Private Limited Company is a Company registered under Companies Act, 2013 and is the most preferred and popular legal structure to start a business in India. The process involve is very simple what all you need to do is register the directors with Ministry of Corporate Affairs (MCA), register the name of the company and submit the company incorporation documents, such as Memorandum of Association and Articles of Association.
What is Private Limited Companies
Private Limited Company is a limited liability entity incorporated under Companies Act, 2013. It is most preferred and popular legal structure to start a business in India. It should have a minimum of 2 members and a maximum of 200 members. It must have minimum two directors and the maximum limit of Director is 15. A natural person can be a director and as well as shareholder, where a corporate legal entity can only be a shareholder. In addition to that, foreign nationals, foreign corporate entities or NRIs are also allowed to be the Directors and/or Shareholders of a Company with Foreign Direct Investment, making it the preferred choice of entity for foreign promoters.
ADVANTAGES
1. APPLICATION OF DSC AND DIN:
All the prospective directors have to apply for Digital signature and DIN. Digital signature is an online signature used for filing and DIN refer to Directors Identification number issued by MCA. If the directors already have DSC and DIN, then this step can be skipped.
2. APPLICATION FOR NAME APPROVAL:
Up to 4 name options can be given in 1 RUN (Reserve Unique Name) name approval request. Provide maximum 4 names in order of priority for your company name for approval of MCA of which one will be selected. Names provided should ideally be unique and suggestive of company business.
3. COMPANY REGISTRATION FORM & MOM & AOA SUBMISSION
Once name is approved, one need to get the Memorandum & Articles of Association approved. Here are all the other documents required in order:
With these ready, you can submit the company registration form INC-32 (also known as Spice).
4. GET INCORPORATION CERTIFICATE:
Once MOA and AOA are approved, company incorporation certificate is issued by MCA on submission of all the above-mentioned documents to the ROC. On arrival of the company incorporation certificate, your company is registered. Incorporation certification is a proof that company has been created. It also includes your CIN number
5. APPLY FOR PAN, TAN AND BANK ACCOUNT:
The moment company is incorporated, application for PAN & TAN needs to be made with NSDL. Then you need to apply for PAN and TAN. Post this, for opening of bank account submit the Incorporation certificate, MOA, AOA and PAN along with resolution with a bank to open your bank account.
COMPANY REGISTRATION PACKAGE INCLUDES
Our composite package price
Our composite package price for private limited company registration from Rs.5999/- + Government and other statutory fees as per norms.
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
If you have all the documents in order, it will take no longer than 15 days. However, this is dependent on the workload of the registrar.
You need to incorporate the Company with a minimum capital of Rs. 100,000/-. It doesn’t mean that you have to deposit that amount in Bank Account. You can also invest that amount in pre-incorporation expenses or purchase Assets for the business.
It is required to purchase new place for office of the Company?
No, it’s not necessary to purchase a place for the office, you can show your resident house also as an office.
Yes, a Foreign National or an NRI can be a Director of a Private Limited Company in India after obtaining Director Identification Number. However, at least one Director on the Board of Directors must be a Resident Indian.
The DSC is an instrument issued by certifying authorities (TCS and n-Code are two of them) by which you can sign electronic documents. As all documents needed are electronic, partners need a DSC.
The can be divided into four categories: cost of setting a private limited company, cost of accounting and auditing, cost of compliance and miscellaneous expenses. At the very minimum, you can expect to spend Rs. 50,000 on all of these.
Yes, a salaried person can become the director in private limited
One cannot convert an LLP into a Private Limited Company as it is not a MCA. The LLP Act, 2008 and the Companies Act, 2013, both don’t have any provisions on conversion of the LLP in a private limited company. However, if one wants to expand their business, they can register a new Private Limited Company with the same name. The LLP Company needs to just issue a no objection certificate.
Yes, one can register the company at their residential address. One requires to submit the utility bill copy of the same.
