Register your company with the help of INC-29
At the juncture of World Labor Day 2015, the Ministry of Corporate Affairs (MCA) introduced a major reform for budding entrepreneurs in India.
India is ranked 158th on the Ease of Starting a Business list, and no one else can understand the agony and humiliation better than Indian entrepreneurs.
Forming a new company has always been a neglected pain for entrepreneurs in India.
Incorporating a new business will now be 5 times easier as there is only one form to fill out compared to the previous 5. The introduction of this new form significantly improved India’s ranking.
The new five-in-one form known as INC-29 replaces the tedium of incorporating a new business with enthusiasm, especially among the younger generation.
The INC-29 combines the application for Director Identification Number (DIN), Name Registration, Permanent Account Number (PAN), Tax Deduction Account Number (TAN), and of course, Incorporation.
This step not only makes the procedure undemanding, but also relatively cheaper in monetary terms.
In plain language, incorporating a company can now be done without succumbing to the lengthy ROC acceptance process to authenticate the name application.
The article aims to show a way for an entrepreneur to register their startup.
STEPS INVOLVED:
Obtain the Digital Signature Certificate
The Digital Signature Certificate is used to guarantee the certainty and authenticity of the document filed in the online portal according to the Information Technology Act of 2000.
The DSC can only be provided by those agencies that are specified and authorized by the Certification Agency Controller (CCA). It is important for an entrepreneur to note that the DSC has a validity period of only one or two years, so you should check it regularly to renew it when necessary.
Fill out Form INC-29
Prior to the introduction of INC-29, it was essential for an entrepreneur to complete a unique DIN form to obtain the Organization’s Director Identification Number.
Now, the INC-29 form includes DIN. If an employer has already received a DIN number, then all he needs to do is fill in the number in the assigned box on the form.
For first-time entrepreneurs, you can link the following documents to your INC-29 form to obtain DIN:
Personal and Occupational Data with Educational Degree.
If you are a resident of India, a permanent account number is required.
If you are a foreigner, you need a Passport number.
Director’s email address.
Mailing address of the Director.
Proof of Identity by one of these: – Voter Identity Card / Driver’s License / Passport / Aadhar Card.
Proof of address through one of these: – Bank Statement / Electricity Bill / Telephone Bill / Mobile Bill.
Company name presentation
It is extremely important to comply with the Guidelines for Naming a Listed Company, under the Companies Act 2013, as the INC-29 form allows only one name to be entered versus the previous rule of providing six names.
If your proposed business name is not well received, the entire application may be on the verge of being rejected.
The following points should be considered before the company name proposal:
If there is any other business registered under the same name with a Property or Company.
If the name adheres to the format set out in the Companies Act 2013.
If the proposed name is related to any closest relative.
Whether the company name is identical or similar to the trademark of any company.
If the company name is similar to any foreign company or Limited Liability Company.
Incorporation documents
Finally, along with the INC-29 correctly filled out, the following documents must be attached with the initials of all the directors:
Incorporation documents:
Articles of Association (AOA)
Memorandum of Association (MOA)
Declaration and Affidavit of the first Subscribers and Directors.
Proof of the Registered Office Address. – Rental contract or deed of sale.
Copies of the utility bill of the registered office that is not more than 2 months old.
If the proposed company name is filed or registered with the trademark department, then a Certificate of No Objection from the trademark applicant or owner must be attached to the form.
The above are the steps to follow when completing the INC-29 form to register your company in the easiest way possible.