Private Limited Company Registration in Chennai, Tamil Nadu

Online Company Registration Services in Chennai, Tamil Nadu

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.

Reasons to Register for Company Incorporation in Chennai, Tamil Nadu

1. Legal Recognition – Once the company has been registered according to the provisions of the Companies Act, it is legally recognized, it can constitute a suit collectively under its name and contest at a court, similarly a suit can be bought against the company by another third party. Other than this, due to legal recognition, it can seek a legal identity and operate a bank account collectively. This even makes the company valid in the eyes of law, where the law is well versed with the areas of operation of the entity.
2. Exclusive Operation – The Company can operate independently and individually, which makes the operation exclusive, nobody can even start another company under the same name, if they do so it will constitute of infringement.
3. Transfer of Ownership – Ownership is the most elastic component in a registered company, hence the ownership in the private limited company can be transferred easily by delegating shares from one party to the other. Also, the Private Limited Company remains unaffected due to the death of the members of the company; this doesn't affect the existence and foundation of the company at all.
4. Raise Equity Funds – This is a financial aspect of the registered private limited companies, on company registration, there is an ease of monetary and fiduciary transactions which makes it very convenient to issue shares and accept or withdraw deposits in the banks.
5. Property Benefits - A collective unit that a registered company is can easily buy, sell and mortgage any immovable or movable property, the registered company has a collective ownership over the aforesaid property.

Process of Pvt Ltd Company Registration in Chennai, Tamil Nadu

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.

Minimum Requirements for Online Company Registration in Chennai, Tamil Nadu

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:

1. The number of Members & Shareholders – It is a given when a private limited company is applying for registration they should have a minimum of 2 members while initiation of the company. The number of shareholdersin the company can be upto 50. The members of the company or the shareholders of the company shouldn’t be people employed in the company.
2. Minimum number of Directors – In a private limited company, it's a parameter that there should be a minimum number of two directors in the company. For the directors, they have designated a DIN which is the Director Identification Number.
3. Share Capital Requirements – For any private limited company, a minimum share capital of 1 Lakh Rupees is mandatory according to the guidelines for registration. Furthermore, it is also crucial that this share capital is divided into the equal number of share units.
4. Registered Name & Address – This is very important given the fact that the company to be registered has to have a name and address, this plays the role of identification as well as correspondence for the others.
5. MOA & AOA – When an applicant registers for their company, they mandatorily need to have their Memorandum of Association and Articles of Association. The MOA plays the role of the company's constitution, it has the detailed credentials of everything the company has been formed for including the object of the company, liabilities etc., all the members are expected to abide by the MOA. Furthermore, the AOA states the by-laws of the company; it states the relationships different members share with each other, and the moral conduct of the company etc.