Address & ID proofs;
5. Form INC-10 for verification of signatures of subscribers.
6. DIR-2, declaration by appointee director.
7. Interest in other entities
8. Copies of Utility Bill.
9. Sale deed/ Rent Agreement.
10. NOC from the owner of the property, etc.
|1. All the attachments remained same except INC-10 is not required now.
2. Also, if the DIN has already been issued to the Directors then there is no need to file Address & ID Proofs again.
|4.||Time taken for approval||15-20 days.(approximately)||8-10 days.(maximum)|
It is being strongly believed that the new incorporation procedure has been introduced to facilitate ease of doing business but still it will take some more time to come completely into effect and provide the best results of the innitiative been taken.
-Author is a company secretary