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Fresh Start for Companies

Enjoy a one-time waiver of additional filing fees for all delayed filings up to 30th September 2020. Thanks to Companies Fresh Start Scheme 2020 and revised LLP Settlement Scheme 2020!

How Finnsdom Helps You In Your Annual Compliance

All Private Limited Companies are governed by MCA under Companies Act, 2013. Every company post incorporation,
has to fulfill some of their mandatory legal obligations. We at Finnsdom serve them in 3 simple steps:

Fresh Start for Companies

Documents Required from Directors, Shareholders

 

  • Pan Card Copy (Mandatory)
  • ID Proof (Any one) – Driving License/ Voter ID/ Passport Copy/ Aadhaar Card
  • Address Proof – Latest Bank Statement/ Latest Telephone or Mobile Bill/ Latest Electricity Bill.(MUST be less than 30 days old)
  • Passport Size Photograph

Documents Required for Registered Office Address

 

  • NOC – No Objection Certificate from the Owner of the Property
  • Address Proof – Latest Telephone Bill or Mobile Bill/ Gas Bill/ Electricity Bill (MUST be less than 30 days old)

 

Government Announces Relief Measures for Defaulter Companies

Now no worries about your long-standing compliance dues.

You now have a well-deserved breather, thanks to the recent compliance incentives initiated by the Government.

Want to know more? Here we go!

2 Schemes for law-abiding companies and LLPs

In a major relief to the businesses largely disrupted by the ‘claws’ of the Covid-19 pandemic, the Government has announced certain welcome measures. The Ministry of Corporate Affairs (MCA) has launched Fresh Start Scheme 2020 and revised LLP Settlement Scheme 2020 to help law-abiding companies and LLPs. These schemes offer an opportunity for these companies to make a fresh start and clear their compliance defaults. This is an initiative from the MCA to incentivize compliance and reduce the compliance burden of companies. Both these schemes can be availed during the moratorium period from 1st April to 30th September 2020.

We will discuss these 2 schemes in details-

A) Companies Fresh Start Scheme 2020 (CFSS)

Government announces waiver of additional fee (including penalty) of up to Rs 107800 for 1 year and exempted forms are ADT-1, AOC-4, MGT-7, KYC and 22A

Government announces waiver of additional fee (including penalty) of up to Rs 136900 for 2 years and exempted forms are ADT-1, AOC-4 – 1st year, AOC-4 – 2nd year, MGT-7 1st Year, MGT-7 – 2nd year, KYC and 22A

Let’s see the other provisions of this scheme –

For defaulting companies-

  • They will need to pay only the normal fees for all statutory filings (in respect of any return, statement, document and so on) needed for complying with the MCA 21 registry. Any additional fee, whatsoever, has been waived off
  • Immunity has been provided against proceedings and prosecution arising due to delayed filing only
  • In case of an existing appeal by the company against any such proceedings and prosecution or any related order and notice thereof, the company must withdraw the aforesaid appeal, before registering under this scheme.
  • In case the company has not filed an appeal (on the commencement of the scheme) against any such court order related to the delayed filing, it will be given 120 days to do so. No further action will be initiated against it during this period.
  • Upon filing the CFSS-2020 form, the company will be given immunity up to 6 months after the date of closure of the scheme.
  • The designated authority will issue the Immunity Certificate in this regard
  • The company does not need to pay any fee with this form.

For inactive companies

  • They may apply for this scheme to file due documents
  • They need to apply for dormant status by filing e-Form MSC-1, along with the fee prescribed
  • The time period to file the e-Form ACTIVE has been extended till 30th September. The filing fee of Rs 10,000 has been waived off.

B) Revised LLP Settlement Scheme 2020

The provisions mentioned in this scheme are as follows-

  • This scheme is to benefit defaulting LLPs for whom filing of belated documents ( Form 3, Form 4, Form 8 and Form 11) is due till 31st August 2020
  • They will need to pay only the normal application fees for such filings. Any additional fee, whatsoever, has been waived off
  • No proceedings and prosecution will be initiated by the Registrar against these LLPs if they complete the filing by 30th September 2020
  • LLPs who have applied for striking off their names from the Registrar will not be considered for this scheme.
  • Upon the conclusion of this scheme, the Registrar will be free to take necessary actions against the defaulting LLPs who have not availed this scheme.
  • Shield from personal liability and protects from other risks and losses
  • Attract more customers
  • Procure bank credits and good investment from reliable investors with ease
  • Offers liability protection to protect your company’s assets
  • Greater capital contribution and greater stability
  • Increases the potential to grow big and expand

Why Finnsdom?

60 Established Vendors

Finnsdom has successfully completed 600+ registrations in the past year alone. We have partnered with some of the top experts in business across India to get your registration across to you on time.

Support

We make your interaction with the government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations. So you can start your CFSS company registration process at ₹499/-.
Start Registration At ₹ 499/-

FAQ's On CFSS Registration