Private Limited Company Registration

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Private Limited Company Registration
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Private Limited Company Registration

 

In India, it is always beneficial to start a business with Pvt ltd registration. If you start a business or a start-up, this option will give you better opportunities for your growth. A private limited company is consolidated.

 

We need the company’s act of 2013, and it is represented and controlled by the Ministry of Corporate Affairs (MCA). A private company is a duly registered corporate framework that enables businesses to establish their separate legal identity, which is different from its owners. This has major key advantages like safeguarding personal assets and the power to contract in its own name.

 

A Pvt. Ltd. Company means that that company has been incorporated as a private institution. The details of which are mentioned in section 2 (68) of the companies act of 2013. The maximum number of 200 members is required to be a private company apart from its present and former employees.

 

As a mandatory practice for its recognition, the private company has to add the term Pvt. Ltd. as a suffix to its name. Also, a private company must compulsorily have two directors and two members. A private company has the power to issue debentures to as many as the number of people it wants.

 

There are also restrictions on the transfer of shares by a Pvt ltd company. However, the pre-emption clause says that if a member of the private company wants to transfer his or her share, then the air is offered to an existing company member first. If the existing members do not want to take that share, then such shares are open to outside people unless any other condition is stated in the article.

 

The company director will decide the price of such transferred shares according to the pricing formula mentioned in the company article.

 

Just like LLP, a private company is a limited liability framework. Start-ups have certain key advantages of their own. The share capital defines the ownership of a private company. The share capital is easy to transfer in a private company as compared to the ownership transfer in LLP. Ownership and management are differentiated in a private company. This is the main reason by angel investors' banks, and VCs prefer private companies over LLPS for providing equity funds and debts.

 

Documents Required For Pvt. Ltd. Company Registration

 

1. A Photocopy of PAN Card of all directors

2. Passport size photograph of all directors

3. A Photocopy of Aadhaar Card or a Photocopy of Voter Identity card of all directors

4. In case the company premises are on a rented property, a Photocopy of a Rent agreement is required.

5. In case the company premises are on a rented property, Landlord NOC.

6. Electricity Bill or Water bill of the company as address proof.

7. In case the company premises are on an owned property, a Photocopy of the Property papers.

 

Advantages of a Private Limited Company.

There are many advantages and benefits of registering your company as a limited private institution.

 

• It becomes easier to gain the attention of VCs, Angel investors, and banks.

• It is easier to distribute and allocate shares to directors and other investors.

• The separate legal entity puts limits on your liability.

• Partnership terms can be flexible in private limited, and members have an advantage.

• A Pvt Ltd company is easier to run, control, and manage.

• It is easier to register your company as a Pvt. Ltd. at the same time. It is easy to dissolve or wind up the company if such time comes.

 

Minimum Requirements for Company Registration

• Minimum of two shareholders in the company.

• Minimum two directors of the company.

• Minimum 1 Lac rupees as Share Capital.

• DPIN is compulsory for all the Directors.

• At least one partner should be a Resident of India.

 

How to register your company as a private limited.

 

Registering your company as a limited private institution is easy and less time-consuming. It involves 5 simple steps for the company registration procedure.

 

1. Apply for DSC & DPIN:

The first step is to apply for a digital signature and DPIN. The partners of the company do this. A digital signature is an online signature. It is used for filing. DPIN stands for Directors PIN. It is a number issued by the Ministry of Corporate Affairs. If the directors already have their digital signature and DPIN, then this step is skipped.

 

2. Submit Names for approval:

You have to submit two different names as options for your company name to the Ministry of Corporate Affairs. One of these is selected. Hence, the name suggested should be unique, and there shouldn't be any other company of the same name. It is beneficial if the name suggests the company's business.

 

3. Submit Memorandum of Association (MoA) and Articles of Associate (AoA):

After the Ministry approves the name of Corporate Affairs, a Memorandum of Association (MoA) is drafted with Articles of Associate (AoA), which states the necessary terms and conditions. These two documents, along with the Digital Signature Certificate (DSC) attached to both, are filed to the Ministry of Corporate Affairs.

 

 4. Get incorporation certificate:

An incorporation certificate is proof that your company has been created. It contains a CIN number. A period of 15 to 25 days is necessary for establishing a Pvt. Ltd. Company with an Incorporation Certificate.

 

5. Apply for PAN, TAN, and Bank Account:

The final step is to apply for PAN and TAN. A time period of 7 working days is required for acquiring this. Once you get all these documents, you can submit them to the bank and open your bank account. The bank account requires an Incorporation Certificate, Memorandum of Association, Articles of Association, and PAN numberNow with our New Spice forms, We get the PAN, TAN & Other registrations along with the incorporation certificate. 

 

Concerns Related To Private Limited Company

A Pvt. Ltd. Company needs more ROC compliances, which costs an amount per annum.

• A Pvt. Ltd. Company needs a minimum capital amount of Rs.1, 00,000

• A Pvt. Ltd. Company has a limit of a maximum of 200 members only.

 

Yet, a Pvt. Ltd. Company provides unparalleled scope for growth. Hence, young entrepreneurs are always in a hurry to get the Pvt. Ltd. Company tag behind their company name.

 

Factors to Consider During the Selection of the Company Name.

 

The company's name should be carefully chosen. It should be unique and should suit the company and business. Apart from this, the name is the first impression on your clients, stakeholders, and customers. Hence, it should be simple, subtle, and attractive. You have to submit three options for your company name. These are the factors you should consider while submitting the names.

 

• It should be meaningful. The name of your company must be meaningful to your customers and clients. It can either directly portray the service which you offer or state the ideals of your business.

• The name of your company should be unique to avoid confusion. It should not coincide with any other company with a similar name.

• The name should be short and simple to pronounce and remember. It should not be a homophone.

• The name should not be offensive or illegal. It should not hurt anyone's sentiments. It should not spread hatred or create any political issues. It shouldn't be against or abuse any religion.

 

Compliances fulfilled by a Private Limited Company. 

 

A Pvt. Ltd. Company should fulfill many compliances which incur additional costs to the company. However, it is necessary to fulfill them.

 

• A Pvt. Ltd. Company must compulsorily have an auditor. 

• The auditor must audit the company books. Hence, the company needs to maintain them properly.

• A private limited company must compulsorily schedule one Annual General Meeting (AGM) and a Board Meeting in each quarter that is four months. 

• As a part of annual compliance, the private limited company must fill the AOC-4 and MGT-7 form. It needs to be filed in the specified period. 

• A private limited company must file the ITR and registrar annually.

 

Frequently asked questions (FAQs) related to Private Limited company registration

  • What is a Private Limited Company?

    A Pvt. Ltd. Company is an institution that has separate legal entities, follows the regular succession, and has a benefit of limited liability towards its shareholders.

  • Is it necessary to have 2 directors for Private Limited Company Registration?

    Yes, your company compulsorily needs a minimum of two numbers of directors to get itself registered as a Private limited company with the Ministry of Corporate Affairs.

  • How to register a Private Limited Company in India?

    There are five steps to register as a Pvt. Ltd. Company in India. They are as follows.

     

    • Apply for DSC & DPIN

    • Submit Names for Approval

    • Submit Memorandum of Association (MoA) and Articles of Associate (AoA)

    • Get Incorporation Certificate

    • Apply for PAN, TAN, and Bank Account

  • Is the Pvt Ltd company registration process difficult?

    No, the process of Private Company registration is extremely easy if done right. However, it does involve many complicated procedures, and there are some minimum conditions a company must fulfill. In addition, there are some compliances to check.

  • What are the advantages of a Pvt ltd company?

    There are many advantages and benefits of registering your company as a limited private institution.

     

    • It becomes easier to gain the attention of VCs, Angel investors, and banks.

    • It is easier to distribute and allocate shares to directors and other investors.

    • The separate legal entity puts limits on your liability.

    • Partnership terms can be flexible in private limited, and members have an advantage.

    • A private limited company is easier to run, control, and manage.

    • It is easier to register your company as a private limited at the same time. It is easy to dissolve or wind up the company if such time comes.

  • How to check Pvt Ltd company registration?

    The Ministry of Corporate Affairs officially publishes the information containing the details of the company. They are publically available online.

  • How much is the Pvt Ltd company registration fees in India?

    The Cost of Registration for a Private Limited Company would be different depending on its strength, the number of directors, the number of members, authorized share capital, and fees of the professional service you hire. It may be somewhere between 6,000/- Rs. to 30,000/- Rs. 

  • Can a private limited company make FDI?

    Yes, a private Limited Company is fully eligible to make Foreign Direct Investments in India.

  • What are the different types of Private Limited Companies?

    There are mainly three different types of Private Limited Company

    • A company that is limited by shares.

    • an unlimited company.

    • A company which is limited by guarantee.

  • What is the procedure of private limited company registration in India?

    There are five steps to register as a Private Limited Company in India. They are as follows.

     

    • Apply for DSC DPIN

    • Submit Names for Approval

    • Submit Memorandum of Association (MoA) and Articles of Associate (AoA)

    • Get Incorporation Certificate

    • Apply for PAN, TAN, and Bank Account

  • Is GST mandatory for private limited companies?

    After the GST law, businesses whose turnover is more than Rs. 20 lacs per annum must serve as a normal taxable company. In North-Eastern states, this limit is Rs. 10 lacs per annum. For certain types of businesses, registration under GST is compulsory.

  • How much time is needed for setting up a private limited company in India?

    The entire registration process, including approval of DIN, Name, and Incorporation, will take around seven working days.

  • What is a Memorandum of Association (MoA) and Articles of Associate (AoA)?

    Memorandum of Association (MoA) is a document that contains the details of the main, ancillary, or subsidiary, and other objects of the company. The Articles of Associate (AoA) is a document that contains the details of the rules, authorized share capital, the names of its first or permanent directors, clauses, and procedures for the company's routine conduct.

  • Can a Private Company carry and own multiple businesses?

    Yes, a Private Company carries and owns multiple businesses. Although, such provisions should be mentioned in the Memorandum of Association (MoA) and should be approved by the registrar of the company. The business can be of the same or different fields. However, occupations like Fashion Designing, Event Management cannot be a part of it.

  • What is the minimum capital needed to form a Private Limited Company?

    A private company has a minimum of 1 Lac rupees as Share Capital.

  • Can the director of a private limited company also be a salaried person?

    Yes, for sure. You can become the director of any type of company. But you need to go through the employment rules and make sure they allow you to do so.

  • Does one have to be present in person for the incorporation of a Private Limited Company?

    The entire procedure of registration is completed online. No members need to be present at our office or any other place for the incorporation.

  • What are the benefits of a Pvt. Ltd. company?

    There are many advantages and benefits of registering your company as a limited private institution.

     

    • It becomes easier to gain the attention of VCs, Angel investors, and banks.

    • It is easier to distribute and allocate shares to directors and other investors.

    • The separate legal entity puts limits on your liability.

    • Partnership terms can be flexible in Pvt. Ltd, and members to have an advantage.

    • A Pvt. Ltd. company is easier to run, control, and manage.

    • It is easier to register your company as a private limited at the same time. It is easy to dissolve or wind up the company if such time comes.

  • How can you register a company in India with MCA?

    There are five steps to register as a Pvt. Ltd. company in India with the MCA. They are as follows.

     

    • Apply for DSC & DPIN

    • Submit Names for Approval

    • Submit Memorandum of Association (MoA) and Articles of Associate (AoA)

    • Get Incorporation Certificate

    • Apply for PAN, TAN, and Bank Account

  • What are the documents required for registering a Pvt. Ltd. Company?

    The following provides a complete list of documents which are required to get your Private Company registered:

     

    • A Photocopy of PAN Card of all directors

    • Passport size photograph of all directors

    • A Photocopy of Aadhaar Card or a Photocopy of Voter Identity card of all directors

    • In case the company premises are on a rented property, a Photocopy of a Rent agreement is required.

    • In case the company premises are on a rented property, Landlord NOC.

    • Electricity Bill or Water bill of the company as address proof.

    • In case the company premises are on an owned property, a Photocopy of the Property papers.

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