Form BEN-1&2

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Form BEN-1&2

What is Form BEN-1&2?

On June 14 2018, the MCA published the Corporations (Significant Beneficial Owners) Laws, 2018 (SBO Rules). According to the rule above, each Company must report to the relevant Registrar of Associations (ROC) concerning the Significant Beneficial Owner for Government authorities to track the Company's actual shareholders. BEN-2 is a declaration filed by a business under Section 90. Later, on February 08 2019, another notification was published under section 469 (1)(2) of the Companies Act, 2013 read with section 90 of the Companies Act, 2013 amending the Companies (Significant Beneficial Owners) Rules, 2018 as the Companies (Significant Beneficial Owners) Amendment Rules, 2019

THE REPORTING COMPANY MUST COMPLY WITH THE FOLLOWING STEPS

STEP-1:

The Company should determine whether any member is a Non-Individual and owns more than 10% of the Company's shares, voting rights, or the right to receive or participate in any dividend or other distribution payable during the fiscal year.

STEP -2:

Notifications to Non-Individual members in Form No. BEN-4 is requesting information from the Significant Beneficial Owner of the shares.

STEP-3:

Receiving the duly completed FORM No. BEN-4 from Non-Individual members who own more than 10% of the Company's shares. [Date – Within 30 days of receipt of notice in Form No. BEN-4]

STEP-4:

Obtaining the Significant Beneficial Owner's Form No. BEN-1 : [Timeline - Within 90 days of these rules taking effect (i.e. 09.05.2019)]

STEP-5:

The Company files E-form No. BEN-2 with the ROC. [Timeline – Within 30 days of receipt of the SBO's declaration in Form No. BEN-1]

STEP-6:

Keeping the Register in Form BEN-3
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Requirements

Minimum two directors
Minimum two shareholders
At least one director should be from India
Maximum 200 shareholders

Documents Required

PAN CARD

Need Pan Card of all Shareholders and Directors, Foreign Directors must be required a valid Passport with validated or apostilled

PHOTOGRAPH

Updated Passport size photos of all Participators / Shareholders and Directors.

IDENTITY PROOF

Need identity proof: - Aadhar Card/ Voter ID/Passport/ Driving License of all Shareholders and Directors.

ADDRESS PROOF

Updated Electricity Bill/ Telephone Bill / Bank Account Statement of all Shareholders & Directors.

FOR REGISTERED OFFICE

Rent agreement

Valid Rent agreement, Utility bills:- telephone bill, electricity bill, and municipal (It should be last 2 Months) NOC From Owner.

NOC From Owner.

Post Company Registration Requirements?

Once the Company registration is completed, you have to take the necessary steps in order to make a strong presence in the industry.

Mandatory Compliances

GST Registration

Trademark/Patent Registration

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