MCA Extends Deadlines for LLP BEN-2 & LLP Form No. 4D

MCA Relaxation of Additional Fees & Extended Deadlines for LLP BEN-2 and LLP Form No. 4D

MCA Extends Deadlines for LLP BEN-2 & Form No. 4D

On May 7th 2024, MCA (Ministry of Corporate Affairs) issued General Circular No. 3/2024, mentioning LLP BEN-2 and LLP Form No. 4D can be filed without any payment of additional fees up to July 1st 2024. It is directed to all regional directors, registrar of companies and stakeholders. LLP BEN-2 and LLP Form No. 4D are prescribed under the Limited Liability Partnership Act, 2008, for filing information on beneficial ownership. It is necessary to have LLP compliance to avoid legal penalties. In this article, let’s look at the MCA relaxation measures and the deadline for the LLP forms as per the circular notice.

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What is a LLP BEN-2?

LLP Form BEN-2 is a filing form used in India for Limited Liability Partnerships (LLPs). It’s part of a new compliance requirement introduced in 2023. The form reports information about significant beneficial owners (SBOs) of the LLP to the Registrar of Companies (ROC). When an LLP identifies an SBO, it must receive a declaration from that SBO using a separate form. Then, within 30 days of receiving the declaration, the LLP must file Form BEN-2 with the ROC to report the SBO information. This helps maintain transparency about who ultimately owns and controls the LLP.

What is a LLP Form No. 4D?

LLP Form No. 4D, also introduced in India in 2023, is another new filing requirement for Limited Liability Partnerships. This form focuses specifically on the beneficial interest in contributions received by the LLP, regardless of the source of those contributions. It essentially tracks who ultimately benefits from the funds invested in the LLP. By filing Form No. 4D, LLPs declare details about these beneficial interests to the Registrar of Companies, promoting transparency and ensuring proper disclosure of ownership within the partnership.

MCA Relaxation Measures for LLP Forms

The Ministry of Corporate Affairs (MCA) has extended the deadline and relaxed additional fees for filing LLP BEN-2 and LLP Form No. 4D to support a smooth transition from MCA-21 version 2 to version 3 and encourage compliance among Limited Liability Partnerships. LLPs can now file these forms without any additional fees until 01.07.2024. This circular notice is issued with the approval of competent authority and the signature of Dr.Amit Kumar, Deputy Director (Policy).

Reasons for the MCA Relaxation Measures for LLPs

The MCA understands that businesses may face challenges during the ongoing transition of its MCA-21 filing system from version 2 to version 3. These relaxation measures aim to:

Ease the process for LLPs during the MCA-21 system upgrade.
Encourage timely filing of these important forms to ensure overall LLP compliance.

Conclusion

The Ministry of Corporate Affairs extended the deadline. It waived additional filing fees for LLP forms BEN-2 and 4D until July 1st, 2024, to help with the MCA-21 system update and encourage LLPs to comply with these new beneficial ownership reporting requirements. Get end-to-end assistance from IndiaFilings LLP experts to file these forms before the deadline.

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