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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.
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 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
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}
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
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.
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).
Yes, an NRI or Foreign National can become a Director in a Private limited company after obtaining Director Identification Number.
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.
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.
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.
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.
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.
What our clients have to say
We take pride! Not in our execution, But in your words. Here’s what keeps us going strong.
Had an outstanding experience working with RPG Legal to set up my company & Trademark Registration. Even minute details were explained and all aspects provided. Ready to support beyond hours, hat’s off guys. Special thanks to Ms Preet & Simran to assist us in stepping by step procedure and updating me on every stage.
D D Yadav
Director, Rosemoon Healthcare Private Limited
It was a very immeasurable experience in setting up my company. The team are professional & understands the need and executes at the pace needed. I really appreciate & recommend.
Prashant Singh
Director, ShiftPurple & Nextdot
Dedicated, supportive and understanding team…
What else do we need to get the jobs done? Thanks to RPG Legal for helping us. And I hope this will be maintained as you already established a great business relationship. Cheers.!!
Vaibhav Vishal Srivastava
Director, Certslearning Private Limited
Highly supporting system for new business.. Thank you RPG Legal for providing every type of business-related support to new in the field like me… and want to really appreciate the work of “Mr Anand” who provides us helpful advice each and every time related to our business.
Sumit Ghugharwal
Director, Ghugharmedia Private Limited
We’re using your services form the last three years. We are delighted with the way solutions are provided in matters we have endeavoured professional help. We admire the association and look forward to a similar experience in the years ahead.
Saajib Zaman
Founder, Proict LLC
We started with a Private Limited company incorporation for our Educational Institute. We have been taking the services from last two years and had an amazing service experience with the team. Smooth work everything was completed on time with perfection.