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Private Limited Company Registration In India

Private Limited Company is the most prevailing and popular type of corporate legal entity in India for startups, having inherent capacity to scale its operations. Companies are incorporated & regulated under the Companies Act, 2013 and the Ministry of Corporate Affairs governs company registration in India. It is registered for pre-defined objects and owned by a group of members called shareholders and run by the person called directors. The separate management & ownership help both – the company and the management to focus on their potential works.

The company registration process is stringent enough to make this structure conceivable among others which makes fundraising or borrowing from external sources more accessible. The organization can raise equity capital from persons or entities interested in becoming a shareholder. A Company is a must for Entrepreneurs looking to raise money from angel investors, venture capital firms and private equity firms. Thus, Private Limited company is the preferred vehicle of business, for any industry or activities such as Trade, Service & Manufacturing.

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Advantages of Private Limited Company

Convenient & Easy

Nowadays, it is very easy to incorporate a Private limited company through mere filing simplified e-form (SPICe) electronically. The Ministry has also integrated the System with the CBDT. On approval of SPICe forms, the Certificate of Incorporation is issued with PAN and TAN as allotted by the Income Tax Department. More than 90% of applications are being approved within one working day.

Easy Fund Raising

The company registration process is stringent enough to make this structure conceivable among others which makes fundraising or borrowing from external sources more accessible. The organization can raise equity capital from persons or entities interested in becoming a shareholder. Private Limited Company is must for Entrepreneurs looking to raise money from angel investors, venture capital firms and private equity firms.

Separate Legal Existence

Once the Company registration is done and certificate of incorporation has issued, a legal entity is born in the eyes of the law. Private Limited company is separate from its owners and managers. The company operates on its own name by merely opening a bank account to own assets and enter into contract with parties. This also provides the right to sue third parties in case of any defaults.

No Minimum Capital

Companies Act, 2013 prescribes the minimum share capital for private company registration. Where the minimum criteria are provided to keep Rs 100,000 as Authorized Capital, the requirement of minimum paid-up capital has been removed by said Act. No minimum capital is prescribed, and it should be based on business requirements.

Rights Separation

Private Limited company owned by a group of members called share holders and run by the person called directors. The separate management & ownership help both the company and the management to focus on their potential works. The share holders assign responsibility to operate and run the company without losing control in the form of voting.

Limited Liability

Limited liability is a type of legal formation for an organization where a corporate loss of owners will not exceed the amount invested by them. Shareholders are legally responsible for the debts of a company only to the extent of the nominal value of their shares. In other words, Owners private assets are not at risk if the company fails.

Documents Required to Register a Private Limited Company

Documents (1)

Documents of Promoters/ Directors

Two colour photograph of each Promoter
Copy of PAN Card of each Promoter
Identity proof of each Promoter (Voter ID / Driving License/ Passport)
Latest address proof of each Promoter (Bank Statement / Electricity, Mobile, Telephone Bill)

Documents of Registered Address

Utility Bill in name of the owner to the establishment
NOC from the Owner of the establishment
Rent Agreement or
Lease deed, sale deed, Property Tax Receipt

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Process for Private Limited company Registration in India

Step 1 – Documentation and Questionnaire

Our Relationship Manager will reach out to you for the collection of the required information & documents of the promoter for registration of the Company. Data & documents can be submitted online. Once data is received, it is verified by our secretarial team and ensures that the documents are updated and accurate.

Step 2 – Obtaining Digital Signatures

The filing process starts with the issue of a digital signature for all the promoters of the proposed company. Our digital signature application is completely online and OTP based, the applicant would have to complete OTP verification and a video KYC check

Step 3 – Filing for Name Availability

The first step to incorporate Private Limited Company is the reservation of the name. RUN (Reserve Unique Name) form needs to file for ascertaining availability and reservation of the name of the Company. It is a web-based application form and where two names in order of preference can be filed with the Main object of the business. The proposed name must be unique and should not be similar to an existing company or LLP name or a Trademark

Step 4 – MOA and AOA drafting

Once the name is approved, We draft Memorandum of association and Articles of Associate. MOA is the legal document that needs to be filed with the Registrar of Companies at the time of incorporation of the Company. MOA also defines its relationship with shareholders. Memorandum of association is accessible to the public and describes the Company’s name, address of registered office, names of shareholders and the shareholding. AOA serves as the constitution of the Company that defines all the rules and regulations that must be complied by the Company.

Step 5 – Filing for Incorporation

Once the name of the business is deemed as reserved by the Registrar of Companies, an application for registration of Company along with the signed form & Documents need to file in Spice e-Form on MCA portal followed by paying the prescribed fee. The Government fee for company Registration depends on the proposed capital of the Company. On submission of the complete documents, the Registrar after satisfying will register the Company and will issue a certificate of incorporation. The Ministry has also integrated the System with the CBDT. On approval of SPICe forms, the Certificate of Incorporation is issued with PAN and TAN as allotted by the Income Tax Department. However, the physical PAN card is directly dispatched to the registered address of the Company.

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FREQUENTLY ASKED QUESTIONS

What are the minimum requirements to be a director in the Company?

A Private Limited shall have a minimum of two directors and maximum 20 (needs to be over 18 years), and they must be a natural person, and at least one of them shall be a resident in India. [body corporate may become a shareholder of Company}

Can a Private limited company incorporate for “Not-For-Profit” activities?

No, a Private Limited company can not incorporate for ‘Not-for-Profit’ activities. For “Not-For-Profit” activities, promoters can go for Section 8 company

What is a Digital Signature Certificate (DSC)?

DSC is a secure digital key that is issued by the certifying authorities to validate signing and certify the identity of the person electronically while filing documents in e-forms.

What is the Director Identification Number (DIN)?

Director Identification Number (DIN) is a unique identification number and allotted by the Ministry of corporate affairs to the person who wishes to appoint as a director of a Company. DIN never expires, and a person can have only one Director Identification Number (DIN).

Can an NRI or Foreign National become a Director in a Private limited company?

Yes, an NRI or Foreign National can become a Director in a Private limited company after obtaining Director Identification Number.

Can Virtual Office or Co-working office addresses be registered as an office of the Company?

Companies need a physical mailing address to register their businesses. A registered office address is required at the time of incorporation and must be maintained by the Company. Every Company needs to maintain books of account and statutory records at its registered office. Hence it should be a lockable area.

how much time will be taken to register a private limited company?

What are the applicable income tax rates for a Private Limited Company ?

Private Limited Companies are treated as a separate legal entity and must also register as a taxpayer on its own. Private Limited companies are taxed at a rate of 22.5% on taxable income.

What is authorised capital of the private limited Company?

The Authorized Capital means a maximum amount of capital that a company can raise through the issue of shares to the shareholders.
Authorised capital can be increased at any point of time in future by following necessary steps as prescribed in the Companies Act 2013.

What is Paid capital of the private limited Company?

Paid-up capital is an amount of money which has received from shareholders in exchange for shares issued to the shareholders and payment was made by the shareholders.