Ease of Doing Business/Use of INC - 29 for Formation of Company - ICAI
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For ease of doing business, Ministry of Corporate Affairs has introduced a simplified Incorporation Form-INC-29. The form offers a number of advantages over traditional incorporation forms in terms of reduced number of procedures, time taken and the cost involved in getting approval. With this integrated single form, a company can be registered in India, get allotment of Director Identification Number, name availability, incorporation of company and commencement of business. This form can also generate PAN and TAN.
Instead of 8 different forms earlier, now with one single form, setting up of new business would be easier and convenient.
The relevant notifications for these are available on the MCA website www.mca.gov.in
Further, the mandatory requirement of having a common seal has also been done away with the amendment in the Act vide Companies (Amendment) Act 2015 applicable from 29th May 2015. Therefore, the members are requested not to insist on such a non-mandatory requirement. If required, the members may advise the companies to amend the Articles of Association to do away with the requirement of having a common seal, if the company so desire.
5th August, 2015
Secretary, ICAI
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