DIR-3 KYC Form Submission: All the Information You Need

At Vijendra & Co, we specialize in corporate compliance and regulatory filings, ensuring that businesses and professionals stay compliant with legal mandates. One of the essential filings for company directors in India is the DIR-3 KYC Form Filing. The Ministry of Corporate Affairs (MCA) requires all individuals with a Director Identification Number (DIN) to comply with this yearly obligation.

Form DIR-3 KYC: What is it?

The DIR-3 KYC Form Filing is a process introduced by the MCA to verify the identity of individuals holding a Director Identification Number (DIN). This initiative ensures that the director’s details are updated in the official records and helps prevent fraudulent directorships.

To stay in compliance, any director who has been assigned a DIN and whose DIN is in "Approved" status needs to complete the DIR-3 KYC form annually.

Applicability of DIR-3 KYC Filing

The filing of DIR-3 KYC applies to:

• Directors of a business who received a DIN by March 31st of the fiscal year at the latest.
• Those who possess a DIN, even if they are not actively connected to any business.
• DIN holders whose status remains ‘Approved’ in the MCA database.

Directors may face operational and legal issues if the DIN is deactivated due to noncompliance with the DIR-3 KYC Form Filing requirements.

Purpose of DIR-3 KYC (Know Your Customer)

The primary objectives of DIR-3 KYC Form Filing include:

• Ensuring updated and authentic information of directors in the MCA records.
• Preventing fraudulent practices by verifying director credentials.
• Monitoring directors even when they are not actively involved in business matters.
• Enforcing regulatory compliance for company governance and management.

Who Must Fill Out Form DIR-3 KYC?

Individuals who are required to submit DIR-3 KYC Form Filing include:

• A Director Identification Number (DIN) has been assigned to any user.
• Directors with a DIN in effect.
• Directors who were allotted a DIN in the past but are currently not associated with any company.
• Individuals who intend to continue holding their DIN for future use.

Annual Deadline for Filing Form DIR-3 KYC

The DIR-3 KYC Form must be filed by September 30 of each fiscal year. All directors with an active DIN must complete the filing before this deadline to avoid penalties.

Types of DIR-3 KYC Forms

There are different types of DIR-3 KYC Form Filing, depending on how the form is being submitted:

• DIR-3 KYC (eForm): This is for people who are updating their information or filing for the first time.
• DIR-3 KYC Web Form: This is for directors who need to confirm their information exactly as it was on eForm DIR-3 KYC from the prior fiscal year.

Documents Required for DIR-3 KYC Filing

To complete the DIR-3 KYC Form Filing, the following documents and details must be submitted:

• Permanent Account Number (PAN)
• Director Identification Number (DIN)
• Aadhaar Card
• A passport, if one is available; required for foreign nationals
• Individual mobile number and email address (for OTP verification)
• Residential Address Proof (Utility bill, Bank statement, or Passport)
• Digital Signature Certificate (DSC) (for eForm submission)
• Professional Attestation (in some circumstances from a cost accountant, company secretary, or chartered accountant)

Penalty for Non-Filing of DIR-3 KYC

Failure to comply with the DIR-3 KYC Form Filing requirements results in:

• Deactivation of DIN: MCA marks the director's DIN as "Deactivated due to non-filing of DIR-3 KYC."
• Penalty of ?5,000: Failure to submit the form by the deadline results in a ?5,000 late fee.
• Restrictions on Corporate Activities: Directors with a deactivated DIN cannot engage in any business activities requiring a valid DIN, such as signing official documents, filing company returns, or incorporating new entities.

Streamline Your DIN eKYC Filing with CS Vijendra & Co

At Vijendra & Co, we offer expert assistance in DIR-3 KYC Form Filing to ensure that directors stay compliant with MCA regulations. Our team provides end-to-end support in:

• Checking the DIN status and verifying compliance requirements.
• Gathering and verifying necessary documents.
• Filing the appropriate form (eForm or Web KYC) as per the director’s requirements.
• Ensuring timely submission before the deadline to avoid penalties.
• Addressing any discrepancies or MCA queries related to DIR-3 KYC Form Filing.

For professionals and businesses looking to maintain compliance with company law regulations, timely DIR-3 KYC Form Filing is crucial. At Vijendra & Co, we make the process seamless and hassle-free, allowing directors to focus on their business while we handle compliance obligations.