Effortless Registration of Business with Patron Accounting

Choosing the right business structure is as crucial as selecting the industry for your business due to the long-term implications involved. The business structure establishes the foundation of your enterprise, and as a founder, you need to choose one that offers the right balance of legal rights and protection. In a highly competitive environment, where your focus should be on core business activities, outsourcing legal and accounting compliance tasks to professionals is advisable. These experts can conduct a thorough analysis of your expectations and the necessary inputs for your prospective business. Every business structure has its pros and cons, and consulting specialists ensure a smooth registration process.

Different types of Registration of Business

Process for Registration of Business

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Initially, you must determine the type of company you wish to register.Registering the name for a Company is a crucial step in the company registration process. Two proposed names, listed in order of preference, along with the business objective and statutory fees, are submitted to the Ministry of Corporate Affairs (MCA). The proposed name should be unique and free of punctuation marks. If the MCA has any observations, the form must be resubmitted, and after more than one resubmission, additional statutory fees are required. Once the name is approved, it is valid for 20 days (including weekends and holidays), and all other formalities must be completed within this period.

FAQ

Yes, the entire process of company incorporation is online. You don’t need to visit any location physically.

At least two directors are required to incorporate a private limited company. However, in an OPC company structure, only one director is sufficient.

Normally, it takes 1-2 weeks for company registration, provided all documents are supplied on time.

A Director’s Identification Number (DIN) is issued to a person who will be appointed as a director in the company. It is mandatory to have a 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 for electronic signing of forms. As both directors need to sign various documents to incorporate a company, all directors must have DSCs.

Authorized Capital is the maximum amount of capital that a company is authorized to issue to its shareholders. This authorized share capital may or may not be equal to the paid-up share capital.

Paid-up capital is the portion of authorized capital that has been issued and paid by shareholders.

A non-profit organization in India can be registered as a Trust or Society under the Registrar of Societies, or as a private limited non-profit company under Section 8 of the Companies Act, 2013. A Section 8 company can only use its profits to promote its activities; any profit earned cannot be distributed among its shareholders. These companies are generally incorporated to promote commerce, art, science, research, sports, social welfare, education, charity, religion, protection of the environment, or any other similar object.

Yes, it is possible to convert a Sole Proprietorship or Partnership into a Private Limited Company by following the specific procedures laid out by the MCA.

After registration, companies are required to comply with several regulations, including:

  • Filing annual returns and financial statements with the ROC.
  • Maintaining statutory registers.
  • Conducting annual general meetings (AGMs).
  • Complying with tax and GST regulations.