How to Register a Startup Company with INC 29
Before one begins any new business, it is first and foremost that the business must be registered as a Company in the legal records of Indian government.
Considering the standard lengthy procedure of registering a Company, any owner may feel the anger and frustration.
Earlier, it took days only for the registration process at the corporate office. Now the government is working towards simplifying the registration procedure and reducing the time taken for the registration procedure.
A standard procedure includes four major steps:
- Application for Director Identification Number (DIN) or Designated Partner Identification Number (DPIN)
- Register Digital Signature Certificate(DSC)
- Account in Ministry of Corporate Affairs (MCA) Portal
- Incorporate a LLP
After the registration of the Company, other formalities such as VAT registration and professional tax, provident fund for employees, medical insurance, etc., are to be completed. For a Private Limited Company, work can begin once the Company receives the Certificate of Registration.
The standard step-by-step procedure can now be avoided, thanks to the new fast track procedure using the Integrated Incorporation form that is the Inc-29 form introduced by the government.
Inc-29 form does not need DIN for the second director anymore and filing of name application separately is not required. Directors with DIN are not required to attach any identity or address proof with this form. On using Inc-29 form, there is no requirement to fill the incorporation form, address proof of the Company and appointment of the director form. The Registrar of Companies also gives the applicant 15 days to resubmit the application incase of any errors in the application and only two resubmissions are allowed so its advised to take the help of an expert while using the Inc-29 form.
Considering the above highlights, Inc-29 form integrates the major steps and simplifies the registering procedure of a start-up Company as follows.
- Obtain the Digital Signature Certificate (DSC)
- In order to ensure security and authenticity of the documents submitted, the government requires digital signatures.
- A licensed Certifying Authority (CA) issues digital signatures.
- If you already have a digital signature, you do not need to apply for another.
- DSC can be acquired from government-listed agencies such as TCS, IDBRT, MTNL, SAFESCRYPT, etc.
- Fill Inc-29 form
- If DIN is available, all that the applicant needs to do is fill in the information.
- If DIN is not available, it can be obtained by attaching the following documents:
- Personal and professional portfolio
- PAN card number
- Passport number
- Email address of the Director
- Identity and address proof of the Director
- Fill the name of the Company
- Inc-29 allows only one name to be filled in the name of the Company field, as compared to the standard procedure that allows six names.
- An applicant can check the name availability on the Ministry of Corporate Affairs and propose only one name for the Company.
- If the Registrar does not accept the proposed name then the whole application may be rejected.
- Incorporation of Company
Along with the Inc-29 form there are supporting documents required, such as:
- Memorandum of Association
- Articles of Association
- Declaration by the Directors and shareholders
- Address proof of the proposed Company
- Utility bill copies in the name of the Company
No objection certificate from the trademark applicant or owner in case the proposed Company name is a filed or registered trademark