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Revised Form URC-1 – Company Registration under section 366

Revised Form URC-1

Revised Form URC-1 – Company Registration under section 366

Form URC-1 plays a crucial role in registering different business entities under the Companies Act of 2013 and the Companies (Authorised to Register) Rules of 2014. Companies (Authorized To Register) Amendment Rules, 2023 has introduced the Revised Form URC-1, specifying the details and attachments required for the registration process. This article provides an overview of the amendments to Form URC-1 and their implications.

Form URC-1

Form URC-1 is an application form used for the Registration of various business entities, such as limited liability partnerships, partnership firms, societies, cooperative societies, and other entities, as different types of companies under Section 366 of the Companies Act of 2013 and Rule 3(2) of the Companies (Authorized to Register) Rules of 2014.

Purpose of Form URC-1

The purpose of Form URC-1 is to facilitate the Registration of specific entities as Part I Companies under the Companies Act of 2013. This electronic form is filed in conjunction with Form INC-7. Specifically, if the entities listed below have seven or more members, the eForm URC-1 must be submitted along with Form INC-7:

The eForm URC-1 streamlines the registration process by enabling the electronic submission of relevant information and documentation required to form these entities as Part I Companies.

Click here to get more details on Form URC-1

Key Amendments and Implications:

The Key Amendments introduced via the Companies (Authorized To Register) Amendment Rules, 2023, are as follows:

Details of the Existing Entity:

The amended form requires additional information about the existing entity, such as the type of company, LLPIN registration number, type of existing entity, name and address of the existing entity, email ID of the existing entity, and the number of members of the existing entity on the application date.

Particulars of the Proposed Company

The form now includes fields for the proposed company’s name, category, and whether any other Act besides the Companies Act of 2013 limits the liability of the company’s members.

  • Instrument Details: The date of the instrument that constituted the existing entity must be provided along with a description of such instrument.
  • Guarantee Details: The form requires the date of the resolution declaring the amount of guarantee, along with particulars of the guarantees provided by each member.
  • General Meeting and Special Resolution: Details about the general meeting where the resolution approving Registration and limited liability was passed should be provided, including the date and venue. Additionally, if a special resolution was passed, details of the resolution should be mentioned.
  • Property Details: The total value or amount of movable or immovable property, including actionable claims, should be disclosed.
  • Legal Proceedings: The form now asks whether any legal proceedings or suits are pending by or against the entity or a member of the company, or a public officer and requires details of such proceedings or suits.
  • Outstanding Secured Debt: If any outstanding secured debt is as of the application date, the total outstanding debt amount should be provided.
  • Advertisement Dates: The dates on which advertisements were published in English and vernacular languages, as per the Companies (Registration Officers and Fees) Rules of 2014, Rule 4, should be mentioned.

Attachments to be submitted:

The amended Form Number URC-1 requires the following attachments to be submitted:

  • Particulars of Partners and Members: Information about the partners or members of the entity, including details of the shares held by them.
  • Affidavit for Entity Dissolution: An affidavit from all partners or members of the entity regarding the entity’s dissolution.
  • Instrument Copy: A copy of the instrument regulating the entity’s constitution.
  • Registration Certificate: If applicable, a copy of the entity’s registration certificate.
  • Newspaper Advertisement: A copy of the newspaper advertisement published in English or vernacular.
  • Resolution for Unregistered Companies: A resolution passed by unregistered companies in situations related to Chapter XXI of the Companies Act of 2013.
  • Intimation from Registrar: Any intimation received from the appropriate registrar of firms or registrar of companies.
  • No Objection Certificate: If applicable, a no objection certificate from secured creditors and the charge holder.
  • Statement of Accounts: A statement of the entity’s accounts, certified by an auditor, prepared not more than 15 days before the application date.
  • Resolution for Guarantee Amount: A copy of the resolution declaring the guarantee amount.
  • Copy of the most recent income tax return of the entity.
  • Copy of any objections that have been received from the company and also details of the resolutions that were passed in this record.
  • Any other optional attachment.

To file eForm URC-1, the applicant must access the official website of the Ministry of Corporate Affairs and log in to the portal. Once logged in, the applicant can proceed to upload the e-form URC-1. The Revised Form URC-1 is attached below for reference:

Revised Form URC-1