One of the most significant parameters used for deciding the Ease of Doing Business (EoDB) in any country, is the total time taken to start a business in the specified country. As India has been striving hard for moving up its ranking in the 'ease of doing business index' of the World Bank Group for past many years, it inevitably introduced a new form INC-29 for the purpose of fast track registration of companies in entire India. This intelligently drafted web-article provides all necessary and very useful pieces of information related with this fast track company incorporation - form INC 29, to help entrepreneurs, professionals, industrialists, and corporations of India and abroad in establishing a company anywhere in India promptly.
The main aims of this Integrated Company Incorporation Form INC-29, which was introduced in May 2015 by the Ministry of Corporate Affairs (MCA), are to reduce the tasks or processes necessary for incorporation of a company in India, and to minimize the total time taken by the whole procedure of company registration. This eForm INC-29 eliminates the requirement of filing many forms for the purpose of registration of a company, and claims to approve the perfect application within 48 hours.This five-in-one eForm facilitates the following five significant tasks:
- Getting DIN for up to Three Directors
- Approval of the proposed Company Name
- Filing of Application for Incorporation
- Making PAN (Permanent Account Number)
- Obtaining TAN (Tax Deduction Account Number)
The types of companies which can readily be registered anywhere in India through using this fast-track form INC-29, are the following --- One Person Company (OPC); Private Limited Company; Public Limited Company; and Producer Company. Percipient readers of this web-article should must note that, the Section-8 companies (as per the new Indian Companies Act of 2013) cannot be registered through use of this integrated company registration E-Form INC 29.
Process for Company Registration through Form INC-29
This section gives exclusive information about the documents required and the entire process for company registration through form INC-29, for great informational help to our Indian and global readers. Here, it must be noted that for using this composite application form, at least one director of the proposed company must have a class 2 digital signature.Broadly, the following main activities are to be performed strictly, if one chooses to use this Form INC-29:
- (A) Submitting the complete and in-depth information related with the directors desiring DIN, along with all supporting documents
- (B) Presenting the carefully selected Company Name for approval; Only One Name is to be submitted after the creation of the same strictly as per the Guidelines provided in the Companies Act of 2013.
- (C) Attaching the recommended documents with form INC-29, to support company incorporation.
- The Memorandum of Association (MOA) and Articles of Association (AOA)
- Authentic/recognized document, if any, in support of the presented company name for approval
- Affidavits and declarations furnished on behalf of the directors and shareholders
- Legal/authentic documents connected with the real estate property, where the head/registered office of the proposed company will be situated, including the address proof of the location.
- And, other documents required depending on the particular type of company.