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Introduction to online kyc for all directoers

Introduction to online kyc for all directoers

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Introduction to online kyc for all directoers

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  1. e-KYC for Directors

  2. Introduction to Directors KYC via DIR-3 eForm The Ministry of Corporate Affairs directs new rules for the directors of all companies. The new rules require directors of all private, public companies and LLPs (designated partners) to comply with the Directors KYC norms to avoid deactivation of their DIN (Director Identification Number).

  3. Documents Required • Director’s mobile (verified via OTP) • Director’s e-mail ID (verified via OTP) • The following supporting documents would have to be attached, duly self-attested by the director: • PAN Card • Aadhar Card • Passport (only for foreign directors) • Address Proof (Telephone bill or Electricity Bill) • The DIR-3 form would have to be signed by the director’s own DSC (Digital Signature Certificate), and the DSC of a practising CA or CS. `

  4. Steps for Directors KYC • The number and personal email id that will be verified through One Time Password (OTP). The Information by E-form DIR-3 will be filed by directors using their DSC which will be duly certified. • The information will be updated annually by a company secretary at the time when annual financial statements are filed with MCA. • If the KYC form is not filed by 31st August 2018; MCA 21 will mark the approved DINs as ‘deactivated’ along with reason ‘Non-filing of DIR-3 KYC’. • The deactivated DIN will be allowed only after a specified payment of the late fee, which will be notified by MCA.  • Availability of Form: As per recent MCA notification the form DIR-3 will be available on MCA21 Company Form on 14th July 2018. `

  5. Timeline • The government has made it clear that the Directors KYC compliance would be a yearly exercise. All directors (and designated partners) would need to submit their KYC documents annually. • Cut-off dates: The cut-off date to fall under the compliance bracket would be March 31. Meaning, if a person has a DIN as on March 31, he or she would mandatorily have to file the DIR-3 KYC for that financial year. • Date of Submission of the KYC form: This is a recurring compliance requirement to be filed annually. For a particular financial year, the DIR-3 KYC has to be filed by April 30 of the next financial year. So, for all DINs allotted in the financial year 2018-19, the last date to submit the form would be April 30, 2019. • Only for Financial Year 2017-18: Since the rules have been made effective only on July 10, 2018, all the Directors with an allotted DIN on or before March 31, 2018, would have to submit the KYC form on or beforeAugust 31, 2018. Directors whose DIN has been allotted between April 1, 2018 and August 9, 2018, wouldn’t have to comply with the August 31, 2018 deadline. However, they would have to submit the form before April 30, 2019. `

  6. Frequently Asked Questions What is fees and penalty for the KYC of Directors? The MCA has not specified any filing fees for the DIR-3 KYC. However, delay in filing the Directors KYC form (after the specified due date) would attract a penalty of INR 5,000 per form. Further, the Government would deactivate the DIN upon failure to comply. Is it mandatory KYC of All Company Directors ? Yes, Every director that have been allotted DIN before or on 31 March 2018 and the DIN that are in Approved status are mandatorily required to file the form DIR-3 KYC by 31 August 2018. Documents required for DIR-3 KYC for Directors? PAN Card, Aadhar Card, Passport (only for foreign directors) and Address Proof (telephone bill or electricity bill)

  7. CONTACT INFORMATION 011-395-95858