Director KYC2022-09-26T13:37:37+05:30

Director KYC (DIR 3 KYC)

Director KYC is the process through which the government reaffirms the number of people holding Directorial positions (DIN holders)

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    Director KYC (DIR 3 KYC)

    DIN (Director Identification Number) is an 8-digit number which is allotted to every Individual who intends to become a director in a company or a designated partner of an LLP and KYC (Know your Customer) is a method for identifying and verifying the identity of the clients in a business.

    As a part of updating the registry and yearly verification of the profile of directors/designated partners with the government, the Ministry of Corporate Affairs (MCA) has introduced a new E-form DIR-3 KYC to be submitted every year by all the persons who are the directors of a company or designated partners of an LLP or person holding a DIN (Director Identification Number).

    The particulars and information of directors helps the government to trace and verify the details such as identity, address, contact details, and other information of the director/designated partner holding DIN.

    Who Needs To File Directors KYC (DIR-3-KYC)

    • Every individual person who holds a Director Identification Number (DIN) as on 31st March of a financial year has to file an E-Form DIR-3-KYC on or before 30th September of next financial year.
    • For example, if a person is allotted DIN between 1st April 2020 to 31st March 2021, then he has to file Form DIR-3-KYC by 30th September 2021
    • In case of LLP, a Designated partner is allotted Designated Partner Identification Number (DPIN) by MCA who is also equally obliged to file DIR-3-KYC every year on or before 30th September of next financial year.
    • A person can also update his details including address, mobile number, email id, etc. using Form DIR-3-KYC
    • It is to be noted that Form DIR-3-KYC has to be filed by everyone who holds a DIN, the fact that presently he is not a Director or Designated Partner of any Company/LLP does not rescue him/her from filing DIR-3-KYC with MCA.

    Advantages of Director KYC (DIR 3 KYC)

    • Active status of DIN

      Timely filing of Form DIR-3-KYC shall keep the status of Director’s DIN as Active, otherwise, it would be deactivated by MCA. The director who has Active DIN can become director in any new company or designated partner of a new LLP at any point of time and he can also sign various forms using an Active DIN.

    • Timely updation of Directors details on MCA Database

      On regular filling of Form DIR-3-KYC, the details and information of the director will remain updated and can also be changed in the database of the MCA.

    • Avoid heavy penalty

      If a DIN of a Director is deactivated due to non-filing of DIR-3-KYC then it can be activated by paying a penalty of Rs. 5000 per Director. By filing the form on time, one can avoid heavy penalties.

    Minimum Requirements for Director KYC (DIR 3 KYC)

    • Director Identification Number (DIN)

    • Unique Mobile Number and Email ID of Director

    • Permanent and Present Address of Director

    • Digital signature of the director

    • Documents as prescribed

    What is Included in our Director KYC (DIR 3 KYC) package?

    • Consultation on DIR-3-KYC Process

    • Verification of Documents

    • Preparation of form DIR3-KYC and Certification by a Professional (CA/CS/CMA)

    • Filling of form with MCA after OTP Verification process.

    • Acknowledgement number

    Procedure for Directors KYC (DIR-3-KYC)

    • Collection of required Information and Documents

      In the first step, we shall collect the required information and documents required as per the checklist. We shall verify and confirm the documents and information provided.

    • Preparing the form DIR-3-KYC

      Once we receive all the required information and documents, we shall then prepare and fill up the form with the required information and attach the documents as required on behalf of the Applicant.

    • Signing the form and OTP verification

      After the form is duly filed, it shall be signed by the applicant and Practicing Professional (CA/CS/CMA) using Digital Signature Certificate (DSC) and an OTP (one-time-password) verification process on the applicant’s respective mobile number and email id shall be conducted.

    • Submission of Form

      After verification of form through OTP it shall be submitted to the Ministry of Corporate Affairs (MCA) for approval purposes and an Acknowledgement Number (SRN) shall be generated.

    • Get approval

      An intimation of approval via e-mail shall be sent by MCA after the form DIR-3-KYC is filed.

    Documents Required in Director KYC (DIR 3 KYC)

    • Scanned copy of PAN card

    • Scanned copy of Passport (Mandatory for Foreign Citizen and Indian Citizens if holding one)

    • Scanned copy of Aadhaar card (Mandatory for Indian Citizens)

    • Proof of permanent and present address (Any One): Driving License / Election card / Passport / Aadhaar card / Ration card / Electricity bill / Telephone bill.

    • In case of Indian Applicant, the documents should not be older than 2 months from the date of filing of the form and in case of foreign applicant, address proof should not be older than 1 year from the date of filing of the Form.

    Consequences of Not Filling Director KYC (DIR 3 KYC)

    The following are the effects of not filling the form DIR-3-KYC within the time period as specified :

    1. The MCA shall mark the DIN of such director as “Deactivated” with the reason “non-filling of form DIR3-KYC”.
    2. Director / Designated Partner with deactivated DIN cannot incorporate a new Company or LLP in the future until the DIN is reactivated again.
    3. Such Person cannot use his DIN for any kind of Company or LLP related compliances such as ROC Returns, Change in Directors, Auditor Appointment etc which may also result in striking off of the Company / LLP.
    4. The Director / Designated Partner with deactivated DIN may create a negative impact during the fundraising or loan proposals of the Company/LLP.
    5. If the person files the form DIR-3-KYC after the specified time period, then he shall be charged with a fine of Rs. 5000/ by the MCA.

    FAQ

    Is filing of Form DIR-3-KYC mandatory?2021-09-15T18:36:05+05:30

    Yes, DIR-3-KYC is mandatory annual compliance to be done by all the DIN holders whether or not such person is a director in any company. It is also required to be filed by Director whose status of DIN is “Disqualified” by the government.

    What is the fee for filing the form DIR-3-KYC?2021-09-15T18:34:27+05:30

    If the form is filed within the time period as specified then no government is applicable. However, if filed after the due date then Rs.5000/- penalty is payable to the government.

    What happens if DIR-3-KYC is not filed within the time period as required?2021-09-15T18:28:23+05:30

    If the director does not file the form within the prescribed time period, then MCA will mark the DIN of such director as ‘Deactivated due to non-filing of form DIR3-KYC’.

    Whether certification of CA/CS/CMA is mandatory for filing forms?2021-09-15T18:26:05+05:30

    Yes, certification of practicing professionals such as CA/CS/CMA is mandatory for filing the form.

    How much time is needed for filing the form DIR-3-KYC?2021-09-15T18:25:38+05:30

    On average it takes 2-3 days for filing the form DIR-3-KYC. However, this is also dependent on the approval of Government authority.

    I am currently not a Director or Designated Partner in any Company or LLP, do I still need to file form DIR-3-KYC?2021-09-15T18:25:09+05:30

    Yes, every individual having a valid DIN as on the end of the financial year are mandatorily required to file form DIR-3 KYC irrespective whether they are director/designated partner in any Company/LLP or not.

    Can I update my address by filing form DIR-3-KYC?2021-09-15T18:23:55+05:30

    Yes, you can update the address by filing Form DIR-3-KYC.

    Can I update my mobile number and email id by filing form DIR-3-KYC?2021-09-15T18:23:26+05:30

    Yes, you can update the mobile number and email id by filing Form DIR-3-KYC.

    I am a disqualified director, am I required to file form DIR-3-KYC?2021-09-15T18:22:10+05:30

    Yes. disqualified directors are also required to file form DIR-3 KYC.

    My present and permanent address are different, do I need to provide address proof for both the addresses?2021-09-15T18:21:20+05:30

    Yes, both Present and permanent address proof are required.

    What documents are required in case the director is a foreigner or NRI?2021-09-15T18:19:36+05:30

    The documents such as a copy of PAN card mandatory (if Indian citizen), copy of passport mandatory (if foreign citizen), for address proof any one of Driving License/ Election Card/ Aadhaar card/ Ration card/ Electricity bill/ Telephone bill. Copies of Passport and Address Proof with translations, if any, must be Notarized and Apostilled by the competent authority of that foreign country.

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