What is Form INC-29?
Form INC-29, also known as the Integrated Incorporation Form, was a simplified and integrated form used for the incorporation of a company in India. It was introduced by the Ministry of Corporate Affairs (MCA) to streamline and expedite the process of starting a new company. Form INC-29 aimed to simplify the registration process by combining multiple applications and requirements into a single form. Here are the key features and purposes of Form INC-29:
Integrated Registration: Form INC-29 allowed applicants to complete multiple registrations and approvals in a single application. It streamlined the incorporation of a company, application for Director Identification Number (DIN), and the option to apply for the company’s Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) in one submission.
Time-Saving: By integrating various processes, Form INC-29 significantly reduced the time required for company registration. Applicants didn’t need to file separate applications for each registration or approval, which expedited the process.
Convenience: Entrepreneurs and business owners found Form INC-29 convenient because it simplified the application process. They could submit all necessary information and documents in one place, making it easier to ensure compliance.
Reduced Redundancy: The integrated nature of Form INC-29 reduced redundancy in the documentation and data entry process. This minimized the chances of errors and discrepancies.
Who can use Form INC – 29?
Form INC-29 was indeed used for the fast-track registration of a company in India. Here’s how you could use Form INC-29 for fast-track company registration:
Preparation and Documentation:
Prepare all the necessary documents and information required for company registration, including the proposed company name, registered office address, details of directors and shareholders, memorandum of association, articles of association, etc.
Ensure that the proposed name of the company complies with the guidelines and is available for registration.
Digital Signature Certificates (DSC):
Ensure that the directors and subscribers of the company have obtained their Digital Signature Certificates (DSC), as digital signatures are required for online filing.
Director Identification Number (DIN):
If the directors do not have DIN (Director Identification Number), you can apply for DIN for up to three directors using Form DIR-3 as part of the INC-29 application.
PAN and TAN:
Decide whether you want to apply for the company’s Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) as part of the INC-29 application. These are often included for convenience.
Filling Out Form INC-29:
Access the Ministry of Corporate Affairs (MCA) portal (http://www.mca.gov.in) or the relevant government portal where Form INC-29 is available.
Fill out Form INC-29 with all the necessary details, including company details, director and subscriber details, registered office address, and any other required information.
Payment of Fees:
Pay the prescribed fees for the filing of Form INC-29. The fee structure may vary depending on factors such as the authorized capital of the company.
Documents Required For INC-29:
Ministry of Corporate Affairs (MCA) website for the most up-to-date information. Here is a general list of documents and information that were commonly required for Form INC-29:
Identity Proof ,Address of Directors and Subscribers:
Aadhar card or passport (for identity proof).
Voter ID card or driving license (for address proof).
Passport-sized photographs of directors and subscribers.
Registered Office Address Proof:
Rental agreement (if the office is on rent).
Ownership proof (if the office is owned).
No-Objection Certificate (NOC) from the property owner if it’s on rent.
Memorandum of Association (MOA):
MOA (Memorandum of Associated) defines the company’s objectives, the scope of its activities, and its authorized capital.
Articles of Association (AOA):
AOA (Associated of Association) outlines the company’s internal rules and governing structure, such as the roles and responsibilities of directors and shareholders.
Declaration by Directors and Subscribers:
Directors and subscribers must declare that they are not disqualified from becoming directors or promoters of a company.
Director Identification Number (DIN) Application:
If the directors do not already have DIN, you would need to include the DIN application forms (Form DIR-3) along with the necessary documents.
Digital Signature Certificate (DSC):
Digital signatures are required for filing Form INC-29 electronically. Directors and authorized signatories should have their DSCs.
PAN Card Application (optional):
If you choose to apply for the company’s Permanent Account Number (PAN) as part of the INC-29 application, you would need to provide the PAN card application form along with supporting documents.
TAN Application (optional):
If you opt to apply for the company’s Tax Deduction and Collection Account Number (TAN) as part of the INC-29 application, you would need to provide the TAN application form along with supporting documents.
Payment of Fees:
Pay the prescribed fees for the filing of Form INC-29 and any additional fees for PAN or TAN applications, if applicable
Register A Company By Using INC-29:
Digital Signature Certificate (DSC):
Ensure that the directors or authorized signatories have obtained their Digital Signature Certificates (DSC). These digital signatures are required for filing Form INC-29 electronically.
Name Reservation:
Prior to filling out Form INC-29, you should perform a Name Availability Check through the Ministry of Corporate Affairs (MCA) portal. Ensure that the proposed company name is unique and available for registration.
Director Identification Number (DIN):
If the directors do not already have a Director Identification Number (DIN), you can apply for it using Form DIR-3 as part of the INC-29 application.
Gather Necessary Documents:
Prepare all the required documents and information, including the registered office address proof, memorandum of association (MOA), articles of association (AOA), and other essential details about the company and its directors.
Fill Out Form INC-29:
Access the MCA portal or the relevant government portal where Form INC-29 is available.
Complete Form INC-29 with all the relevant details, including the proposed company name, registered office address, details of directors and shareholders, share capital details, and other required information.
Payment of Fees:
Pay the prescribed fees for the filing of Form INC-29. The fee structure may vary based on factors such as the authorized capital of the company.
Submission and Processing:
Submit Form INC-29 electronically through the portal.
The Registrar of Companies (RoC) will review and process the application. The processing time may vary depending on the RoC’s workload and jurisdiction.
Certificate of Incorporation:
If the RoC approves the application, they will issue a Certificate of Incorporation. This certificate officially registers your company.
Post-Incorporation Compliance:
After incorporation, ensure that you comply with post-incorporation formalities, such as obtaining the company’s Permanent Account Number (PAN), Tax Deduction and Collection Account Number (TAN), opening a bank account, and fulfilling any other regulatory requirements.
The following types of Companies Registered using Form INC-29:
Form INC-29 was introduced by the Ministry of Corporate Affairs (MCA) as a way to simplify the registration process and reduce the time and paperwork involved. Here are some types of companies that often used Form INC-29 for registration:
Startups: Many startups in India preferred to use Form INC-29 due to its convenience and time-saving features. It allowed them to incorporate the company and obtain necessary approvals like DIN, PAN, and TAN in a single application.
Private Limited Companies: Private limited companies are a popular choice among entrepreneurs in India. Form INC-29 was commonly used for the incorporation of private limited companies.
One-Person Companies (OPCs): Entrepreneurs looking to establish (One-Person Companies) OPCs, which are a type of company structure available in India, often used Form INC-29 to expedite the registration process.
Small and Medium-sized Enterprises (SMEs): SMEs (Small and Medium-sized Enterprises seeking to incorporate as private limited companies or other business entities found Form INC-29 helpful in simplifying the registration process.
Companies Seeking Faster Incorporation: Any company, regardless of its size or industry, could choose to use Form INC-29 if they wanted a faster and more integrated registration process.
Advantages Of Using Inc-29 For Company Registration:
Integrated Process: Form INC-29 allowed applicants to complete multiple registration processes in a single form. It streamlined the incorporation of a company, application for Director Identification Number (DIN), and the option to apply for the company’s Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) in one go. This reduced paperwork and saved time.
Time-Saving: The integrated nature of Form INC-29 significantly reduced the time required for company registration. Applicants didn’t need to file separate applications for each registration or approval, which expedited the process.
Convenience: Entrepreneurs and business owners found Form INC-29 convenient because it simplified the application process. They could submit all necessary information and documents in one place, making it easier to ensure compliance.
Reduced Redundancy: By combining various applications into a single form, Form INC-29 reduced redundancy in the documentation and data entry process. This minimized the chances of errors and discrepancies.
Faster Approval: The streamlined process and reduced paperwork often led to faster approvals from the Registrar of Companies (RoC). This was especially advantageous for startups and businesses looking to begin their operations quickly.
Cost-Efficiency: While there were fees associated with Form INC-29, the overall cost of registration (including DIN, PAN, and TAN) could be more cost-effective compared to filing separate applications for each requirement.
Limitations Of Using Inc-29 For Company Registration:
Not Suitable for All: Types of company Form INC-29 was primarily designed for small and medium-sized enterprises (SMEs) and startups. It may not be suitable for more complex company structures or specialized industries that require specific approvals or permissions.
Limited to Three Directors: Form INC-29 allowed applicants to apply for DIN for up to three directors. If your company had more than three directors, you would need to apply for DIN separately for the additional directors.
Applicability of PAN and TAN: While Form INC-29 provided the option to apply for the company’s Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN), these may not be required for all companies at the time of incorporation. Depending on the company’s activities and future plans, it might not be necessary to obtain PAN and TAN during the registration process.
Mandatory Digital Signatures: To file Form INC-29 electronically, digital signatures of the authorized signatories were required. This meant that all directors or applicants needed to have valid Digital Signature Certificates (DSCs).
Online Application Process: Form INC-29 had to be filed online through the Ministry of Corporate Affairs (MCA) portal. Some applicants may prefer a traditional, paper-based registration process, which was not an option when using Form INC-29.
Limited Scope for Customization: The integrated nature of Form INC-29 allowed for less flexibility and customization compared to filing separate applications for each registration. This could be a limitation for companies with unique requirements or complex structures.
Conclusion:
The new Form INC-29 form has a three-step process for company registration. With in the 14 working days, you could get the incorporation certificate if you uses the correct procedure and go quickly. But, you should always be prepared or get ready for a longer wait, especially if the Registrar of Companies (RoC) is presently overloaded or if your suggested company name is refused the first time.
The INC 29 form has several benefits, being simplified, faster or quick, cost-effective, and more compliant way of registering a company. Tt also has limitations, including limited flexibility, no customization, and the requirement of a certain level of expertise or proficiency. Before opting for the INC 29 form for company registration, it is necessary to consider the company’s certain requirements and make an informed decision. The INC 29 form has simplified the process of registering a company in India and reduced the time and effort required to complete the necessary registrations