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Duration : 7 to 15 days
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The registration of Private limited company in India is mainly governed by the Companies Act, 2013 read with Companies Incorporation Rules, 2014. To register a private limited company, minimum two shareholders and two directors are required. A natural person can be both a Director and Shareholder, while a corporate legal entity can only be a shareholder. Further, foreign nationals, foreign corporate entities or NRIs are also allowed to be Directors and/ or Shareholders of a Company with Foreign Direct Investment, making it the most preferred choice of entity for foreign promoters and foreign entities
Private Limited Company is the most prevalent and popular form of business structure in the world. The registration of Private limited company in India is mainly governed by the Companies Act, 2013 read with Companies Incorporation Rules, 2014. To register a private limited company, minimum two shareholders and two directors are required. A natural person can be both a Director and Shareholder, while a corporate legal entity can only be a shareholder. Further, foreign nationals.
PRIVATE LIMITED COMPANY REGISTRATION
Basic Information
Private Limited Company is the most prevalent and popular form of business structure in the world. The registration of Private limited company in India is mainly governed by the Companies Act, 2013 read with Companies Incorporation Rules, 2014. To register a private limited company, minimum two shareholders and two directors are required. A natural person can be both a Director and Shareholder, while a corporate legal entity can only be a shareholder. Further, foreign nationals, foreign corporate entities or NRIs are also allowed to be Directors and/ or Shareholders of a Company with Foreign Direct Investment, making it the most preferred choice of entity for foreign promoters and foreign entities.
There are the most unique features of a Private Limited Company like limited liability of Directors, protection of shareholders interest, ability to raise funds either from Equity shareholders or borrowing from outside, separate legal entity status and perpetual succession make it the most recommended type of business entity.
LEGALRAJ provides company registration services, offering a variety of Company registrations like private or Public Limited Company, One Person Company, Nidhi Limited, Section 8 Company, Producer Company. The average time taken to complete a Company registration is about 7 to 15 working days, subject to government processing time and client document submission.
What is the Private Limited Company ?
A Private Limited Company is nothing but the closely held business entity which is run by minimum 2 persons who are the same family members or close friends. A Private Limited concept is best suited to the business organisations which starts on a very small scale basis and controlled management yields the greater outputs since 100 % focus is on a business rather than focusing on other unwanted dispute situation or and unnecessary conflict of interest.
What will you receive in Company registration package ?
Advantages of Private Limited Company Registration
1. Separate Legal Entity (Management & ownership is separate):
Private Limited Company is a legal entity and a juristic person established under the Companies Act, 2013. Hence, a company has a wide range of legal capacities and the members (Shareholders/Directors) of a company have no personal liability to the creditors of a company for company's debts.
2. Perpetual succession gives longest business life:
Private Limited Company has 'perpetual succession', which means uninterrupted existence until it is legally dissolved. A company being a separate legal person, is unaffected by death or other departure of any member and it continues to be in existence irrespective of changes in ownership.
3. Large scale Borrowing Easily available:
Private Limited Companies can raise equity funds or borrowed funds as per the requirements. Companies can also issue equity shares, preference shares, debentures and accept deposits with RBI permission. Banks and Financial Institutions prefer to provide funding to a company rather than partnership firms or proprietary concerns.
4. Easy share transfer process:
Ownership of a business can be easily transferred in a company by transferring shares. The signing, filing and transfer of share transfer form and share certificate is sufficient to transfer ownership of a company. In a private limited company, the consent of Board of Directors is required to effectuate share transfers.
5. Owning Property in own name:
Private Limited Company being an artificial person, can acquire, own, and alienate, property in its own name. The property owned by a company could be machinery, building, intangible assets, land, residential property, factory, etc., No shareholder can make a claim upon the property of the company - as long as the company is a going concern.
6. Growth & expansion:
A Private Limited Company is based on a principle of Fast growth and controlled management systems which generates potential achieve greater outputs due to 100% focus is on a business.
7. Small business can take benefit of MSME status:
A Private Limited Company starts from very small scale rather from a very micro level. At this point profitability and security of its own trade interests is very difficult to manage. Hence, this Companies can take Undyog Aadhaar for being considered itself as a Small Scale Industrial unit and at least get concession on statutory Govt. Fees upto 50% such as discount to MSME registered Pvt. Ltd. Companies for Trade Marks registration fees under Trade Marks Act, 1999 and so many other benefits are available under Income Tax Act, 1961, Copyrights, Patents registration, etc….
8. Start up registration for Income Tax benefits:
If your business is uniquely identified and has potential for generating the large scale employment opportunities, then you can register your Private limited Company under Govt.’s Start-Up India Scheme and take huge Income Tax Benefits for at least 5 years.
What are the minimum requirements for Registering a Company in India?
* (The Directors and Shareholders can be the same persons.)
What is next after registration of Company ?
What is the procedure for Company registration ?
Step 1: Obtain the DSC Tokens of all the shareholders
Step 2: Apply for Name Reservation
Step 3: Prepare and filing of Form Spice Form INC-32 for incorporation
Step 4: Obtain the Certificate of Registration
Step 5: File Form INC-20A for Declaration of Commencement of Business
The entire process for registration of Company will take at least 7 to 15 working days from the receipt of all the necessary documents and filing with the ROC.
Precautions to be taken while name reservation
Is there any benefits available to a Private Limited Companies under Start-Up India ?
Small Companies, Private limited and One Persons Companies are three types of Companies which forms large part of the total companies in India. All these small scale business units / Companies are the actually the growth indicators of the Country’s Economy such as Concepts like Start Up India, Make in India, Digital India, etc… which are the most successful recent govt. initiated programmes to strengthen the growth potential of the Indian businesses at micro level.
One of the programme is Start Up India which gives the following enlisted benefits as per the scheme:
1. Self-Certification: Self-certify and comply under 3 Environmental & 6 Labour Laws.
2. Tax Exemption: Income Tax exemption for a period of 3 consecutive years and exemption on capital and investments above Fair Market Value.
3. Easy Winding of Company: In 90 days under Insolvency & Bankruptcy Code, 2016.
4. Startup Patent Application & IPR Protection: Fast track patent application with up to 80% rebate in filling patents.
5. Easier Public Procurement Norms: Exemption from requirement of earnest money deposit, prior turnover and experience requirements in government tenders.
6. SIDBI Fund of Funds: Funds for investment into startups through Alternate Investment Funds.
To take above mentioned benefits it very much necessary to get your Company or LLP or Partnership or Proprietary Firm register under this Start Up Scheme. Following is the Eligibility Criteria for Startup Recognition:
An entity formed by splitting up or reconstruction of an existing business shall not be considered a "Start-up".
Step
Obtain the DSC Tokens of all the shareholders.
Step
Apply for Name Reservation.
Step
Prepare and filing of Form Spice Form INC-32 for incorporation.
Step
Obtain the Certificate of Registration
Step
File Form INC-20A for Declaration of Commencement of Business.
Passport Photo of all parties
PAN Card of all parties
Aadhaar Card of all parties
Format will be provided
Copy of Rent agreement (If rented property)
Bank Statement for Office of Company
Property Tax Receipt (If owned property)
Other documents will be intimated through e-mail.
When the Company is incorporated by the Directors and the promoters which belong to the family members or close friends or relatives and have Zero public influence, such Companies are known as Private Company. It is also known as closely held Company.
The following types of Business entities are in existencein India: Private Limited Company Public Limited Company One Person Company Producer Company Section 8 Company Nidhi Limited Company Non-Banking Finance Companies Mutual Fund Companies Foreign Subsidiary Companies Chit Fund Companies Limited Liability Partnership Partnership Firm Sole Proprietorship
Complete control over the affairs of the Company Separate Legal Existence from its management body Limited Liability on members in liquidation Flexibility of Ownership Relaxation from a few stringent provisions of the Companies Act, 2013 Separation of Ownership and Management Easy financial Planning Perpetual Succession Easy Transferability Easy access to borrowings from market as compared to other unregistered entities
At leastTwoDirector At least Two Shareholders(The Director and Shareholder can be same) DIN is included in the Incorporation process itself no separate requirements DSC (Digital Signature Certificate) for all the Subscribers to MOA Amount of Share Capital at your liberty (No minimum requirement) Documents as enlisted in the requirement list itself
The Memorandum of Association (MOA) states the main objects of the proposed company.The Articles of Association (AOA) on the other hand, contains the bylaws, rules and regulations and procedures for conducting the routine business operations and affairs of the Company. The Memorandum of Association and the Articles of Association of the Company are constitutional and important documents, however they cannot override the provisions contained in the Companies Act, 2013 and the rules made thereunder.
Authorized capital is the maximum amount of share capital with which a company is incorporated. Authorized capital can be increased by company at any time with shareholders’ approval. Paid-up share capital cannot be more than the authorised share capital.
Paid-up share capital of a company is that amount of capital which is issued to the subscribers and/or other shareholdersagainst which money towards such allotment of shares is paid by the shareholders. Paid-up capital will always be less than the authorized capital or registered capital.
It is unique Identification Number allotted to an individual who is an existing director of a company or intends to be appointed as director of a company pursuant to section 152 (3), 153 of the Companies Act, 2013. Every individual, intending to be appointed as a director of the company, will have to file an application for allotment of DIN in Form DIR-3. After filing of an application in the prescribed form the DIN approval letter will be sent through an Email to the applicant by the Ministry of Corporate Affairs.
Digital Signature Certificates (DSC) are the certificate in the electronic format issued by the Certifying Authorities containing the Identity details of an individual which are carried through the DSC Tokens similar to the Pen Drives. Digital certificate can be presented electronically to prove your identity and to sign digitally certain E-forms on the Government Portals like Ministry of Corporate Affairs, DGFT, Income Tax, RBI, etc.
Yes, any of the Directors of the Company can be appointed as Manager or Managing Director (MD)under the provisions of the section 196 of the Companies Act, 2013 and can draw a salaryp.m. of p.a. as through Contract Of Service between the Company and the Manager or MD subject to certain terms and conditions mentioned in his/her employment agreement and that might require some professional help. Hence we would be delighted to serve you at our best.
Shop Act VAT Profession Tax Service Tax Provident Fund ESIC
No Hidden charges. Every detail regarding charges istransparent as you can see in the Quotation file in your mailbox.
Yes, an existing Company can be converted into other type of Company by complying with the provisions of Companies Act, 2013 such as; Private Limited into Public Limited and vice-versa Private or Public to Section 8 Company and vice-versa OPC to Private or Public Company From Private to OPC subject minimum criteria as specified in the Companies Act, 2013 From Company to Co-Operative Societies From Partnership or LLP or Proprietary into Company However, conversion from Company to other unregistered form of business is not allowed under the Companies Act, 2013.
Yes of course, registered office address of the company can be changed after acquiring a commercial space. The process of change of company address is very easy and it can be done within very short time if the new address is within the same city and the same jurisdictional ROC.
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