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Sunday, September 11, 2016

One-Day Company Registration

At the time of announcing the Startup India Action Plan and Budget 2016, the Government had promised to expedite business registration processes as a measure of improving ease of doing business. One-day business registration, after some initial technical glitches, has become a reality. Private companies, OPCs and public companies can now get up and running fairly quickly.

The one-day timeline applies on form submission and registration taken together. This does not include the time taken for arranging the required documents to be submitted. In 2015, the Ministry of Corporate Affairs combined the existing 5 different business registration forms into one, known as INC-29. With INC-29, businesses can apply for:

  • Approval of name of the company
  • Incorporation of a new company
  • Allotment of DIN (for maximum 3 directors)
  • PAN
  • TAN (Tax Deduction Account Number) for IT assessees, who are required to deduct/collect tax at source (through eBiz services portal)
  • ESIC and EPFO (through eBiz services portal)
 
The applicants need to keep some documents need to be ready beforehand and submit them along with Form INC-29, as mentioned below:

  • DSC (Digital Signature Certificate) for at least one director
  • Memorandum of Association (MOA)
  • Articles of Association (AOA)
  • Affidavit and declaration by first subscriber(s) and director(s)
  • Proof of office address
  • Copies of utility bills that are not older than two months
  • Proofs of identities and residential addresses of subscribers/applicant
  • Additional certificates/NOCs, if required, related to trademarks, existing names, nominees, and so on
The above procedure is optional and companies may choose to follow the old system of multiple forms. LLPs, charitable companies, and Chapter XXI companies cannot avail INC-29 or fast-track incorporation processes. Apart from the digital signature of a director, declaration under section 7(1)(b) of the Companies Act 2013 from a professional is also required. Eurion Constellation helps businesses registered under all different constitutions. Please visit our website for details about our full line of services or write to us.

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