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TotalBuy Now Rs 9910.00
*Above mentioned government fees is calculated on minimum capital of Rs 1,00,000.
Stamp duty Extra for States: Punjab, Kerala, Madhya Pradesh
Charges extra for NRI/Foreign Directors, or Foreign shareholding companies. Timelines would also be significantly higher
A company is an association of persons who share a common goal. A Private Limited Company is a corporate legal entity. It is one of the most popular and easy to form of privately held small business entity in India. The word 'Private' denotes that a Private Limited Company cannot invite the Public to purchase its Shares and the word 'Limited' denotes that the Liability of the Shareholders and Directors is Limited.
This type of business entity limits owner liability to their shares, limits the number of shareholders to 50, and restricts shareholders from publicly trading shares. It has a Minimum of two members and a maximum of 200 members. It is governed by the Companies Act, 2013, Ministry of Corporate Affairs, and the Companies Incorporation Rules, 2014.
To register a private limited company, a minimum of two shareholders and two directors are required. A natural person can be both a director and shareholder, while a corporate legal entity can only be a shareholder. Further, foreign nationals, foreign corporate entities or NRIs are allowed to be Directors and/or Shareholders of a Company with Foreign Direct Investment, making it the preferred choice of entity for foreign promoters.
Registering a private limited company is a crucial part. Registration provides a asset of advantages to the company.
Some of the salient features of a private limited company are limited liability, perpetual succession, corporate legal entity, trustworthiness, capital funding and raising, easy transferability, etc. Register a Pvt Ltd company from Jaipur, Mumbai, Bangalore, Tamilnadu, Gurugram, GOA, Haryana, Gujarat, West Bengal, assam, Pune, Kerala, Ahmedabad, Delhi, Indore, Kolkata, karnataka, maharashtra, uttar pradesh, telangana, coimbatore, patiala, chennai etc with Companyvakil.
Private limited form of incorporation is ideal for start-ups and growing businesses
Registering a Private Limited Company facilitates credibility of the business. Nowadays, customers, vendors and investors look for credibility in the business entity before dealing. It creates a professional image and boosts the business value. Most importantly, registration ensures brand uniqueness and also eliminates duplication in the market.
A Private Limited Company has more credibility than a sole proprietorship or a partnership firm. The registration process authenticates the existence of business thus improving the credibility of the company.
A registered Private Limited Company can convert its structure into a Public Limited Company. This helps to company to have a broader access to the market.
Protection of Personal Assets
Registering the business as a Private limited company allows limited liability. In case of a wind up, only the assets of the business can be taken away by the creditors. They cannot touch the personal assets of the members.
For any new business enterprise, funding is a very crucial aspect of establishing, maintaining and growing a business. For a business to grow quickly, it needs to have all types of funding which can be made available.
Registered Private Limited Company attracts more investors as the registration process authenticates the existence of business.
The process for registration of a private limited company is a simple 4 stage process. The following stages are involved in the process of registration:-
Obtain Digital Signature Certificate (DSC)
The first and foremost step involves the procuring of the digital signature certificate which is nothing but e-signature certificate which is issued by the Certifying Authority in token form and is valid for 1 or 2 years. All the proposed directors of the company are required to apply for the digital signature i.e. DSC.
Obtain Director Identification Number (DIN)
A registered Private Limited Company can convert its structure into a Public Limited Company. This helps to company to have a broader access to the market.Directors Identification number is a unique eight-digit number which is a mandatory requirement for all the directors of the company. Ministry of corporate affairs allots a DIN to every director of the company with a lifetime validity without which one cannot be a director.
Reservation and Approval of Name
Once the DIN and DSC of the directors are obtained, a list of 1 to 6 proposed names of the company is submitted to MCA for approval. Some of the considerations before selecting the name are:-
Certificate of Incorporation
After the stage of Name Approval, a Memorandum of association and Articles of association for the company is drafted. Both MoA and AoA are charter document for a Private Limited Company. All the incorporation documents need to be submitted with the prescribed e-form SPICE 32 along with the AOA, MOA and subscription statement. Once all the documents are duly verified and approved by the government, the certificate of incorporation is emailed to the applicant by the Registrar under his seal and signature.
The Certificate of Incorporation (CoI) issued will include the date of incorporation as well as the Permanent Account Number (PAN) of the company.
The applicant is now ready to start his/her business!
Formation of a Private Limited Company requires a minimum of 2 members thus making the formation flexible.
A Private Limited Company apart from being easy to form is easy to register, manage and run. The registration process takes around 7 to 10 days and a company is ready to do its business. It offers the flexibility of a partnership firm and the advantages of a Public Ltd Company.
The liability of each member or shareholders is limited. This means that as a shareholder one will be liable to pay for company’s liability only to the extent of the contribution made by such person.
The company keeps on existing in the eyes of law even in the case of death, insolvency, the bankruptcy of any of its members. This leads to perpetual succession of the company. The life of the company keeps on existing forever.
Distinct Legal Entity
A Private Limited Company is legal entity and artificial person established under the Companies Act. This means that the Company is responsible for the management of its assets and liabilities, debtors and creditors. A member (Shareholders/Directors) of a company has no personal liability to the creditors of a company for company’s debts.
Expansion and Convertibility
There is a higher scope of expansion because it is easy to raise capital from the financial institutes. And a Private Limited Company can be converted into other forms of business as well; it can be converted into a Public Limited Company, Nidhi Company, etc.
A Private Limited Company is also easy to wind up and dissolve.
A Private Limited Company has Legal formalities like Filing the Annual Returns, Income Tax Filings, Meetings, Records of Meetings, Invitation for the Meetings, Shareholders Meetings, Separate Directors Meetings, etc.
Avoiding the Legal formalities will result in high penalties and even imprisonment of Directors.
A Private limited company restricts transferability of shares by its articles. Shares cannot be sold or transferred to anyone without the consent of the Board of Directors. Further a shareholder must make an offer to the existing shareholders of the company before selling it to an outsider.
A Minimum Authorised Share Capital Rs. 100,000 (INR One Lac) is required for forming a Private Limited Company. This amount is to be deposited by the shareholder in decided share percentage in the bank account of company. Then the same amount can be used by the company for its operations.
Restricted Access to Capital Markets
A Private Limited Company cannot get its shares listed in any stock exchange through initial public offerings. With this restriction, private limited companies may find it difficult to attract outside investors to buy the shares.
A Private Limited Company has to conduct a Compulsory Audit every financial year.
Selection of Name
The availability of name becomes a problem as the applicants might not get the preferred name of the company as certain guidelines are to be followed while selecting the name of the company.
Comparatively Complicated than LLP
Formation of a Private Limited Company is comparatively complicated as well as costly as compared to the formation of a Limited Liability Partnership. (LLP)
In a Private Limited Company, profits are to be shared amongst larger number of people as it has many shareholders.
Registered Office Proof
No Objection Certificate (NOC) from the owner. Utility bill (not older than two months) and Notarized Rent agreement (if it is a rented property)/Registered Proof or House Tax Receipt (in case of owned property)
Latest Bank statement/Utility bill in the name of director which should not be older then two months
ID Proof and Passport size photo
Scanned copy of Passport size Photograph, PAN Card & Aadhar Card of all directors/Voter ID/Passport/Driving License
Digital signature for two directors to digitally sign the documents
PAN Number of the company to open a bank account and for filling Income Tax Returns
Certificate of incorporation bearing company's registration number and details
2 DIRECTOR IDENTIFICATION NUMBER, a unique identification number alloted to each director
MOA & AOA
Defines the Rules and Objectives of the Business
DSC is an electronic online signature issued by licensed certifying authorities. All the proposed directors of the company are required to apply for the digital signature (DSC), it is necessary for digitally signing the electronic incorporation documents.
Directors Identification number is a unique eight-digit number which is a mandatory requirement for all the directors of the company. Ministry of corporate affairs allots a DIN to every director of the company with a lifetime validity without which one cannot be a director.
Once we obtain the DIN and DSC of the directors, a list of 1 to 6 proposed names of the company will be will be submitted to MCA for approval. We will conduct a prior search for your name availability through our unique search portal. We get your company name approved subject to availability and naming guidelines.
After the stage of Name Approval, we draft a Memorandum of association and Articles of association for your company. All the incorporation documents need to be submitted with the prescribed e-form SPICe 32 along with the AOA, MOA and subscription statement. Once all the documents are duly verified and approved by the government, the certificate of incorporation is emailed to you. During which, we will apply for PAN and TAN of your company.
We are India`s one stop tech legal registration platform aimed on making legal registrations efficient and affordable to end user, i.e. individuals, entrepreneurs or business owners.
CompanyVakil with the help of technology and experts such as lawyers, Chartered accountants, company secretary makes registration error-free and seamless.
We provide variety of services such as Company registration, trademark registration, copyright, udhyog aadhaar (MSME), GST registration, Import Export Code Registration etc. Register private Limited company online from Jaipur, Mumbai, Bangalore, Tamilnadu, Gurugram, GOA, Haryana, Gujarat, West Bengal, assam, Pune, Kerala, Ahmedabad, Delhi, Indore, Kolkata, karnataka, maharashtra, uttar pradesh, telangana, coimbatore, patiala, chennai etc with Companyvakil.
Legal Experts at your Fingertips – At companyvakil all your queries are handled by experts at every stage, we have a team of lawyers, chartered accounts and company secretary to help you till your service is fulfilled
Money Back Guarantee – CompanyVakil believes strongly in Customer satisfaction, and all our associates and professionals make sure you are provided with all the information required at every stage. Yet if you are not satisfied with the service provided we shall refund you the money.
Seamless Process – Through CompanyVakil we try to make the process of registration as convenient and seamless as possible. With options like trademark and company search bar it is a breeze for a user to search the right name for their company.
Customer redressal – We at CompanyVakil give upmost importance to customer’s satisfaction, that said we have a customer redressal team setup that outranks every other legal portal in the country, with an option to chat with our CEO if our team fails to fulfill your query.
No office/physical Visits are required, it’s a 100% Online Process, and all the necessary Documents will be exchanged through email.
Minimum 2 or Maximum 200 Shareholders are required for Company Incorporation.
Any Individual beyond the age of 18 Years can be a Director in a Company. NRI’s & Foreign Nationals can also Start and Manage a Private Limited Company as there is no Restriction on Citizenship or Residential Status.
Minimum 2 and Maximum 15 Directors are required to incorporate a private ltd. Company.
Yes, you can become a Company’s Director. If the Employment Contract allows you to do so. There are no Legal Limitation in this regard.
Authorised Capital is the maximum Amount of Equity Share that can be Issued by a Pvt. Ltd. Co. and Paid UP Capital is the total amount of Shares issued to the Shareholders. Authorized Capital can be Raised anytime after Commencement of a Company to issue more Shares to the Shareholders.
DSC is Considered an Identity of a Directors, its an Electronically Encrypted Signature unique to a particular person and has been made Mandatory by MCA for all the Directors of a Company.
Pvt Ltd. Co. is Considered as the best option for any Startup because of the following Reasons :-
1. It shows a Startup’s Credibility and a Long Term Business Goal. 2. Limited Liability i.e. it is Limited to the Value of Shares Allotted 3. Minimum 2 Directors/Shareholders are required to incorporate a Pvt. Ltd. Co. 4. It’s majorly a Pre – Requisite for getting Funding . 5. Can be converted into a public Limited as it Grows. 6. Limited Annual Compliance