DIR 3 KYC
people who are currently directors or partners in an LLP or who aspire to become directors. has a special identification number known as the Director’s Identification Number, or DIN. After submitting the e-form DIR-3, a person is assigned a DIN.
Overview
Earlier (before 2018) DIR-3 form filing was a single time activity for a director to become or to remain as a director in a company. but now with an update in MCA’s registry, it became mandatory for all directors who hold a DIN to submit their KYC details in e-form DIR-3 KYC every year.
Irrespective of the status of the DIN as approved or disqualified it is mandatory to file DIR 3 KYC for every director every year.
There are two types of DIR-3 KYC:
DIR 3 e-form KYC:Â This form needs to be filed for the first time when an individual becomes director. Also, in that situation when any details of the director changes such as a change in phone number, address, email, etc. To file DIR-3 e-form KYC, a Digital Signature Certificate (DSC) is mandatory.
DIR-3 Web-KYC:Â This form needs to file for those who have already filed DIR-3 KYC the previous year and do not have any updates in their personal details. Such as Phone no, address, email, etc.
Benefits of DIR 3 KYC
DIN Status: Active
If a person submits a DIR-3 KYC application, his DIN status stays active. An individual’s DIN may be rejected and they will not be eligible to serve as a director or partner in any Indian company for the next five years if DIR-3 KYC is not completed.
Prevent Penalties
The Ministry will impose a fine of Rs. 5,000 if DIR 3 KYC is not completed by the deadline, which is typically September 31. This penalty is unavoidable and necessary.
Checklist/Requirements
- Phone number
- PAN Card
- Aadhar card (with mobile number updated)
- Electricity bill/Bank statement for address proof
- Passport size photograph
- Digital signature certificate
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How to Register/Process DIR 3 KYC?
Step 1: Distribute the necessary files and data
Step 2: The DIR-3 KYC form will be processed.
Step 3: Verification of OTP
Step 4: Deliverables Sharing
Key Deliverables
a. Filled e-form
b. Challan
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