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A private Company registration is one of the most popular business registrations among the small, medium, and large enterprises in India. Start-ups and businesses with higher growth aspiration popularly choose Private Company registration as a suitable business structure. A private Company Registration is a company which as a minimum 2 and maximum 50 members present. A private Company Registration must have minimum paid-up capital of Re. 1 or such higher amount as may be prescribed from time to time and has restricted the right of a member to transfer its shares. A private Company Registration doesn’t invite the public to subscribe its share capital. It is mandatory to use the word “Private Limited" or Pvt Ltd at the of the name of the Private Limited company registration. This form of company has many benefits such as no interference of public or government, no requirement for the issue of the prospectus, separate legal existence from its members, can enter into a contract in its own name. Also, a Private Company registration is eligible to take benefit of registration under the Startup India Scheme of the Government of India. This scheme avails multiple benefits including tax exemptions for the recognized startups.
The greatest benefit of private limited company registration is that it is treated as a single entity in which the company is responsible for all the debt payments. The company is liable for any shortcomings, its members are not personally affected, they are only responsible for unpaid shares. A private limited company registration has separate legal entity from its owners which safeguard the owner from being sued in case of any legal controversy.
By registering a Private Limited Company, there are many ways in which you can have extra monetary benefits by saving tax. There are some tax planning tips that every Private Limited Company registration considers to fill its pockets a little high. Salary to the director is an allowable expense for the Private LTD Company registration. All preliminary expenses like drafting of MOA and AOA, stamp duty printing of documents, etc. are also allowed as expenses. Private Ltd Companies are taxed at a rate of 22% with a surcharge of 10% and cess of 4% making the effective tax rate as 25.17% which is lower than LLP registration which is taxed at 30%.
Registering a Private Limited company gives a brand image to business compared to running a business as a sole proprietor. Generally, large business firms prefer to deal with companies instead of sole proprietor firms. There might be a requirement of tender or job work, which can be applied only by the company.
A private limited company registration enjoys a better option for borrowing funds. It can issue debentures secured as well as unsecured. Banks and other financial institutions also prefer giving financial assistance to large private firms.
✔ Minimum 2 Shareholder
✔ Minimum 2 Director
✔ One of the directors must be an Indian resident
✔ Minimum Authorised Share Capital to be Re.1
✔Digital signature Certificate for 2 Promoters
✔The Director and shareholder can be the same person
✔Director Identification Number (DIN) for all directors
✔ DSC (Digital Signature Certificate) for director and shareholder
Name of private limited company registration is a crucial step for new company registration. Two proposed names in order of preference, objective/purpose of business activity along with statutory fees are submitted to MCA. The proposed name should be unique and shouldn’t have punctuation marks. In case MCA has any observation, then the word comes for resubmission, which delays the whole process. Once the name is approved, it is valid for 20 days (including weekends or other holidays), and all other formalities must be completed within this period.
Digital Signature is an online signature used for filing documents online. Digital Signature Certificate (DSC) is required for all shareholders and directors for private limited company registration. It can be applied in parallel with applying for name approval as there is no DSC requirement in the name application. If the director or shareholder of the private limited company registration already has DSC, this step can be skipped.
After getting DSC and name approval, the next step is to file forms- Spice + Part, Agile Pro, Spice MOA, Spice AOA, and INC 22 forms with MCA. These forms consist of information regarding private limited company registration such as registered office, authorized, paid-up capital, shareholding pattern, directors, shareholders details such as an address, education qualification, etc. Some of this information is required to be supported required proof like rent/title deed of registered office, PAN card, etc.
After submitting all the documents and getting verified by the Registrar of Companies (ROC), you will receive a Certificate of Incorporation within 7-12 days. This certificate of incorporation will act as a birth certificate for your company registration, and the company registration process ends here. The certificate of incorporation will consist of name, registered address, 21 digits alpha-numeric number Corporate Identity Number (CIN) approved by MCA, and notified on the registered companies.
After getting the Incorporation certificate for private limited company registration, a bank account needs to be opened in the name of your company. One needs to submit an incorporation certificate, MOA, AOA, and other necessary documents required by the bank. Before the commencement of business, proposed paid-up capital must be deposited with the bank, and INC-20A needs to be filled with MCA to get the certificate of commencement.
Company registration in India involves various steps and documentation. Here is a checklist list of documents for company registration in India:
* Self-attested in PDF format
Yes, the whole process for Company registration is online. You don't need to visit anywhere physically. Contact us Now.
There is no requirement of commercial space for Company registration. Even your own residential or rented residential address can be used as the registered address of the Company. Once your start up is setup, and ready then you can change the registered address.
There is a requirement of at least 1 directors to incorporate a OPC.
Normally, it take 1-2 weeks time for Company registration provided all documents are supplied on time.
Directors Identification Number (DIN) is issued to a person who will be appointed as a director in the Company registration. It is mandatory to have DIN before any person can be appointed as a director.
A Digital Signature Certificate (DSC) is the digital equivalent of physical papers or certificates required to sign the form electronically. Yes, as both directors need to sign various documents to incorporate a company, thus all the directors must have DSCs.
The Authorized Capital is the maximum amount of capital that a company is authorized to issue to the shareholders. This authorized share capital will always or be equal to the paid-up share capital.
A portion of authorized capital that has been issued and paid by shareholders.
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Yes, the whole process of company incorporation is online. You don't need to visit anywhere physically. Contact us Now.
There is a requirement of at least 2 directors to incorporate a private limited company. But in OPC company structure, even 1 director is sufficient to incorporate a company.
Normally, it take 1-2 weeks time for company registration provided all documents are supplied on time.
Directors Identification Number (DIN) is issued to a person who will be appointed as a director in the company. It is mandatory to have DIN before any person can be appointed as a director.
A Digital Signature Certificate (DSC) is the digital equivalent of physical papers or certificates required to sign the form electronically. Yes, as both directors need to sign various documents to incorporate a company, thus all the directors must have DSCs.
The Authorized Capital is the maximum amount of capital that a company is authorized to issue to the shareholders. This authorized share capital will always or be equal to the paid-up share capital.
A portion of authorized capital that has been issued and paid by shareholders.
A non-profit organisation in India can be registered as a Trust or Society under the Registrar of Societies as a private limited non-profit company under Section 8 of the Companies Act, 2013. Section 8 company can only use its profits to promote its activities, and any profit earned cannot be distributed among its shareholders. Section 8 Companies are generally incorporated to promote commerce, art, science, research, sports, social welfare, education, charity, religion, protection of the environment, or any object.
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