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The Companies Act in India has gone through a rampant change of amendments and new inclusions; the Companies Act of 1956 was replaced by the novel Companies Act, 2013. The new act had one of the major noteworthy inclusions like OPC (One Person Company). Through the new act, the start-ups get a push and recognition, but still, the private limited company is one of the major and most famous types of company in India. The process of Company Registration in Chennai is a little comprehensive one but the number of benefits one can reap through this is immense and never-ending. It has certain parameters which one has to follow while registering their company which is, minimum of two shareholders and directors are mandatory, after which anyone can be appointed as the director of the company irrespective of his or her nationality. Furthermore, the main reason one gets their company registered is that it attracts limited liability protection to the shareholders, which is also the most distinctive feature of a private limited company. Another important point that one has to keep in mind is choosing their business structure before they apply for company registration, this is because the taxation structure is directly dependent upon the business structure, and hence there are four major types of companies namely: One Person Company, Private Limited Company, Public Limited Company & Limited Liability Partnership. Hence it is extremely important to choose the business framework by the entrepreneur, on which the whole process of registration is dependent.
The process of Company Registration in Chennai has undergone a lot of changes from the Companies Act, 1956 to Companies Act, 2013, and the recent 2017 amendments in the Companies Act, the procedure of Company Registration in Chennai has been comparatively simplified from the old structure. For getting their Company Incorporation in Chennai one can approach professional services platforms like Company Vakil, and get their Company Registration in Chennai. It is always a better option to hire professionals to do such tasks, though the procedure of registration of Companies can be understood as the following :-
STEP 1: Searching and choosing Company Name – While registering for a company, an account is to be opened in the MCA (Ministry of Corporate Affairs), then one has to search for their company name by operating the RUN. While operating the RUN the applicant has to give 1000 rupees per search on a new application.
STEP 2: Reservation of Company Name- When the RUN has been successfully operated, and the applicant has come in terms with the name they'd like to register, they can get their reservation for the name. On the other hand, if the company name is unique then the applicant can directly fill the SPICe form without going through the whole process of RUN, the SPICe is a consolidated form and can be directly used for the reservation of name.
STEP 3: Incorporation - This is the final step of registration of a company, after registration of the company has been done with, the applicant has to submit their AOA and MOA (Articles of Association and Memorandum of Association, respectively). The same has to be produced with the documentary proof of PAN card or any other proof. This ensures the incorporation of the company.
For a Private Limited Company Registration in Chennai one has to keep the following crucial yet minimum requirements in their minds, for a successful registration. The following can be enumerated as:
Before submission of a document for Private Limited Company Registration in Chennai, the applicant has to be sure about the particulars of the documents that are being submitted, there should be no scope of discrepancy or else the registrar of companies can decline the application for company registration. The documents required by the Indian Nationals and Foreign Nationals are the same, but the documents by the latter have to be notarized or apostatized, depending upon their nationality in commonwealth countries. The documents required for Company Registration Chennai can be enumerated as
The following can be understood as the advantages of Pvt. Ltd. Company Registration in Chennai , which are –
The minimum number of shareholders in a private limited company should be 2, and a maximum of 50.
The minimum capital required for a company to be registered is 1,00,000.
The DIN stands for Digital Signature Certificate for directors
Only one name can be searched at a time while operating the RUN service.
Due to the recent amendments, the forms have been replaced by one consolidated form, SPICe.
The validity of the approved company is 20 days for a new company, and 60 days for an existing company.
A DIN is no longer compulsory, now any other universal identification number can also be used.
If a name is not approved by the SPICe form, then the application has to be filed afresh.
The opening of an account with the MCA is free of cost.
The incorporation fee is exempted if the share capital is less than 10,00,000 or if the company has less than 20 members.