Private Limited Company Registration
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Private Limited Company Registration
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Private Limited Company Registration
Overview
A Private Limited Company Registration is the most common type of corporate legal registration in India. Registrar of Companies (ROC) designated under Section 396(2) of the Companies Act, 2013 by the Ministry of Corporate Affairs (MCA), is conferred with the primary duty of registering companies and of ensuring that such companies cooperate with the legal provisions of the Act.
A company shall be registered with the state’s ROC under whose authority the proposed company’s registered office will be located. It can be started with at least two Directors (only Individuals) and two Shareholders (Individuals or Corporate entities). Directors, as well as Shareholders, may or may not be the same person.
A Private Limited Company is chosen because it guarantees limited liability and gives a separate legal entity to the business. The company incorporation procedure results in clear ownership of the company specified by the share capital. Incorporation of a company is the first step in expanding your business as it opens the way for external investment while allowing you to attract top talent by giving stock options. However, one has to accept compulsory audits and higher compliance, which could be challenging to maintain. On the other side, higher compliance will give better reliability to your business than any other form of company incorporation in India
It is mandatory to add private limited (Pvt ltd.) to the name of a private limited company India.
Checklist For PVT LTD Registration
- At least two directors and a maximum of 15 (One Indian resident director is compulsory).
- The name of your business needs to be compulsorily unique.
- At least two shareholders and not more than 200 are necessary.
- No minimum share initial capital is necessary.
- The company’s registered office does not need to be a commercial plot. Moreover, a rented home can be the registered office, as long as a NOC is received from the owner.
- For all the Directors, DIN (Director Identification Number) is mandatory.
- Digital Signature Certificate (DSC) for one of the Directors.
What Includes in Package?
- Free Consultation and company name search
- Business account opening assistance
- PAN, TAN, Name reservation, Digital signature certificate
- Digital signature and Director’s identification number
How do we help in getting registration?
- Assured approval of name from the Ministry of Corporate Affairs (MCA)
- Filling e-forms of company incorporation with the MCA
- PAN and TAN
- The legal agreement, corporate drafts set, letters based on the requirement
- Drafting objective, Article of Association (AOA), Memorandum of Association (MOA)
- DSC and DIN for users and directors
- Business plan guidance
Advantages
Not only one or two, but there are various reasons why you should go for private limited company registration. Let’s find out what they are:
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Simple Registration Process
Private Limited Company can be registered by only two or more individuals, by complying with the specifically limited formalities according to the Companies Act, 2013.
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Limited Liability
Limited liability is one of the main advantages of a Private Limited Company. When any legal liability occurs, then it is neither a member nor its directors who are directly affected; the responsibility of the members is only for the unpaid amount of shares owned by them and not more than that. Shareholders are not accountable for the liabilities and debts of the company.
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Separate Legal Entity
One of the important advantages of a Private Limited Company is that it is separate from its members. A company is a separate entity that has its rights & Obligations.
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Perpetual Succession
A company with 'perpetual succession' has ongoing or continuous existence until it is legally dissolved. Being a different legal entity, the company is not influenced by any member’s death but remains to be in existence.
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Easy Transferability
Private Limited Company's shares are readily transferable to any other individual by a member. There are no tedious formalities.
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Owning Property
A company is a separate legal entity, who can own, purchase, enjoy and transfer or sale, property on their name. No member or shareholder can make any allegation upon the company’s property as long as the company is a successful business.
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Minimum Compliance
A Private Limited Company is expected to do fewer legal procedures as compared to a Public Limited Company. It gets special freedoms and rights under the Companies Act, 2013. So, in Private Limited Company, less number of compliance is needed.
Documents Required
Private Limited company registration in India is made with proper address and identity proof. For the incorporated company, address and identity proof will be mandatory for all the stockholders and directors. Documents that are accepted by MCA for online company registration process are as follows:
- Scanned copy of Voter’s ID/Driver’s License/Passport (Anyone)
- Scanned copy of PAN Card (Passport for Foreign Nationals & NRIs)
- Scanned copy of the telephone or mobile bill/ latest bank statement/electricity or gas bill of the person (Anyone, but not older than two months)
Please note that for the foreign nationals, certifications or notarized copy of the passport has to be submitted mandatorily. All documents filed should be accurate and genuine.
To form an online company registration in India, the company should have a registered office in India. Documents that need to be mandatorily given while giving Registered Office details are as follows:
- Scanned copy of telephone or mobile bill/the latest bank statement/electricity or gas bill in case you own property
- Scanned copy of No-objection certificate(NOC) from the property owner
- Scanned copy of Notarized rental agreement
Note: Your registered office can be a commercial area or your residence as well
Registration Process
Following is the step by step process of Private Limited Company incorporation:
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Step 1: Apply for Digital Signature Certificate (DSC)
As the process is entirely online, therefore all those authorized directors/signatories who have to sign the online incorporation documents should apply for Digital Signature Certificate.
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Step 2: Apply for Director Identification Number (DIN)
DIN can be applied with the application form for company registration, i.e., SPICE -32. However, a maximum of 3 Directors will get DIN along with SPICE 32.
If the user is already holding a valid DIN, and the specific provision has been modified as on the application date. The declaration to that effect is given in the application, the identity and address proof need not be attached to it. -
Step 3: Application for unique Name Availability (Form RUN)
For the name approval part, an application is submitted in the defined Form RUN (Reserve Unique Name) with the Ministry of Corporate Affairs. Please note that at least 2 names at the time of incorporation are proposed.
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Step 4: Filling and submitting final incorporation documents
After name approval, one requires KYC and other documents needed of Directors & Shareholders. After filing the SPICe form along with MOA, AOA, and AGILE to MCA, one will receive an Incorporation Certificate with PAN & TAN from the Department.
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Step 5: Obtaining Certificate of Incorporation and opening Bank Account
After approval of incorporation documents, you will get your Incorporation Certificate, along with your CIN(Company Identification Number). Post this, you can start a bank account on your company name and can start your business.
Frequently Asked Questions ?
Private Limited Companies are those companies where at least 2 members are required, and the maximum limit of members is 200. The minimum two directors are expected. A Private Limited Company with limited members liability has different features as compared to a partnership firm. A Private Limited Company has all the benefits of a partnership, like large capital contribution, flexibility, and a combination of different and diverse abilities, etc.. Also, it has qualities of greater stability, limited liability, and legal entity.
In this way, A Private Limited Company is identified by the company name, Corporate Identification Number, shares, number of members, formation, directors, management, and meetings, etc.
A company is a legal entity and, like any individual established under the Act. It is handled like any person who can own a property and have debts or creditors. The company members (Directors/Shareholders) have no responsibility to the creditors of a company if a company is unable to pay the debts.
No, company registration is an entirely online process. Because all documents are filed electronically nowadays, you would not need to be physically present at all. You need to send us the scanned copies of all the relevant documents & forms.
Yes, the company name must be unique and not the same. It must also not be identical to the existing registered trademark. Also, the company name must be as such that it represents the activity of the business. The name of the company shall also indicate the main purpose of your company.
The Registrar of Companies (RoC) across India wants applicants to obey a few naming guidelines. Therefore, make sure that your name is available and must not be identical to the already registered trademark implying the same type of activity.
The DSC is a document issued by certifying entities by which you can sign electronic documents. Since all necessary documents are electronic, partners need a DSC. We assist in delivering DSC to the designated authorized signatories.
Authorized capital indicates the maximum amount of capital that a company can increase through the issue of shares at present or in the future. While the Paid-up Capital refers to the actual amount accumulated by a company, i.e., the amount given by the shareholders on the issue of shares. In India, one can register a company by any amount of paid-up capital, that can be less or equal to the authorized capital but not more than the authorized capital.
Yes, the private limited company will continue to exist, as long as the annual compliances are fulfilled. If you do not meet the criteria, it will go inactive until it is deleted from the register altogether.
Yes, a person can register the company at their home address. One needs to file a copy of the same utility bill.
Yes, it is nice to enroll a family member as a partner. At the next stage, one can change this or transfer the director’s shares.
Yes, a private limited company must appoint an CA or auditor, no matter what's their revenues. An auditor should be selected within 30 days of incorporation. Compliance is essential with a private limited company, given that fines for non-compliance can run into lakhs of rupees and even proceed to the blacklisting of directors.
Such documents contain the rules, vision, and purpose of your organization, and describe, among other things, the specific business and the roles and responsibilities of directors and shareholders.
Yes, at least two directors are required for a private limited company. The highest number of members can be 200. If you are the single owner of the company, you can file as a One Person Company.
Any person or organization, including NRI or foreigners, can be a member of a private limited company. Nevertheless, the person must be 18+ in terms of age and should have a valid PAN card.
To start a private limited company, there is no minimum capital required.
Yes, a salaried person can be able to become the director in a private limited, OPC, or LLP, private limited company. One needs to verify the employment agreement if that allows for such conditions. In many cases, the employers are very comfortable with the fact that their employee is a director in another company.
