91 views 2 mins 0 comments

New KYC Norms for Firms: KSUM to Hold Camps for Startups

In Business
March 12, 2019

Kerala Startup Mission (KSUM) is planning to conduct camps to educate startups on the registration process in view of the new KYC regulation issued by the Ministry of Corporate Affairs (MCA).

As per the new Know Your Customer (KYC) norm, MCA has made it mandatory for over 12 lakh active registered companies in India to upload all their particulars including details of registered offices in an e-filing to the government. The camps to familiarise the startups with the new process will be held at the KSUM’s offices in Thiruvananthapuram, Kochi and Kozhikode on March 18.

The new e-form, INC 22A, also known as e-Form ACTIVE (Active Company Tagging Identities and Verification), makes it compulsory for all companies incorporated on or before December 31, 2017 to file the particulars of the company and its registered office by April 25.

If a firm fails to meet the deadline, the company will be marked as “ACTIVE Non-compliant” and will be barred from filing returns till they file the details. They will also have to pay a penalty of Rs 10,000.

Once a company is marked as “ACTIVE Non-compliant”, it would not be able to make changes to its capital structure or go ahead with merger or amalgamation deals.

More details about the camps are available from KSUM representatives Krishnakumar (Thiruvananthapuram), Jinesh (Kochi), and Fasil (Kozhikode) or visit https://startupmission.kerala.gov.in/pages/inc22

KSUM is the nodal agency for entrepreneurship development and incubation activities in the state.