Overview of Private Limited Company Registration

Advantages of a Private Limited Company Registration in India

• Limited Liability: Shareholders have limited liability, meaning their particular assets are defended in the event of the company facing monetary difficulties.
• Perpetual Succession:A private limited company has perpetual heredity, meaning its actuality isn't affected by changes in power or the death of shareholders. The company continues to live until it's formally dissolved.
• Separate Legal Entity: The company is a separate legal entity distinct from its possessors. It can enjoy property, dodge debts, and enter into contracts in its own name.
• Transferability of Shares: Shares of a private limited company can be transferred to others with the concurrence of being shareholders, furnishing a degree of liquidity for the shareholders.
• Tax Benefits: Private limited companies frequently enjoy certain tax advantages, including deductions for business charges and the capability to resolve income among family members.

Requirements to Start a Private Limited Company in India

Every businesses in India has its own set of requirements before it is registered. Following are some basic requirements for Private Limited Company Registration in India:

1. Directors & Members:

To register a Private Limited Company in India, a minimum of 2 members & 2 directors and a maximum of 200 members and 15 Directors are needed. This is a statutory demand as commanded by the Companies Act, 2013. The Directors of a Company should meet the ensuing conditions.

• Each Director of the Company must have DIN;
• One of the Directors must be a Resident of India, means he or she should have stayed in India for not lower than 182 days in the former timetable time.

2. Company's Name: While choosing a name for itself, a Private Limited Company is needed to cover 3 aspects

• Main Company Name;
• Activity to be carried out;
• Mention "Private Limited Company" or"Pvt. Ltd." at the end.

3. Registered Office Address: After Company Incorporation, the permanent address of its registered office must be filed with ROCs. The registered office is the place where the primary affairs of the Company are being conducted & where all the documents are placed.

4. Other Vital Documents: For digital submission of documents, every company must get a Digital Signature Certificate (DSC) that's used to corroborate the documents' authenticity. Likewise, in a company employing professionals or experts (CS, CA, Cost Accountant.) for varied conditioning, instruments by these professionals is necessary.

Following are some pivotal documents needed for Private Limited Company Registration in India and these documents must be filed with SPICe INC- 32 Form

1. If the Directors are Indian Nationals:

• Office Address Proof (Rental Agreement or Ownership Deed like Sale Deed);
• An Affidavit on a Stamp Paper is to be given by all the subscribers of the Company to state their amenability to come the Company's Shareholders.
• Approval copy in case the proposed company's name includes any word or expression that required Central Government's approval;
• NOC (No Objection Certificate) from the property owner, if the registered office is on a rented/leased property;
• If the proposed company name is based on a registered Trademark or is subject matter of an application pending for the Registration under the Trade Marks Act, then it's compulsory to attach the Trademark Registration Certificate.
• If the Director doesn't have a DIN, then it is compulsory to attach their identity proof & address proof

2. If the Director is a Foreign National

• Passport;
• Address proof: It can be DL (Driving License, Residence Card, Bank Statement, any Government issued identification mentioning the address.

Following is the online process of Private Limited Company Registration in India with MCA

• Step 1 Obtain DSC and DIN All the proposed directors of the company must get a DSC (Digital hand Certificate) because it's necessary to file forms on the MCA gate and subscribe digital documents similar as e-MOA &e-AOA. Indeed, the subscribers & substantiations of AOA and MOA must get this Certificate since they need to attach their Digital hand Certificate on the e-AOA and e-MOA that should be filed with the objectification Form.

On the other side, DIN is also mandatory for all the proposed Director of a Company and only one DIN is enough to act as a Director in any number of Companies.

• Step 2: Gets Company Name Approval: The SPICe+ Form allows for name reservation in Part-A. A Company can enter 2 proposed Company's Name in the SPICe+ Form. In case the name gets rejected by ROC, also the company has to file another SPICe Form with the specified figure.

In case the Registrar of Companies (ROC) approves the name, also it'll be reserved for 20 days within which the company should file & submit Part- B of the SPICe Form. You can also apply for the name blessing and objectification form together i.e., Part- A and Part- B of the SPICe Form can be submitted together.

• Step 3 Form of SPICe INC- 32 The company must file and submit the Part- B of the SPICe Form on the MCA gate and it provides the following vital services and numerous benefits in a single operation

a) Company Name Reservation;

b) Application for the allotment of DIN;

c) Application for TAN & PAN;

d) Application for EPFO;

e) Application for ESIC;

f) Opening a current bank account of the Company.

• Step 4 File e-MOA and e-AOA These 2 are filed online on the MCA gate as linked form with the SPICe Form and both these forms should contain the DSC of the subscribers to the AOA and MOA.
• Step 5 Apply for PAN and TAN also, you need to apply for the PAN and TAN via SPICe Form. After submitting the form, the system will induce the PAN and TAN of the Company. The CoI is issued with the visage by the Income Tax Department.

Note When all the vital details in the Form are correct and the company submits the needed documents, the Registrar of Companies will authorize the objectification and Commercial Identity Number to the Company. It'll also shoot the CoI to the company at its listed office address.

Following are some vital post-incorporation compliance:

• Business Commencement: The Company’s Shareholders must deposi the subscription amount specified in the MoA within 180 days of Company Incorporation and the company must open a current bank account.
• Appointment of an Auditor: Within 30 days of Private Limited Company Registration, every company in India must appoint a practising, certified & registered CA.
• DIN-KYC: Yearly, individuals who have a DIN should undergo a DIN-KYC process. At the time of Private Limited Company Registration process, the Company can get the DIN. This helps to verify the phone number & eamil id on file with the Ministry of Corporate Affairs (MCA).
• Annual Filings with MCA: Every Financial Year, the Ministry of Corporate Affairs must get a copy of the Financial Statements from each company incorporated in India. A Company thta registered between Jan & Mar may elect to include the 1^st annual return in the MCA Annual Filing for the following fiscal year. Form AOC-4 & Form MGT-7 are the parts of annual return. Also, the Company’s Directors & a working professional must sign both of these documents digitally.
• ITR Filing: Every Financial Year, companies should file the ITR using Form ITR-6. The business should file the Income Tax before the deadline for each Financial Year, irrespective of the Incorporation date. The ITR of a Company must be digitally signed using the DSC of the Director.

Difference between Private Limited Company, LLP, and OPC?

We offers a an online platform to complete the Private Limited Company Registration process, and allowing you to incorporate your company without leaving the comfort of your home. Our experts can complete the whole company registration process in a minimal time.

Our packages are:

• DSC & DIN for 2 proposed Directors;
• Drafting of MoA & AoA;
• Reistration charges & stamp duty;
• CoI;
• Company TAN & PAN;
• Zeor balacnk current bank account.