Private Limited Company Registration
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What is Private Limited Company Registration
A private limited company is a most suited and registered legal entity for doing business in India. A private limited company is a type of privately held small business entity governed and incorporated under the provisions of Companies Act, 2013. Registration of Private limited company requires a minimum of 2 shareholders and 2 Directors. Shareholders and Directors could be the same person while applying for private limited company registration in India. The most important feature of a registering private limited company is that it limits shareholders liability to the unpaid money due on shares held by him and has a separate legal identity. It is easy to register a private limited company because cost of registering a private limited company is less and procedure of private limited company registration is also very smooth.
A private limited company is most sought after legal entity registered in India by start-ups and growing companies. Easy external funding options are available for a private limited company from angel investors and Venture Capital Firm. If you have any business idea and it needs funding, then registering the business as a private limited company is the best deal. The documents required to register a private limited company are minimal and they are beneficial in future expansion.
There are other modes of company registration in India like Public Limited Company Registration, Nidhi Company Registration, Partnership Firm, Limited Liability Partnership (LLP). The disadvantage of these is that it cannot provide the right support for funding. Also, if a business is planning to go global, then registering the business as Private Limited Company is the only form which allows 100% Foreign Direct Investment.
Unilex being the professionally managed firm provides private limited company registration within 10 working days*. Our professionals help in estimating the cost of private limited company registration, document required for private limited company and hassle free procedure for private limited company registration.
Mandatory Requirements for Private Limited Company Registration
- DIN and DSC of all the Directors
- Minimum 2 Directors
- Minimum 2 shareholders
- There should be some amount as paid up share capital
- At-least one Indian resident Director out of two.
- Registered office address in India
Advantages of Private Limited Company Registration
The greatest benefit of private limited companies is limited liability of its members, If anything happens to the company, members will not get affected,and shall be liable for unpaid amount on shares only.
Private limited companies enjoys various tax advantages and claim various expenses like Salary to Directors, Professional Fees, Audit fees, Rent and Depreciation on its Assets.
Continuity of Existence
As Private limited companies are separate legal entities it enjoys perpetual succession which means continuation of its existence, unaffected by the death of any of its owner(s) or the transfer of its shares to a new entity.
As it is registered with the Ministry of Corporate Affairs (MCA)and is govern by the act, therefore it has more credibility as compared with other business like sole proprietorship or partnership
Most of the startups, require funding from venture capitalists (VCs). Funding would make VCs shareholders and give them a seat on the board of directors. These can be accommodated by a private limited company
Easy to Start
A Private Limited Company can be incorporated with minimum 2 directors by filing Spice E Form INC-32. Once the documents get verified, certificate of incorporation shall be issued by MCA within 2 to 3 days.
Mandatory Compliance’s of Private Limited Company Every Year
- Minimum number of board and general meetings as prescribed under the Act
- Statutory audit by a chartered accountant
- Filing of ITR
- Annual filings to registrar of companies
- Maintaining Minutes and statutory registers.
Documents Required For Private Limited Company Registration
- Passport size Photograph
- Copy of PAN card
- Copy of Aadhar Card
- Address Proof (Bank Statement/Mobile/Telephone Bill)
For Registered Office
- Copy of Electricity Bill
- Sale Deed (if owned)
- Copy of rent agreement (if rented)
New guidelines for selecting the name of a private limited company
- Name and object of the company could differ entirely and not necessarily to be in consonance with each other.
- Promoter can keep Company name on their initials and the same could be abbreviated.
- No need to change company name in case of business activity change.
- No need to obtain any sort of NOC whose name is being used in Company’s name.
Cost of Private Limited Company Registration
|Company Name Search||Nil|
|Stamping and Notary Charges||500
Note: Stamp duty Extra for States: Punjab, Kerala and Madhya Pradesh.
Private Limited Company vs OPC vs LLP- Which business form to choose
For any startup or Entrepreneur, it is the most crucial decision as to which form of entity they should register in India to do business. Here we have drafted some of the important points based on various factors to help you out in your decision making process:
|S. No.||Particulars||Private Limited||One person company||Limited Liability Company|
|1||Eligibility||Any individual may form a PLC||Only a natural person who is an Indian citizen and resident in India.|
shall be eligible to incorporate an OPC
|Any individual and body corporate may be a partner in LLP|
|2||Taxation||Taxed at 30% plus surcharge and cess as applicable.||Taxed at 30% plus surcharge and cess as applicable.||Taxed at 30% plus surcharge and cess as applicable.|
|3||Closure/Dissolution/Winding up||Can be initiated- Voluntarily, or By the Tribunal||Can be initiated- Voluntarily, or By the Tribunal||Can be initiated- Voluntarily by the partners or; By the Tribunal|
|4||Existence or Survivability||PLC is not dependent on the directors or shareholder. Can be dissolved only voluntarily or by Regulatory Authorities.||Existence of an OPC is not dependent on the Director or Nominee Director. Could be dissolved only voluntarily or by Regulatory Authorities.||LLP can continue its existence irrespective of changes in partners.|
|6||Statutory Audit||Compulsory||Compulsory||If Contribution > Rs 25lacs or, Turnover > Rs. 40lacs|
|Member – 1|
Director – 1
Nominee of Sole Member – 1
|Designated Partners – 2|
|8||Fund Raising Options||High||Low||Low|
Procedure Of Registering a Private Limited Company
Obtaining DSC and DIN1-2 Working Days
- Digital Signature Certificate(DSC) and Director Identification Number(DIN) is required of the proposed Directors and Subscribers of the Private Limited Company and it can be obtained within 1-2 working days by filing Form DIR-3 (DIN application).
Application for Name Approval3-4 Working Days
- After obtaining the DSC and DIN of the proposed subscribers and Directors, our team will get in touch for a unique name and along with that collect all the requisite documents in scan for the incorporation of the company through the SPICE i.e INC 32
Filing of Incorporation forms3-5 Working Days
- After the name approval and review of all the documents required, we will submit incorporation Forms to MCA and once it gets approved Certificate shall be issued by the ministry and we will send the MOA & AOA via mail and DSC through courier.
FAQ’s On Private Limited Company Registration
What is the minimum paid-up capital of a Private Limited Company?
What is the Memorandum of Association (MOA) and the Articles of Association (AOA) of a company and what is the procedure in their regard?
On receipt of the name approval letter from the ROC the MOA and the AOA are required to be drafted. The MOA states the main, ancillary / subsidiary and other objects of the proposed company. The AOA contains the rules and procedures for the routine conduct of the proposed company. It also states the authorized share capital of the proposed company and the names of its first / permanent directors. After the MOA and AOA are required to be stamped.
A stamp duty is required to be paid on the MOA and on the AOA. The stamp duty depends on the authorized share capital.
Can NRI’s/Foreign national become a director in Private Ltd Company?
We execute a free pilot/sample project to translate your vision and requirements into a coherent blueprint. This blueprint helps us evaluate the complexity of your project and adapt a solution to meet your requirements. We assess the number of resources and the number of hours it will take to deliver your project. This also helps the client to evaluate our capabilities, gaining mutual confidence which helps us build long term business associations before committing to a contract.
Yes, a NRI or a foreign national can become the director in the private limited company, subject to the condition that out of all the directors’ atleast one director should be resident in India for more than 182 days.
Apart from one condition above, there is no other condition attached to it.
How is the certificate of incorporation issued?
What are the documents required for bank account opening of Private Ltd Company?
Once the private limited company is formed, there are various documents which are required for bank account opening. The lists of documents required for opening the bank account are as follows:
- Certificate of Incorporation
- PAN Card Acknowledgement
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Board Resolution as per the format is given by Bank
- Bank Account opening form as per respective bank.
What are the documents to be filed with RoC every year?
Invariably, the Balance Sheet and Annual Return have to be filed every year. Other documents such as, Return of Allotment (Form No. Pas-3), Change of Registered office (Form No. INC-22), Change among the Directors (Form No. DIR-12), Charges (Form No. CHG- 1, 9, 4)etc., have to be filed within the due date from the events taking place in the company as per the Companies Act, 2013.
What is the minimum number of subscribers required for registration of a company?
Minimum no. of subscribers for One Person Company: One, Private Limited Company: Two, for Public Limited Company: Seven and for Producer company: Ten.
What is the minimum number of directors required to form a company?
Minimum no. of directors for One Person Company: One, Private Limited Company: Two, for Public Limited Company: Three and, for producer company: Five.
Can the form once submitted, be rectified by the company user?
Once filed, the eForm cannot be rectified. You may, however, re-submit the e-Form, if the concerned MCA office has marked the status of your SRN as ‘Required Re-submission’.
Could Pvt., (P), Ltd., etc. be used in place of the words Private or Limited in the proposed name(s) of the company while filing eForm INC-1?
You should use the words Private and/ or Limited in full only.