Ministry of Corporate Affairs (MCA) are coming up with better ways to support incorporation of start-ups in India. In this direction, MCA on 1st May 2015 made Companies (Incorporation) Amendment Rules. Under these rules one of the dazzling feature was INC 29.
Before understanding, how a Start-up can be easily registered as company through this form, let us first understand everything about this form. Inc 29 is an “E form”, acronym of Integrated Incorporation Form. This form makes provision for Reservation of Name, Incorporation of Company and application for allotment of Director Identification Number (DIN). Types of company which can be incorporated through this from include, Private Limited Company, One Person Company, Limited Company, Producer Company, and all other companies which are formed under Section 8 of Companies Act.
Procedure to Register a Start-up Company through Inc 29 includes:
- Obtain Digital Signature : The very first step requirement for filling Inc 29 form is to obtain Digital Signature of one of the Directors. The proposed Directors have to provide for the Digital Signature. The same can be obtained by submitting Digital Signature along with the attested copies of PAN Card and Address proof. Any of the Proposed Directors can obtain a Class-II Digital Signature Certificate by applying to any agency authoriszed by MCA.
- Preparing documents to be submitted: Inc 29 is an eight page Form which requires several document to be submitted. It is better to make sure you have all your documents pre-arranged when you sit down for filling form.
- Name of the Company: One has to be very cautious while deciding the Name of the Company. It has to be decided in line with “Guidelines for Naming a Company” mentioned in the Companies Act, 2013. Certain pointers have to kept at the back of the mind while deciding upon the name, these includes:
- Name shouldn’t be taken by any other company.
- Name shouldn’t have been taken by any Proprietorship or Partnership.
- Check if the word requires any permission from any executor body like RBI or SEBI.
- The Proposed company name should not come in conflict with the existing Trademark.
- For Memorandum of Association(MOA) and Articles of Association(AOA): The MoA an AoA has to be attached along with form Inc 29. These need not be necessarily be made by a Company Secretary but has to be signed by one. These include basic details of purpose for which the company is created and rules and bye laws for the company.
- Proof of Registered office: Every company must address as his Registered office. Documents which are admitted as proof to this includes Rental Agreement or Sale Deed.
- Filing of form Inc29 : Once all the documents are prepared , one can sit down and fill the complete form, attaching all the documents. There is payment of fess which is decided on the basis of Authorized share capital.
- Certificate of Incorporation: Once all these formalities are done with, one gets a Certificate of Incoporation. Time involved for issuing of certificate is approximate of Two days.
The entire process of Incorporation of a Start-up/Company through Inc29 involves a period of 14 days.
Author: This blog is written by Mr. Vishal Aggarwal, a passionate blogger & intern at Aapka Consultant.
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