Ministry of Corporate Affairs on May 1, 2015 released this new form titled as INC 29 – Integrated Incorporation Form as a part of it’s initiative, “Ease of Doing Business in India”. INC 29 form as available on the MCA’s website is to be used for –
- Formation of new company – public, private and one person company. Can’t be used to form a Section 8 Company.
- Apply Income Tax Permanent Account Number (PAN)
- Apply Income Tax Deduction Account Number (TAN)
- Apply for ESIC Registration (if applicable)
This comes as significant respite to the entrepreneurs and professionals, because as per the erstwhile procedure, following activities were to be carried out more or less sequentially –
- Apply for Digital Signature
- Apply for DIN
- Apply for Name Approval
- Preparation and Uploading of Memorandum and Articles of Association and other documents for incorporation
- Apply for PAN
- Apply for TAN and
- Apply for ESIC (if applicable)
Under the new form, even if the proposed directors do not have DIN, the same can be applied for within the same form for up to 3 directors.
With this swift procedure, we believe company formation can happen within a week’s time as against 3 weeks.