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Director KYC Form

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Expected To Be Complete* : 18 Apr 2024

Director KYC is a process that verifies the identity and suitability of company directors. This is a critical compliance requirement for companies operating in regulated industries.

Documents Required

1. PAN Card

2. Aadhaar Card

3. Passport (in case of foreign Directors)

4. Driving License (optional)

5. Voter ID (optional)

Understanding DIR-3 KYC: Everything You Need to Know

If you are a Director of a company in India, then you must have heard of DIR-3 KYC. It is a mandatory compliance requirement that every Director has to complete every year. But what is DIR-3 KYC? Why is it important? And how can you complete it? In this article, we will answer all your questions and guide you through the process.

What is DIR-3 KYC?

DIR-3 KYC is a compliance requirement for all Directors of companies registered in India. It is a process of updating and verifying the personal and professional details of the Director with the Ministry of Corporate Affairs (MCA). Every Director has to complete DIR-3 KYC every year to ensure that their information is up-to-date and accurate.

Why is DIR-3 KYC important?

DIR-3 KYC is important for several reasons. Firstly, it is a legal requirement, and failure to comply can result in penalties and legal action. Secondly, it helps to maintain accurate and up-to-date information about Directors, which is important for corporate governance and transparency. Finally, it can help to prevent fraud and identity theft, as the information is verified by the MCA.

Who has to complete DIR-3 KYC?

Every Director of a company registered in India has to complete DIR-3 KYC every year. This includes both Indian and foreign Directors. The only exception is for Directors who have been disqualified or have resigned from all companies before the due date of DIR-3 KYC.

Who has to complete DIR-3 KYC?

Every Director of a company registered in India has to complete DIR-3 KYC every year. This includes both Indian and foreign Directors. The only exception is for Directors who have been disqualified or have resigned from all companies before the due date of DIR-3 KYC.

How to complete DIR-3 KYC?

Completing DIR-3 KYC is a simple process that can be done online. Here are the steps to complete DIR-3 KYC:

Step 1: Log in to the MCA portal

The first step is to log in to the MCA portal using your Director Identification Number (DIN) and password.

Step 2: Click on the DIR-3 KYC form

Once you are logged in, click on the DIR-3 KYC form under the e-forms tab.

Step 3: Fill in the details

Fill in the details required in the form, including personal and professional details, such as name, address, PAN, and DIN.

Step 4: Verify the details

Verify the details provided in the form and make any necessary corrections.

Step 5: Submit the form

Once you have verified the details, submit the form. You will receive a confirmation message on your registered email ID.

What documents are required for DIR-3 KYC?

The following documents are required for DIR-3 KYC:

1. PAN Card

2. Aadhaar Card

3. Passport (in case of foreign Directors)

4. Driving License (optional)

5. Voter ID (optional)

What are the penalties for non-compliance with DIR-3 KYC?

Failure to comply with DIR-3 KYC can result in penalties and legal action. The penalties are as follows:

1. The late filing fee of Rs. 5000 for filings after the due date but before 31st December of the current year.

2.  Late filing fee of Rs. 10,000 for filings after 31st December of the current year.

3.  Disqualification of the Director for non-compliance with DIR-3 KYC.

FAQs of Director KYC Form

Director KYC, also known as Director Know Your Customer, is a process used by companies to verify the identity and personal details of their directors. It is a requirement by the regulatory authorities in many countries to ensure transparency and prevent financial crimes such as money laundering.
The information required for Director KYC usually includes personal details such as name, address, date of birth, and identification documents such as a passport or national identity card. In addition, companies may also require information on the director's professional experience, qualifications, and other relevant details.
The responsibility for conducting Director KYC lies with the company itself, usually through its compliance department. The company is required to ensure that the information provided by the director is accurate and up to date.
If a director fails to complete the KYC process, the company may face regulatory penalties or other legal consequences. In addition, the director may be deemed ineligible to hold a directorship position in the company.
The frequency of Director KYC varies depending on the regulatory requirements in each country. In some countries, it is required to be completed annually, while in others it may be required every few years or only when changes occur in the director's personal or professional details.
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