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Director KYC

Director KYC

Every Director who holds a DIN (Director Identification Number) as on March 31, 2024 shall hereby file form DIR-3 KYC by September 30, 2024. The MCA has released a new form DIR-3 KYC Web pursuant to the notification. The Directors shall be required to file their KYC.

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Complete Date

15-11-2024
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Scope of Work:

  • 1. Preparation of Form DIR-3 KYC

     

    2. Arranging for certification of Form DIR-3 KYC, if any.

     

    3. Filing of Form DIR-3 KYC.

     

    If your KYC is to be filed by DIR-3KYC WEB then our fees for filing of KYC per DIN would be INR 500/- + GST

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Introduction

Director KYC (Know Your Customer) is a crucial annual compliance requirement mandated by the Ministry of Corporate Affairs (MCA) in India. This guide provides an in-depth understanding of the Director KYC process, covering essential aspects such as the filing procedure, required documents, compliance for foreign directors, due dates, and more.

What is Director KYC?

Director KYC is a mandatory process where every individual holding a Director Identification Number (DIN) as of March 31st of a financial year must submit their KYC details to the MCA. This ensures that the information related to company directors remains up-to-date and authentic. The Director KYC is a critical part of maintaining the validity of a director's DIN.

Complete Guide to Filing e-Form DIR-3 KYC

 

  • Step 1 for creating a figure is to log in to the website of the Ministry of Corporate Affairs: 

 To access the MCA members’ only section, click on the ‘Sign In/Sign Up’ link on the homepage of the website. If an individual has not registered with the MCA website, they can by clicking on the ‘Register’ link where they put the details required and log in using User ID and password. 

 

  •  Step 2: Add mobile number and email contact:

 When using the website, login and the tab ‘MCA Services’, then ‘Company e-Filing’, ‘DIN Related Filings’ and the options ‘Form DIR-3 KYC’ or ‘Form DIR-3 KYC Web’ is used. This has to be filled in the form by the director along with the DIN number, mobile number and email. Mobile number and email address will be used for OTP. The OTP is received and then typed in before hitting on the ‘Next’ button.

 

  • Step 3: Filing the particulars in DIR-3 KYC Form:

On the next page, the director has to fill the below details:

 

  • Name 

  • Father's name 

  • Nationality 

  • Date of birth 

  • Gender 

  • PAN number 

  • Mobile number 

  • OTP received one of the most important numbers i. e. Registered mobile number

  • Email ID 

  • For password, delivery of OTP to the email ID. 

  • Aadhaar number 

  • Permanent residential address 

  • Present residential address 

  • In case the director is filing e-Form DIR-3 KYC (Web), then all the above particulars will be pre-filled.Those which are not filled automatically will be filled by the director as the case may be. 

 

 Note: PAN is made compulsory to provide and is integrated to track the flow of cash and credit also. On having fed the details of PAN, the director will be required to click on the ‘Verify income-tax PAN’ button. The system will cross check all these details using the PAN card number. In the event that the foreign nationals do not possess a PAN, the name which is being entered in the form is subjected to validation to correspond with the name in the DSC. 

 

  •  Step 4: Certification of attachments to e-Form:

 Then, the director must upload the necessary documents needed for the implementation of the company’s measures, among them being; Following the annexation of the document, the director is required to make the declaration that the details furnished by him/her in the e-Form DIR-3 KYC is true and verified, and provided his/her DSC. The e-Form should also bear an e-signature of a practising CA, CS or Cost Accountant. As with all the other fields, the details of the practising professional should be required to be entered then followed by their signature. 

 

 Lastly, it appears as submit, click on that to submit the DIR-3 KYC form.

DIR-3 KYC Form and Filing Procedure

The Director KYC can be done via MCA21 portal using the DIR-3 KYC form or through a web based verification process in those cases where there is no change in the KYC details and the person has already filed KYC earlier.

 

  • How to Do Director KYC:

    • Log in to the MCA21 portal.

    • Down load and complete the DIR-3 KYC form or else opt for the online verification process available.

    • The next steps are uploading the necessary documents.

    • In the form complete the necessary details in case that there are some charge necessary then pay for it.

 

Important Dates and Compliance

The KYC due date is typically around September 30th, and it's essential to comply to avoid penalties.

 

  • Director KYC Due Date:

    • Always file before the due date to prevent the deactivation of the DIN.

  • Last Date to File Director KYC:

    • Usually, September 30th; however, keep updated with MCA notifications for any extensions.

DIR-3 KYC Penalty

 

 Should a director fail to file an e-Form for the company on the MCA 21 site, then the department will freeze the DIN of such director by mentioning ‘Deactivated due to Non-filing of DIR-3 KYC’. 

 

However, for a director who intends to be active in the future, and therefore file the e-Form DIR-3 KYC which he or she has omitted, there is an option to do so upon the payment of a fine of 5000 rupees. This fee will be payable on, or after 30th September of the year for which the e-Form DIR-3 KYC (Web) is to be filed.

Director KYC Status and Verification

 

  • Checking Director KYC Status:

    • Log in to the MCA21 portal.

    • Go to the ‘DIN Services’.

    • Select Get Din and check that the current state is.

 

Crucial Details to Verify for e-Form DIR-3 KYC Submission

  • While filing the e-Form, the personal mobile number and e-mail address of every director will be required to be furnished. These numbers and email addresses shall be further validated with OTP – one time password. 

  •  In filing this e-Form, the director is mandated to provide his/her own digital signature. 

  • The Director must have a level of satisfaction on the adequacy of information presented in the e-Form which has to be certified by a Chartered Accountant or a Company Secretary or a Cost Accountant in practice.

MCA Director KYC: Key Requirements & Update

  • Who Needs to File?

    • It is mandatory to conduct KYC every year and where the DIN is operative in such companies, the individual has to complete KYC. This includes Indian nationals and foreign directors holding a DIN.

 

  • Documents Required for Director KYC:

    • For Indian Directors:

      • PAN Card

      • Aadhar Card

      • Personal mobile number and email ID

      • Residential address proof (e.g., utility bill, passport, voter ID)

 

    • For Foreign Directors:

      • Passport (mandatory)

      • Address proof (notarized and apostilled)

      • Contact information (email ID and mobile number)

 

Recent MCA update

MCA has introduced a major easing of KYC (Know Your Customer) regulations for company directors, as outlined in the revised Companies (Appointment and Qualification of Directors) Rules. Effective from August 1, 2024, these changes are aimed at offering greater flexibility and reducing administrative tasks for directors. Now, directors can update their personal information multiple times within the same financial year.

 

This is based on the recent changes to Rule 12A which requires that personal information updates be done, “on or before September 30 of the financial year or such other time as may be allowed for further updates.” Each update will involve DIR-3 KYC e-form filing and a fee of INR 500/=.

Which individuals are required to file e-Form DIR-3 KYC?

According to MCA’s recent circular any director of a company who has been allotted DIN by or on 31-03-2018 and whose DIN is in approved status shall furnish his KYC details to MCA. More to the point, this procedure is compulsory for the disqualified directors as well. 

 

Any director who was allotted a DIN on or before the end of the financial year and whether the DIN is in approved status or not, will file the form, it is mandatory to link the PAN with the Demat account by filing DIR-3 KYC before the 30th September of the immediately next financial year.

 

  • For instance: For the Financial Year 2022-23, all those directors who have DIN and DPIN and directors who have been allotted DIN/DPIN till 31st March 2023 shall submit the e-Form DIR-3 KYC on or before 30th September 2023. 
  • DIR-3 KYC: This form must be filled by any director who is filing the e-Form DIR-3 KYC for the first time after the allotment of DIN or the details of which some are mandatory to be updated or changed.

  • One-time KYC: A director who has already filed e-Form DIR-3 KYC/DIR-3 KYC (Web) during the previous year is allowed to file this form if there is no change in the KYC particulars. It is important to note that in this e-Form, even the primary information of the director will be auto-populated from the MCA data and therefore is non-modifiable.

Foreign Director KYC Documents

Foreign directors have to submit a clear scanned copy of their passport along with its notarized/apostilled address proof and the remaining parts include email ID and mobile number. The same conditions also work for non-resident directors with an additional document confirming their foreign address.

 

DIR-3 KYC for Non-Resident Directors

 

Non-resident directors are quite similar to resident directors but require the proving of a foreign address.

 

  • DIR-3 KYC Foreign Directors:

    • Make sure that all documents submitted by the company are duly notarized and apostilled in manner as provided by the MCA.

Document Filing Tips

When completing your DIR-3 -KYC form, you are required to provide the following documents

 

  • Voter’s ID, driving licence or PAN card as proof of permanent address. 

  • Utility bills less than two months old, rental agreement must be produced at the time of application. 

  • Aadhaar card. 

  • Passport. 

  • Other optional documents. 

  • Where the form is signed by a director, DSC of that director who filled the form (applicant). 

  • Certificate of practise number from any practising professional like chartered accountant, company secretary or cost accountant.

Step by Step Process to Online Filing of DIR 3 KYC WEB

The steps followed to complete the Form DIR 3 KYC Web Filing are explained below.

  • For online filing of Form DIR 3 KYC, the Applicant has to use his/her user ID and password to log into the MCA portal. If an employee has logged in, they must choose the MCA service option then select the DIN service. In the services option, choose the DIR-3 KYC Web option.

  • As the new page loads the DIN details, mobile number, and the email ID which are already preloaded will appear on the new page.

  • By choosing the option of Send OTP the user will be receiving a one time password on the applicant's mobile number as well as on the e-mail ID. 

  • Furnish the OTP for further verification.

  • Some general information about the DIN Holder will be pre-populated on the screen, verify all the details, and then click the ‘Submit’ button.

  • In case, the form is filed on or before 30th September then a zero rupee challan and SRN will be produced.

Applicable Fee for form DIR-3 KYC

In case the Form DIR-3 KYC for Directors is filed within the due date of the particular financial year then the fee is not payable. However, if filed after the due date i.e., 30th September, the DIN status would reflect as ‘Deactivated due to non-filing of DIR-3 KYC’. In such a scenario, a fee of Rs. 5000/- becomes payable.

Why Choose Instabiz Filings

Our goal at InstabizFilings is to make business solutions more affordable and easily accessible to everyone in India. We have a seasoned group of experts on hand to help you at every stage of your business venture. Having worked with companies of all sizes, from startups to multinational enterprises, for more than 40 years of collective experience, we are experts at streamlining the compliance process and making it less burdensome for business owners.
 
While we will assure timely filings and offer knowledgeable counsel to help you avoid penalties and remain on top of regulations, our goal is to remove the pain out of expense report so that you can spend more time on the growth of your business. You may benefit from a simplified, stress-free compliance experience with InstabizFilings, which will help you keep your business running smoothly.

 

To experience a smooth and hassle-free compliance of your KYC as a Director, get in touch with our experts now!

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FAQs

FAQs

If the DIN holder does not file his annual KYC within the due date of each financial year, such DIN shall be marked as 'Deactivated due to non-filing of DIR-3 KYC' and shall remain in such Deactivated status until KYC is done with a fee of Rs. 5000/-

Form DIR-3 KYC is required to be filed by Director on first time KYC and to change in particulars such as Mobile No. & Email ID. On the other side, DIR-3 KYC WEB is to be filed by Directors on subsequent years.

The last date for Directors KYC is September 30, 2023.

The Director has to pay Rs. 5,000/- for Non-compliance of Directors KYC.

For Form DIR-3 KYC

  • Copy of PAN (self-attested);
  • Copy of Aadhar (self-attested);
  • Passport size photogaph;
  • Mobile No.;
  • Email ID

For DIR-3 KYC WEB:

  • Otp will be sent to registered mobile No. & Email ID

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