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An overview:
Digital Signature Certificate which is also known as DSC or Digital Signature is a substitute to the manual signature. It is a highly secured sign which is protected by the password known to the only person own it. Nowadays Government does not accept manual signs on various platforms like MCA, Income Tax, Tenders site, etc. which make it mandatory for the user to sign the documents or give his approval digitally through the digital signature. It can also be used for signing invoices, other documents which are not mandatory to be signed digitally as it will be a valid document as per law if it is signed through digital signature.
Filing Income Tax Return
If a person is liable for tax audit, he can not file its return without digital signature. It is mandatory requirement by Income Tax Act, 1961 to get the Income Tax Return filed using the digital signature.
Filing Government E-Tenders
Nowadays government open many tenders online which are open for application by any person so that every person can get a chance to file it. To prove the authentication of the identity of the person applying for tender, it is the mandatory requirement
Filing Tax Audit
To file the tax audit of the clients it is mandatory for the Chartered accountant to have the Digital Signatures as Tax Audit report can only be signed digitally as per Income Tax Act, 2013. Till the reports are not signed digitally it will be deemed that tax audit has not been filed.
Formation of the Company
For formation/registration of the company, it is mandatory for the directors and the shareholders to sign the documents digitally using Digital Signature as per Companies Act,2013. Without DSC it is not possible to form the company since registrar cannot accept the documents which are not digitally signed.
Proposed Director of the Company
A person who intend to be the director of a company need to have DIN which is applied by filing DIR-3 and for filing DIR-3 such person need to possess DSC to sign the form which cannot be signed manually.
ROC Compliances
Companies need to file MGT-7, AOC-4, CHG-1, ADT-1, and many other filings as an annual and work-based compliances which need the authorization and signing of the Director or authorized person. Such signing can only be done digitally. Ministry Corporate Affairs and Registrar did not accept the authorization with manual signature. Hence it becomes mandatory for the Directors to have the Digital Signature.
Exports Incentives
Government provides many incentives to the exporters for earning foreign currency for India. For filing the claims of such incentive’s application must be approved by using the DSC of the authorized person.
ICEGATE ID Registration
Importers and Exporters need to get themselves registered on ICEGATE for viewing their data, filing Bill of entries, shipping bills, etc. Registration on the ICEGATE need to file the application using the Digital Signature only.
Others
Apart from the above-mentioned needs there are other various mandatory requirements where digital signature is mandatory to be used as a signature. It depends on the nature of the requirement of the person applying for the DSC.
Filing GST Returns
GST Returns of the company and LLP need to be mandatorily filed using the DSC. Filing of the GST returns of proprietorship using the DSC is optional, but he can also file it using the DSC.
It is a secured DSC which is used for the purposes of Income Tax Return filing, ICEGATE ID Registration, GST Returns Filing, MCA forms filings, etc. In most of the cases Class 3 signature fulfil the purpose of the individual or the entity. It comes with the validity of 2 years and 3 years. Generally, people opt for 2 years validity.Most renowned Companies which provide the Class 3 Signature are Vsign, emudhra and Pantasign.
It is a highly secured DSC which is made by combination of two certificates i.e., signature and encryption. It is generally used for filing the e-tenders opened by the Government. However, it can also be used where Class 3 Signature can be used as it provides an additional security layer. It also comes with the validity of 2 years and 3 years. Generally, people opt for 2 years validity DSC in that case also.Most renowned Companies which provide the Class 3 Signature + Encryption are Vsign, emudhra and Pantasign.
It is a very highly secured DSC which is used for specific purpose only. It can be used only on the site of DGFT for claiming the export incentives issued by the Government. It is used rarely by the entities. It also comes with the validity of 2 years and 3 years. Generally, people opt for 2 years validity DSC in that case also.Most renowned Companies which provide the DGFT Signature are Vsign, emudhra and Pantasign.
It is a device in the form of token which look like a pen drive in which above mentioned certificates are stored. Once certificate either Class 3 Signature or Class 3 Signature + Encryption or DGFT is approved by the Government it needs to be downloaded in a token. Accessing that token person can use the DSC up to its validity period. Most renowned Companies which provide the tokens are ePass, Proxkey and mToken.
No Physical Presence Required
It is a most important feature and benefit of the DSC that you can sign the document through DSC anywhere in the world. No physical presence is required for signing the document.
Easy to Use
In case of manual sign it is possible that the sign does not match with each other but in the case of sign using DSC there is no chance of mismatch as it is done through a electronic device.
Secured
Sign can be done through a token which is protected with a password which cannot be broken using any tool. This feature makes the DSC most secured for any unauthorized use.
Legally Complied
Asdefined in the needs of the DSC there are various circumstances where it is mandatory to sign the documents using DSC. Hence it makes you legally complied with all the compliances regarding Digital Signature Certificate
Fulfil the Objective
There is always an objective for which you made a DSC which cannot be fulfilled till you sign the document or file the application using DSC. Hence, it fulfils the objective for which it has been made.
Proper Record
It isalso a greatadvantage of DSC that when document is signed using DSC it shows the exact time and the date when the document has been signed which cannot be altered by anyone in any circumstance. Hence you will have proper record of the signing using DSC.
Among all, the first step involved for the process of company incorporation is ascertaining the availability of name. A company is identified through its name it registered on the Ministry of Corporate Affairs. Hence choosing an appropriate name is the important and crucial thing.
For the same, an application will be submitted for the reservation of name to the Ministry of Corporate Affairsby login to the sitehttps://www.mca.gov.in/mcafoportal/login.do and preference wise 2 names along with the business objective can be provided. Once the name gets approved, it’s reserved for 20 days within which applicant needs to complete all the remaining process for the incorporation of the Company.
Stakeholders shall ensure that the proposed name selected does not contain any word as prohibited in Section 4(2) & (3) of the Companies Act, 2013 read with Rule 8 of the Companies (Incorporation) Rules, 2014.Points to be considered while suggesting the name:
-Check Trademark for your proposed name on the site https://ipindiaonline.gov.in/tmrpublicsearch/frmmain.aspx
– Check domain for your proposed name on the site https://www.registry.in/index
-Check the availability of Company Name on the site https://www.mca.gov.in/mcafoportal/viewCompanyMasterData.do
Therefore, choosing an appropriate name which does not prohibit any law will be the most important thing.
There is also another way to finalize the name of company and its incorporation in one go i.e., apply name and company incorporation together. However, if the same has been rejected by the MCA, then all the documentation will be done again
Once the name gets approved in PART A, the basic details will be automatically filled in all linked forms of PART B. There will be total 4 linked forms which will be generated such as AGILE-PRO, Spice+ MOA, Spice + AOA and INC-9. These linked forms will be filled up with the necessary details like capital subscription, name of shareholders and directors, percentage of holding among the shareholders, Interest of shareholders in other entities, etc.
For completion of the Part B, many other details and documents will be required which is discussed as below:
For the E-filing of all the forms, Digital Signature is a mandatory requirement. Digital Signature is in form of digital key containing all the information about the registered signatory like name, address, Contact No, Email ID and the authority detail which has provided the certificate. All the forms will signed digitally by the authorized signatory by proving its identity through the Digital Signature Certificates.
Director Identification Number is a unique identification number of 8 digits for the directors of a Registered Company.Every director will be provided a unique number with which he will be identified by the MCA. To become a director, one shall apply for getting the DIN from the MCA.To applying DIN, the applicant has to make an application in e-Form DIR-3 and shall follow the below mentioned process
This form is for GSTIN, Employees Provident Fund Organization registration, Profession Tax Registration, Opening of Bank Accounts, Shops and Establishment registration.
It is mandatory to register for ESIC, EPFO, Professional Tax (for Maharashtra) and bank account opening to obtain AGILE-PRO via e-form, However, GSTIN Registration is optional for the applicants.
MOA is a document which contains all the fundamental information about the company, the objectives of the company in brief, the share capital, type of Shares whether equity or preference and its shareholders details, details of allocation of shares among the shareholders along with their name, address and occupation, etc. Company can perform and undertake only those activities that are mentioned in the objectives of Memorandum of Association beyond which the company cannot undertake any other objective but the Memorandum of Association (MOA) can be amended with the approval of the shareholders.
As per Section 4 of the Companies Act, 2013, Companies shall form MOA as specified in Tables A to E of Schedule -I of the Act. Below is the list of tables with their meaning:
Table A: Company Limited by shares
Table B: Company limited by guarantee and not having a share capital
Table C: Company limited by guarantee and having a share capital
Table D: Unlimited Company and not having share capital
Table E: Unlimited Company and having share capital
Hence Company shall adopt an appropriate table applicable to it as there are various forms of tables for different companies.
AOA defines the rules and regulations that govern the internal management of the company for achieving its objectives.
Various forms in Tables F to J for different companies have been mentioned under Schedule I of the Companies Act 2013 and AOA must be in the respective form.
Table A: Company Limited by shares
Table B: Company limited by guarantee and having a share capital
Table C: Company limited by guarantee and not having a share capital
Table D: Unlimited Company and having share capital
Table E: Unlimited Company and not having share capital
Declaration shall be given by the subscribers and directors in the form INC-9 that:
Once all the above documents and details are ready, then the application for the incorporation of the company can be made via e-form Spice accompanied by Spice MOA and Spice AOA with the registrar under whose jurisdiction the address of the company is located. All these e-forms need to be affixed by the Digital Signatures of the respective persons.
The Registrar of Companies will grant a Certification of Incorporation along with the Copy of PAN, TAN, EPF, ESIC which will be used as for the identity of the company existence.
Once the company gets incorporated then there are many compliances which need to be performed by the company
The Company within thirty days of its incorporation shall furnish to the Registrar of Company regarding verification of its registered office by filing the e-form INC-22.
INC-22 shall be downloaded from the Ministry of Corporate Affairs site and any of the following document will be attached with this form:
Every Company incorporated shall within 180 days of its incorporation shall file the declaration for the Commencement of the Business with the Registrar of Company. It is the declaration regarding that all the subscribers to the MOA have deposited the total value of the shares agreed to be taken by them in the Company Bank Account. Proof for the same shall be attached while filing the form INC-20A. Bank Statement shall be used as the evidence for the same.
COMPLIANCESPRO has a separate team which is expert in completing this complex process very easily and helps you to get the company registered within 3 daysonly in a very reasonable price.
