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It is simple and quick to register a Private Limited Company online. Our packages include all the necessary documents such as DIN, DSC, Name Approval, MOA, AOA and Company Registration Certificate, along with PAN and TAN Numbers. You can start your own company today.
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In India, a private limited company is a popular form of business organization due to its limited liability protection, flexibility in ownership, and ability to raise capital. To register a private limited company in India, the company must have a minimum of two directors and two shareholders, and the process is governed by the Ministry of Corporate Affairs. The registration process typically involves obtaining Digital Signature Certificates (DSC) and Director Identification Numbers (DIN), obtaining approval for the company name, drafting the Memorandum and Articles of Association (MOA and AOA), and filing the necessary documents with the Registrar of Companies. Once the registration process is complete, the company receives a Certificate of Incorporation and is legally recognized as a separate entity from its owners. The registration process has become easier with the introduction of online filing and digital signatures, which has made it more accessible and convenient for entrepreneurs to start their own private limited companies.
Here are the eligibility criteria for incorporation of a Private Limited Company in India
Minimum of 2 shareholders
A Private Limited Company must have a minimum of 2 shareholders and can have a maximum of 200 shareholders.
Minimum of 2 directors
A Private Limited Company must have a minimum of 2 directors, of which one director must be a resident of India.
Registered office address
The company must have a registered office in India to which all official communication and notices can be sent.
Unique name
The name of the proposed Private Limited Company must be unique and should not resemble any existing company name.
Minimum capital contribution
There is no minimum capital requirement for incorporating a Private Limited Company in India.
Age and eligibility
The shareholders and directors must be at least 18 years of age and not disqualified under any laws.
Digital Signature Certificate (DSC)
All proposed directors must have a valid Digital Signature Certificate (DSC) to digitally sign documents.
Director Identification Number (DIN)
All proposed directors must obtain a Director Identification Number (DIN) from the Ministry of Corporate Affairs (MCA).
Compliance with laws
The proposed Private Limited Company must comply with all the laws and regulations applicable to its business activities.
Meeting these eligibility criteria is essential for the incorporation of a Private Limited Company in India.
There are several benefits of registering a private limited company in India, including
Limited Liability Protection
The main advantage of a private limited company is the limited liability protection it provides to its shareholders. This means that the personal assets of the shareholders are protected in case the company faces financial difficulties or legal liabilities.
Separate Legal Entity
A private limited company is considered a separate legal entity from its owners. This means that the company can own property, enter into contracts, and sue or be sued in its own name, without involving the personal assets of its owners.
Perpetual Succession
A private limited company has perpetual succession, meaning that the company's existence is not affected by the death or departure of any of its shareholders or directors. The company continues to exist and operate as long as it complies with the legal requirements.
Easy Transferability of Ownership
The ownership of a private limited company can be easily transferred to another person, by selling or transferring the shares of the company. This makes it easier for investors to buy and sell their ownership interests in the company.
Access to Capital
A private limited company can raise funds from investors by issuing shares or debentures. This provides the company with access to a larger pool of capital, which can be used for business expansion or other purposes.
Tax Benefits
Private limited companies are eligible for various tax benefits, including deductions for business expenses and tax exemptions for certain types of income. Additionally, the tax rate for private limited companies is lower than that for individuals.
Credibility
A private limited company is considered to be a more credible and trustworthy form of business organization, as it is subject to greater regulatory oversight and compliance requirements. This can help attract customers, investors, and business partners.
Overall, registering a private limited company in India provides several benefits, including limited liability protection, separate legal entity status, perpetual succession, easy transferability of ownership, access to capital, tax benefits, and increased credibility.
Information Required
To register a Private Limited Company in India, the following information is required
Directors
Shareholders
Shareholding pattern
Objectives
Registered office
Name of the company
Document Required
The documents required for the registration of a private limited company in India are
Identity Proof
Address Proof
Passport Size Photographs
Memorandum of Association (MoA)
Articles of Association (AoA)
Proof of Registered Office
It is important to ensure that all the required information and documents are in order and complete to avoid any delays in the registration process.
Here is a step-by-step guide to the company registration process in India
Obtain Digital Signature Certificate (DSC)
The first step in the company registration process is to obtain a Digital Signature Certificate (DSC) for the directors and shareholders of the company. This can be obtained from a government-approved agency.
Apply for Director Identification Number (DIN)
The next step is to apply for a Director Identification Number (DIN) for the directors of the company. This can be done online through the Ministry of Corporate Affairs (MCA) website.
Name Approval
The company must then apply for name approval with the Registrar of Companies (ROC). The company can provide up to six different names in order of preference, and the ROC will approve one based on availability and compliance with naming guidelines.
Draft and File MOA and AOA
Once the name is approved, the company must draft the Memorandum of Association (MOA) and Articles of Association (AOA) which are the key documents that outline the company's objectives and internal regulations respectively. These documents need to be filed with the ROC along with other incorporation documents.
File for Incorporation
The next step is to file for incorporation with the ROC. The following documents must be filed: Form INC-32 (SPICe) - Application for incorporation of a company Form INC-33 - E-Memorandum of Association Form INC-34 - E-Articles of Association.
Obtain PAN and TAN
After the company is registered, the next step is to obtain a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for the company. These can be obtained from the Income Tax Department.
Open Bank Account
The final step is to open a bank account in the name of the company and deposit the minimum required capital as mentioned in the MOA.
The entire process of company registration can take up to 8-10 working days depending on the state and type of company being incorporated. It is advisable to seek professional guidance and assistance from a chartered accountant or a company registration service provider to ensure compliance with all legal requirements and smooth processing of the application.
Once a Private Limited Company is registered in India, it needs to comply with various legal and regulatory requirements. Here are some of the key compliances that a Private Limited Company needs to follow post-registration
Annual General Meeting (AGM)
A Private Limited Company is required to hold an Annual General Meeting (AGM) every year. The purpose of the AGM is to discuss the financial statements of the company, the appointment of auditors, and any other important matters related to the company. The first AGM should be held within nine months from the date of incorporation, and subsequent AGMs should be held within six months from the end of the financial year.
Financial Statements
A Private Limited Company is required to prepare and file its financial statements, which includes the balance sheet, profit and loss account, and cash flow statement. The financial statements should be prepared in accordance with the Indian Accounting Standards and should be audited by a qualified Chartered Accountant. The financial statements should be filed with the Registrar of Companies within 30 days from the date of the AGM.
Income Tax Returns
A Private Limited Company is required to file its income tax returns annually, irrespective of whether it has made any profits or not. The tax return should be filed by 31st July of the following financial year.
Directors' Report
A Private Limited Company is required to prepare a Directors' Report, which includes information about the company's operations, financial performance, and future plans. The Directors' Report should be attached to the financial statements and filed with the Registrar of Companies.
Statutory Audit
A Private Limited Company is required to undergo a statutory audit every year by a qualified Chartered Accountant. The audit report should be filed with the Registrar of Companies.
Annual Return
A Private Limited Company is required to file its Annual Return with the Registrar of Companies within 60 days from the date of the AGM. The Annual Return includes details about the company's shareholders, directors, and other important information about the company.
Maintenance of Statutory Registers and Records
A Private Limited Company is required to maintain various statutory registers and records, such as the Register of Members, Register of Directors, Register of Contracts, and Register of Charges. These records should be kept up-to-date and should be made available for inspection by the regulatory authorities.
Failure to comply with these compliances can result in penalties, fines, and legal action against the company and its directors. Therefore, it is important for a Private Limited Company to ensure that it complies with all the applicable legal and regulatory requirements to avoid any legal liabilities.
Registering your business as a Private Limited Company in India can offer several benefits, such as limited liability protection, credibility, and easier access to funding. As a professional, we can guide you through the entire registration process, ensuring that all the required formalities are met and that your company is compliant with all the legal and regulatory requirements. By registering as a Private Limited Company, you can protect your personal assets and focus on growing your business without worrying about legal liabilities. So, let us help you take the first step towards building a successful and sustainable business by registering your Private Limited Company today.
Registering a company in India involves several steps, and it is important to follow the process carefully to ensure that the company is legally recognized and eligible to conduct business. It is recommended to seek the guidance of a professional consultant or lawyer to navigate the registration process and ensure compliance with all legal requirements.