All about Zero Fees for Company Registration in 2018

All about Zero Fees for Company Registration in 2018 From time to time MCA brings new initiatives and schemes that help in smooth running and improving the overall state of Businesses in India. In the last assessment year, the MCA had introduced major initiatives such as establishing the Central Registration Centre (CRC) for delivering speedy incorporation related services and near real-time issuance of PAN and TAN through a single on-line process.On the occasion of 69th Republic Day, MCA introduced three Government Process Re-engineering (GPR) initiatives to increase the pace of a companys incorporation while making the process easier, convenient and digital. Earlier in the year 2017 the registration process needed to send Application for name reservation through e-Form INC-1, INC-1 required Director Identification Number (DIN) of at least two directors and at least one DSC to sign the e-form and after submitting and Paying fees Incorporation was done.Now in 2018 Private Limited Company Registration can be done through RUN, a web-based form, the RUN form does not require to have any previous DIN or DSC, thus making the process extremely Easy, Brief and Swift. Introduction of Reserve Unique Name (RUN) Form: In The Earlier days, company name could be reserved in advance by Filling the Name Reservation INC-1 form or directly through the incorporation application.The Government of India has now simplified the process of name reservation by Introducing Reserve Unique Name Form which is a web form for reserving a name for a new company or for a change of name for an existing company.. SPICE Form SPICe is a more flexible form than INC-29 and weights on digital technology by excluding the need for hard copies of physically signed documents being attached to an e-form. SPICe is now the Sole, Fast & Functional form available for incorporation of a company in India which has combined 5 services in one E-Form including DIN, name reservation , incorporation, PAN, and TAN. Zero Fee for Company Registration Zero fees have been announced for the SPICe form, eMOA and eAOA effected from 26th January 2018. However, stamp duty would still be applicable for incorporation as before. Director Identification Number for Incorporation Under the Run web form, the process for generating DIN has been classified into the following categories that as follows : DIN Application for incorporating New Company Any person who wants incorporation of a Company can apply for DIN only through the SPICe form subject to maximum 3 directors at a glance. Details of Directors is to be filled with the SPICe form along with their PAN or Passport details. If a person that already has a DIN is incorporating a new company, SPICe form will be used and DIN needs to be supplied where ever it is applicable.   DIN Application for appointment in existing Company Existing companies can file an application under the DIR-3 form for adding a Director. The new DIR-3 form has the arrangement of demanding the CIN of the Company to which the Director would be added and a declaration that the DIN is procured by adding the person as a Director to the mentioned company. Conclusion The Ministry of corporate affairs who is premier institute In India for regulating rules and Laws regarding corporate entities in India, have introduced these initiatives to boost the ease of doing business in India, By making the process of incorporating the business In India, Indian government has made dream of millions of Indians who wish to become an entrepreneur or always wanted to become a business owner. With the RUN and SPICE Form, The process of Incorporating a company In India can become less complicated and might eliminate formalities that once created a state of confusion among people who aspire to run their own business.   YOU MAY ALSO lIKE: The Companies (Registration Offices and Fees) Amendment Rules, 2018