MANDATORY FOR DIRECTORS!!
DIRECTOR DIR-3 KYC
Complete your Director KYC, DIN KYC or DIR-3 KYC before 30th September to avoid deactivation and penalty for your DIN.
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WHAT IS DIRECTOR KYC?
DIR 3 KYC - A MANDATORY COMPLIANCE !!
From the Financial Year 2019-2020, as per the new MCA department guidelines, KYC is required to be filed every year, by every person who has a DIN (Director Identification Number). A DIN is a unique number that is assigned to a person who wants to associate himself/herself as a director of any legal entity or who is already an appointed director of a corporation. In this digital age, submitting an e-Form DIR-3 application is sufficient to receive a Director’s Identification Number or DIN. This is a one-time process for anyone interested in becoming a director of one or more business entities. All directors with a DIN will now be required to submit their KYC details annually in e-Form DIR-3 KYC, thanks to the Ministry of Corporate Affairs’ (MCA) decision to update its registration.
Every individual who is assigned a DIN as of 31st March of a financial year should complete his/her KYC on or before the 30th September of the following financial year to avoid the director KYC penalty fees.
WHY DIR 3 KYC IS REQUIRED ?
NECESSITY OF FILING DIN KYC FORM
The DIR-3 KYC e-form or Directors KYC as the name suggests, is introduced to collect information of all the directors associated to any legal entity, including their residential address, e-mail address, and present cell phone number. The directors’ information must be relevant to them, for example, the cell phone number must be updated with UIDAI. This measure was taken in order to increase data transparency. This will assist MCA in checking director accreditation and weeding out fake directorships.
Previously, the government has developed strike-off (Company dissolution) proceedings against over 3 lakh firms, affecting over 6 lakh directors and disqualifying their DIN. By implementing this new rule 12A, all directors and designated partners of all LLPs must update their DIN (Director Identification Number) to conform with the rule, regardless of whether their DIN is active or inactive, and directors with ineligible DIN.
ELIGIBILITY FOR DIN KYC FORM FILING
WHO IS REQUIRED TO SUBMIT E-FORM DIR-3 KYC?
According to the MCA notification, any director who received a DIN by or on March 31, and whose DIN is in authorised status must submit his KYC information to the MCA department failing of which will be liable for a DIR 3 KYC penalty. This procedure is also required for directors whose DIN have been disqualified.
From the Financial Year 2019-20 onwards, any director who has now been assigned a DIN on or before the ending of the financial year and whose DIN is in authorised status is required to file Director KYC form by the 30th September of the next financial year.
Directors with a DIN or Director Partner Identification Number (DPIN) before March 31, and directors given a DIN/DPIN by March 31, must file the e-Form DIR-3 KYC before September 30th of that year.
NOTE: Incase of non-filing of the DIR 3 KYC before the due date, late fees or penalty for director KYC will be charged.
CHECKPOINTS FOR COMPLETING THE DIR-3 KYC E-FORM
POINTS TO REMEMBER FOR DIR 3 KYC
1. While filling out the DIN KYC Form, each Director must provide their own personal cell phone number and email address. A one-time password or OTP will be used to verify this registered contact number and email address.
2. The second caution is that the director must use his own digital signature when submitting this DIR 3 KYC e-Form.
3. The Director KYC e-Form should also be approved by a practising Chartered Accountant, Company Secretary, or Cost and Management Accountant as the third test to guarantee that complete and accurate information is submitted.
CONCEQUENCES OF NON FILING DIR 3 KYC
PENALTY FOR NOT FILING DIR 3 KYC FORM
If a director who is required to file the DIR 3 KYC e-Form fails to do so by the 30th of September on the MCA portal, the department will record the director’s DIN as “Deactivated owing to Non-filing of DIR-3 KYC.” If the director wants to reactivate his DIN in the future, he can do so by filing the missing e-Form and incurring a late fee for DIN KYC of Rs 5,000. This fee must be paid by September 30th of year in which the e-Form DIR 3 KYC is to be submitted. The directors must file this form once a year.
DOCUMENTS REQUIRED FOR DIR 3 KYC
LIST OF DIR 3 KYC REQUIRED DOCUMENTS
One needs the following documents to file their DIN KYC form:
1. Nationality and citizenship information, such as gender and date of birth.
2. Permanent Account Number (PAN).
3. Voter ID card
4. Obtaining a passport (mandatory if a foreign national is holding a DIN).
5. Driving License.
6. Aadhaar card
7. Personal Phone Number and Email Address
8. Residential address.
Aside from the things listed above, please have the following items in hand while filing the Director KYC or DIN KYC:
1. Individual submitting the form’s digital signature (applicant).
2. Attestation of the above-mentioned documents by practicing professionals such as CAs, CSs, and CPAs. Documents must be attested by the prescribed authorities in the case of foreign nationals.
3. The applicant must produce a declaration that is duly attested by practising professionals.
DIR-3 KYC FILING INSTRUCTIONS
HOW TO FILE DIRECTOR KYC ?
Filing a DIR- 3 KYC entails the following steps:
1. Download the DIR 3 KYC application form
The first step is to get the form from the MCA website.
2. Please provide DIN information
In the DIN KYC form, the individual/Director must submit his DIN, which must be marked as ‘Approved.’ Directors whose DIN has been deactivated owing to non-filling of the director KYC can still fill out the form after paying late filing penalties if they do so after the due date.
3. Fill out the DIR- 3 KYC Form with the necessary information;
Name and credentials:
Both the applicant’s and his father’s first and last names must be entered. The name entered must be the same as the one on the PAN. The address provided will be checked against the PAN database. Acronyms, abbreviations, and single alphabets are prohibited.
Declaring your nationality is crucial while filing a director KYC form. When it comes to foreign nationals serving as company directors, the nationality specified on the passport shall be chosen.
It is advised to add the permanent residential address of the directors while filing the DIN KYC form. Kindly ensure that these facts correspond to the evidence of the permanent address that will be included in the Director KYC form:
1. Only if the state selected is NA may a foreign pin code be entered.
2. If the current residential address differs from the permanent residential address, one must also give his/her current residential address.
PAN (Permanent Account Number) Validation:
Declaring your Permanent Account Number is required (PAN). Click the ‘Verify income-tax PAN’ button after entering your PAN information. Based on the PAN card number, the system will validate the information. Please note that for successful validation, the PAN in the form and the PAN in the DSC must match. For successful validation of the form, if the foreign nationale do not have a PAN card, the name on the form must match the name on the DSC.
Contact Information Updates and OTP Verifications:
It is critical to provide the own mobile phone number, which will be validated by an OTP. Only if the individual is not a resident of India will country codes other than +91/91/0 be permitted. One must also enter your personal email address, which will be validated using an OTP. After one has filled out these fields, click the ‘Generate OTP’ button. OTPs will be delivered to the email address and the registered mobile number separately.
4. Attachments to be provided
The following documents for director KYC must be uploaded by the applicant. Before uploading the DIR 3 KYC form on the MCA portal, be sure to acquire these forms certified as well:
- Evidence of a permanent address.
- Aadhaar Card Copies
- Passport photocopy (if required)
- Proof of current residence.
Note: The candidate should digitally sign any other optional attachments.
5. Certification for DIN KYC e-Forms
Ensure that the e-Form is signed digitally by a practicing Chartered Accountant/Cost Accountant or a Company Secretary. It is critical to enter the practicing professional’s information and then add their digital signature.
After thorough proof reading of the filled DIR 3 KYC form, click the ‘Submit’ button.
PROCESS AFTER DIR-3 KYC FORM SUBMISSION
WHAT TO DO AFTER DIR 3 KYC FILING ?
After successful submission of DIR 3 KYC form or Director KYC form on the MCA government portal, following process needs to be completed:
Generation of SRN
The user will receive an SRN after successfully completing the e-Form DIR-3 KYC. This SRN will be used to communicate with the MCA in the future.
Communication via email
The applicant’s personal email address will receive an email confirming receipt of the form. Filing e-Form DIR-3 KYC is completed once the applicant receives the email of approval.
WHY VAKILGIRI ?
VAKILGIRI AS YOUR DIR 3 KYC EXPERTS !!
Vakilgiri Legal Consultants is a group of experts consisting of highly qualified Chartered Accountants, Company Secretaries, Advocates and Business Administrators. Vakilgiri will help you with the Activation of your disqualified DIN, DIR 3 KYC Form Filing and filing a new DIN application.
We offer one stop and quick Legal solutions related to company incorporations like Section 8 NGO Registration, Private Limited Company Registration, LLP Firm Registration, Nidhi Company Registration, Section 8 Microfinance Company registrations and all such business entity incorporation process. Apart from these, we will also guide you in maintaining and completing annual compliances related to the above mentioned legal entities. With a clientele of 5000+ entities, our team will support quick and reliable guidance to boost your business.
Contact us at 9525665852 or mail us at firstname.lastname@example.org to know more about our services.
POINTERS FOR DIR- 3 KYC FORM
The Practicing Chartered Accountant (PCA), Practicing Company Secretary (PCS), or Practicing Cost Accountant must certify the E-form DIR-3 KYC.
With Vakilgiri Legal Consultants, you can complete your DIR 3 KYC at Rs. 999/- only. It is important to note that DIN KYC needs to be filed before 30th September of every year. Failing to file the form will incur a penalty of Director KYC of Rs. 5000/- per director.
It is mandatory for all LLP partners/designated partners who hold a valid DIN before the 31st March to file e-form DIR-3 KYC on or before the due date of September 30th.
MCA will mark DIN holders (allotted on or before 2018) as “deactivated” if they do not file DIR-3 KYC.
If a DIN holder files an e-form DIR-3 KYC after September 30th, he or she must pay a fee of Rs. 5,000, regardless of any other action that may be taken.
A professional must declare that he or she is involved in the certification and verification of this e-form.
The system will not allow an applicant to file multiple DIR-3 KYC forms. If a DIN’s KYC has previously been filed and that DIN is input again, the system returns an error stating that the form has already been filed.
The purpose of Form DIR-3 KYC WEB is to validate the data entered by the DIN holder in his previous year’s Form DIR-3 KYC, assuming that all of the data has been updated and no modifications have occurred.
Persons with a DIN on file in their names on March 31 and who did not file Form DIR-3 KYC the previous year are required to file Form DIR-3 KYC this year. People who have already filled out the form but want to make changes to their contact information or other details are encouraged to update their information in the current year.
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