How long does it take to register a company online
A Private Limited Company is a privately held company for small businesses. The complete process to register a company online includes approval of Name, DIN and Incorporation which generally takes around 3 to 4 days at an estimate.
The estimated time taken is as follows:
- Approval of name through form INC-1 takes 6 days to 7 days
- Allocation of DIN through Form-DIR-3 takes 1 day to 2 days
- Incorporation of Company through INC-7 and INC-22 takes 7 to 10 days
Therefore, all taken into consideration, it takes about 15 to 20 days.
The following documents are essential to be submitted-
- Firstly, PAN Application
- Secondly, TAN Registration
- Furthermore, the filing of E-forms with the Registrar of Companies (ROC)
- Director Identification Numbers (2 numbers.)
- Digital Signature Certificates (2 numbers.)
- Name approval (INC- 1) which will include one re-submission
- Drafting of Memorandum of Association (MOA) & Articles of Association (AOA) of the company.
- The issue of Certificate of Incorporation of the company.
- Above all, it includes Government Fees & Stamp duty up to Rs. 1 Lakh Authorized Capital.
Steps to register a company online
Step 1: Procurement of Digital Signatures (DSC)
Digital signatures are essential to file the forms to register a company online. The registration process is over the internet and the forms need a digital signature on them. Above all, DSC is compulsory for all subscribers and witnesses in the memorandum of association and articles of association. You must procure the digital signature certificates from government recognized certifying agencies. The cost of procuring DSC differs accordingly depending upon the certifying agency. You must procure either Class- 2 or Class- 3 categories of Digital signatures. As per Class- 2 category, the identification of a person is verified against a pre-verified database on the other hand, as per Class- 3 categories, the person needs to present himself before the registering authority to establish the proof of their identity.
Step 2: Application for Director’s Identification Number (DIN)
DIN is the acronym of director’s identification number. It is essential to be procured by one who wants to be a Director of the company. One DIN is adequate to be a Director for any number of companies.
Step 3: Name Approval
To get the name approval, there are 2 ways, namely option 1 and option 2:
Option 1: Firstly, you can apply for the suggested name through INC- 32 (Incorporating Company) but only a single name can be applied to this form. Furthermore, it means you have to be sure of the suggested name and you should follow name availability regulations, existing trademarks to avoid rejection of the suggested name.
Option 2: Secondly, before filing INC-32, you may file Form INC-1 in which up to 6 names can be suggested and then you can process input the SRN of approved INC-1 into INC-32.
Most noteworthy, Filing through INC -32 is much speedier process than going via the INC-1 procedure. The whole process involving name approval and incorporation takes around 2–3 days working days.
Furthermore, if the name that you want is a bit difficult to obtain because there are companies with similar names, you should file Form INC-1 instead of form INC- 32.
Step 4: Register a company online through Form INC-32
Ministry of Company Affairs recently introduced Form INC-32. It is a simplified proforma to register a company online. It fulfills the following objects with the usage of a single application:
- Firstly, Application for allotment of DIN (Director Identification Number).
- Secondly, Reservation of company name.
- Furthermore, Incorporation of a new company.
Before May 2015, the registration of companies needed the filling up of several documents, some of them are: the DIR–3 for acquiring the DIN (Director Identification Number), INC-1 for procurement of a name, INC–7 for registering the company with the Memorandum of association and Articles of Association, INC–22 for the registered office and ultimately, Form DIR-12 for the directors of the company. Now, all of these forms have been merged together into one single form.
The digital signature of a professional is required to register a company online through Form INC-32. The professional must certify that all the details provided in the form are genuine and correct. The professional can be Chartered Accountant (CA), Company Secretary(CS), Cost Accountant or advocate.
Step 5: FORM INC-33 and INC-34
INC- 33 refers to an electronic (over the internet) Memorandum of Association and INC- 34 is the electronic Articles of Association over the web obtained. These forms have been inducted to simplify the process of company registration in India by providing the means to register a company online.
Above all, Memorandum signifies the charter of the company while articles of association contain the internal framework of rules and regulations of the company.
Earlier memorandum of association and articles of association were required to be filed physically and manually. But now these forms are filed online, i.e. over the internet on MCA portal as a linked form with form INC-32. Both these forms must contain the digital signature by subscribers to the Memorandum of association and Articles of Association.
Step 6: TAN and PAN Application
Through this only form INC- 32, you can also apply for company’s PAN and TAN by using the forms 49A for PAN and 49B for TAN, respectively. The system will auto-generate these forms after the compliance of INC- 32 form. All you have to do is download it, sign it digitally and upload both the forms on the MCA portal.
If all the information in the form is duly filled and complied along with the essential documents, MCA will authenticate the registration and a CIN (Corporate Identity Number) will be provided. You can also track this CIN number over the web on MCA portal.
If the number of subscribers to MoA (Memorandum of Association) and AoA (Articles of Association) of a PLC is more than seven the following forms have to be filed.
Summary
Ministry of corporate affairs of government through www.mca.gov.in which is its Electronic-Portal controls the compliance under the companies act and all company formation related formalities to register a company online must be done through this e portal.
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