Mr. Narendra Modi, Prime Minister of India has definitely lived up to his words. He promised ease of doing business in India and through this announcement has achieved a major breakthrough.
Now that the new form is announced we will have 2 methods of incorporating a company.
1st method “normal route”
- File DIN 3 for obtaining Director Identification Number for the proposed directors of the company [in case of first time directors only]
- Check for availability of name in INC 1
- File the details of promoters, directors & registered office in Form INC – 7/2, INC -22 & DIR – 12
2nd method is the “fast route”
- File INC – 29 [it is a combination of all the forms stated above
The salient features of the INC 29 form as follows:
- DIN for 3 directors can be applied
- One company name can be mentioned
- 2 re-submissions are allowed
- No change in the requirement of attachments.
My take on this amendment
On paper looks a very good move. But there could be practical difficulties.
- Only 3 DIN can be applied through this form.
- Any issue with the DIN will also get the name approval and registration rejected or vice-versa.
- Rs.2000 extra needs to be paid to avail the faster route