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What is Director KYC (DIN-3 KYC)

Director's KYC Filing is an annual activity and applies to every person who was allotted a DIN (Director Identification Number) on or before 31st March 2021. It is a mandatory filing, and if filed within its due date of 30th September 2021, there is no government fee. However, for belated filing, there is a penal fee of Rs 5000/-

Due Date of Filing

The Due Date of filing DIR-3 KYC for 2021 is 30th September 2021. The filing of Directors KYC to ROC for 2021 has already begun, effective 1st April 2021. The filing of director KYC with the ROC should be done ASAP, without waiting for the last date. We are also running a discount offer of up to 40% for COVID-19 affected business.

Compliance

Setyourbiz offers a comprehensive private limited company accounting and compliance management solution.

WHO ARE DIRECTORS?

Directors of a company are professional people who are hired by a corporate body to perform the affairs of the company. The management of company affairs is done by a director or directors. The director of a company is responsible for determining and implementing policies that work as decision-making. The director of a company calls for a board meeting that includes an annual meeting of the company’s shareholders. They also perform tasks such as filing statutory documents with the Corporate Affairs body under the government of India or their agencies, maintaining records of the company activities, contracts with suppliers, lenders, and any other dealings of the company.

Directors sometimes also act as trustees or the company’s managing partner, but they are neither in the actual sense of the word. They can perform such tasks only when the situation arises so. Directors of a company take care of the company’s capital dealings as a trustee but they are not the trustees of the company, they only control the capital as a trust. The powers conferred on the directors of a company must be performed for the benefit of the company as a whole.

Following are some of the powers and duties of the directors:
  • 1. Directors can make calls in place of the company.
  • 2. Directors can call meeting at any given moment.
  • 3. Directors can issue shares, debentures, or any other instruments in respect of the company.
  • 4. Directors can borrow funds for the company and make investments with the company’s funds.
  • 5. Directors approve the financial reports and board statements.
  • 6. Directors can diversify the business of the company.
  • 7. Directors of the company have to act in good faith.
  • 8. Directors have to act in accordance with the article of the association of the company.
  • 9. Directors have to act to promote the objects of the company.
  • 10. Directors can exercise independent judgment.
WHAT IS THE DIRECTOR IDENTIFICATION NUMBER?

A person who has been voted by company members or shareholders to become the director of the company has to obtain a unique identification number. Obtaining a Unique DIN is a one-time process that can be done by filling the e-form DIR 3. It is mandatory for all the directors to get a Unique identification number from the registrar at the Ministry of Corporate Affairs.

The ministry of corporate affairs recently made an update regarding the DIN number. According to which the company directors applying for DIN must also submit their KYC details in the e-form DIR KYC, annually.

WHAT IS DIR KYC?

The directors who have been allotted a Director Identification Number (DIN) are required to file a KYC form in DIR 3 KYC. Filing for KYC is mandatory for all the directors after getting DIN even if the approval for a director is not yet approved. As per the announcement made by the Ministry of Corporate Affairs, the directors are required to fill in their KYC details in the form DIR 3 KYC on or before 3oth April of every financial year.

The Following points are to be kept in mind while filing for DIR 3 KYC:
  • • The director has to provide their personal number and email address that would be verified via one-time password (OTP).
  • • Directors have to use their Digital Signature Certificate (DSC).
  • • Chartered Accountant or Company Secretary or Cost Management accountant will verify the e-form before making the final submission.
DOCUMENTS REQUIRED FOR FILING DIR 3 KYC:
  • 1. Nationality proof.
  • 2. Personal identification.
  • 3. Permanent Account Number.
  • 4. Aadhar Card.
  • 5. Passport (For Foreign Nationals).
  • 6. Driving License.
  • 7. Address proof.
  • 8. DSC of the Applicant.
  • 9. Documents attested by CA, CS or CMA, for foreign nationals’ documents prescribed by the authority.
  • 10. Declaration by applicant.
STEP BY STEP TO FILE DIR 3 KYC
  • 1. The applicant has to go to the Ministry of Corporate Affairs portal and download the e-form.
  • 2. The applicant then has to keep his/her DIN ready ad it will be needed in the KYC form. The director with DIN deactivated due to non-filing of KYC can file for KYC after the due date after making late filing fees.
  • 3. The applicant must fill in his and his father’s name properly. The name of the applicant should match the documents attached with the document form.
  • 4. The applicant has to give proof of his nationality, in the case of foreign nationals the declaration of nationality made in the passport will be approved.
  • 5. The applicant must enter his/her date of birth in DD/MM/YYYY format. The applicant shall be above 18 years of age while making the application.
  • 6. The applicant is required to keep a record of a permanent residential address. The address proof must be the same as the one attached as a document for address proof.
  • 7. The applicant has to declare his permanent account number (PAN). Once the PAN number is given, the applicant should click on ‘verify income-tax PAN’. The PAN entered in the application must be the same as the one mentioned in Digital Signature Certificate (DSC). For foreign nationals with no Permanent Account Number (PAN), the name mentioned in the application must be the same as the name mentioned in the Digital Signature Certificate (DSC).
  • 8. The application must enter his/her mobile number and email address that will be verified via OTP.

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SRN GENERATION

Upon successful completion of form DIR 3 KYC submission an SRN will be generated in the name of the applicant. The applicant later will receive an email at the given email address with a receipt of the form.

WHAT HAPPENS IF THE DIR 3 KYC IS NOT SUBMITTED ON TIME?

It is mandatory for every director to file DIR 3 KYC on the MCA portal. If a director fails to do so by the due date, his/her DIN will be deactivated. This would eventually result in the non-filing of the DIR 3 KYC e-form. To reactivate the DIN the director has to file the DIR 3 KYC form with a late fee

FREQUENTLY ASKED QUESTIONS
  • 1. Are there any government fees for filing DIR 3 KYC form? As of now there are no government fees for filing DIR 3 KYC. However, if the form is filed after due date, a penalty fee of RS 5000 has to be paid.
  • 2. Is it mandatory for foreign Nationals to file e-form DIR 3 KYC? Yes, it is mandatory for all the directors with DIN to file the e-form DIR 3 KYC.
  • 3. Who can certify the DIR 3 KYC form? Only a qualified Chartered Accountant or Company Secretary or Cost Accountant can digitally sign and certify the form.

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