Everything you need to know about DIR 3 KYC

What You Should Know About DIR 3 KYC

DIN stands for Directors Identification Number is a unique identification number given to a person who wants to become a director or partner in a company/LLP or is an existing director/partner in a company/LLP. From the financial year 2019-20 onwards the Ministry of Corporate Affairs (MCA) has made it mandatory for all the DIN holders to file for form DIR 3 KYC.

In this form the KYC details of a director need to be submitted, if any details of the directors are incorrect or need to update, they should do so by filing e-form DIR 3 KYC.

What is Form Dir 3 KYC?

According to the MCA statement, any director who received a DIN by or on March 31, 2018, and whose DIN is in authorised status must submit his KYC information to the MCA by filing the form DIR 3 KYC. This procedure is also required for directors/partners who have been disqualified.

 

What is the type of KYC forms available with the ministry?

There are two forms that are available to file the KYC of any DIN holder.

  1. DIR 3 Web KYC
  2. DIR 3 e-form KYC

 

Who should file eForm DIR-3 KYC?

Any DIN holder who is submitting his KYC information to MCA for the first time must do so using eForm DIR-3 KYC. Such a person will be unable to use the web service for his KYC.

Furthermore, any DIN holder who wishes to update any of his KYC information must do so solely through the filing of eForm DIR-3 KYC.

 

Who should file Web DIR-3 KYC?

Any DIN holder who has previously completed eForm DIR-3 KYC in the previous financial year and does not need to change any of his KYC data as provided can complete his yearly KYC using the DIR-3 KYC web service.

 

What happens if I do not file the form DIR 3 KYC?

Any DIN holder who does not file for DIR 3 KYC, his/her DIN will be deactivated due to non-compliant. It can only be reactivated after filing the DIR 3 KYC.

 

What is the Due date to file DIR 3 KYC?

30th September is the last date to file the DIR 3 KYC, However, we advise you not to wait till the last moment! As the MCA portal does not function properly due to a last-minute rush.

 

What are the consequences if the form is not filed on or before the due date?

If the form is filed after the due date penalty of Rs. 5,000/- per DIN holder shall be levied by Ministry. This is a mandatory penalty and cannot be avoided. And DIN of the non-compliant director will be Deactivated Which means that he/she is disqualified to act as a director in any company.

 

Is Dir 3 KYC required to be filed every year?

Yes, DIR 3 KYC is required to be filed every year on or before 30th September by every DIN holder.

 

Which details are required to be filled in the e-form KYC?

Name (as recorded in the PAN database), Father's Name (as recorded in the PAN database), "Date of Birth (DoB)" (as recorded in the PAN database), PAN Number (mandatory for Indian nationals), Personal Mobile Number, Personal Email Address, and Permanent/ Present Address

Furthermore, if Aadhaar is assigned, it is required. If not, a voter identification card, passport, or driver's licence must be attached. As a result, a copy of any of the above-mentioned information must be attached.

 

I’m a foreign director, do I still need to do the KYC?

Yes. It is required that you file your DIR3 KYC if you have a DIN. The document list will remain the same as mentioned above (except Aadhar and Passport (mandatory if a foreign national is holding a DIN)).

 

What are the details that I can update by filing e-from KYC?

Below mentioned details, you can update by filing an e-form KYC.

  1. Mobile Number
  2. Email address
  3. Current address
  4. Permanent address

As per the law, it is mandatory to update the latest residential address of every director.

 

We hope you enjoyed reading this article on DIR 3 KYC for all the directors of companies. We would like to explain how we can help your company comply with the new regulations that will affect you and your fellow directors. To find out more about these changes and how we can help you and your company contact us today at info@bbnc.in.

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