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What are the steps to register a private limited company?

1. Decide the Key Elements of the Company

  • Company Name: Choose a unique name that adheres to the Companies (Incorporation) Rules, 2014. The name must end with “Private Limited”.
  • Registered Office Address: Decide the location where the company will be registered.
  • Shareholders and Directors:
    • Minimum of 2 shareholders and 2 directors.
    • Maximum of 200 shareholders.
    • At least one director must be a resident of India (lived in India for at least 182 days in the preceding year).

2. Obtain Digital Signature Certificate (DSC)

  • All directors must obtain a Class 3 Digital Signature Certificate (DSC) to digitally sign forms during the registration process.
  • Authorized Certifying Agencies (CA) issue DSCs.

3. Apply for Director Identification Number (DIN)

  • Apply for DIN for all proposed directors through the SPICe+ Form (Simplified Proforma for Incorporating Company Electronically).
  • If the directors already have DIN, this step can be skipped.

4. Reserve the Company Name

  • Use the RUN (Reserve Unique Name) service or the SPICe+ Part A form available on the MCA portal to reserve the proposed company name.
  • The name must:
    • Not be identical to an existing company or trademark.
    • Follow the naming guidelines by MCA.

5. Draft the Memorandum and Articles of Association (MOA & AOA)

  • Memorandum of Association (MOA): Specifies the objectives and scope of the company.
  • Articles of Association (AOA): Contains rules for the company’s internal management.
  • These documents need to be digitally signed by all subscribers (shareholders) and filed during incorporation.

6. File SPICe+ Form for Incorporation

  • The SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) form is a comprehensive form for company incorporation, available on the MCA portal.
  • Steps to File SPICe+:
    1. Log in to the MCA portal 
    2. Select SPICe+ (Part A) to reserve the company name.
    3. Move to SPICe+ (Part B) for incorporation and other registrations (e.g., GST, EPFO, ESIC).
  • Attach the required documents (see below).
  • Digitally sign the form using DSC.

7. Obtain PAN and TAN

  • As part of the SPICe+ form, PAN and TAN are automatically generated for the company.

8. Pay Registration Fees

  • Pay the applicable registration and stamp duty fees based on the authorized share capital.

9. Certificate of Incorporation

  • Once the Registrar of Companies (ROC) verifies the application, you will receive the Certificate of Incorporation (COI).
  • The COI includes the Corporate Identification Number (CIN) of the company.

10. Post-Incorporation Compliance

  • Open a Bank Account: Use the Certificate of Incorporation, MOA, AOA, and PAN to open a bank account in the company’s name.
  • Issue Share Certificates: All shareholders must receive share certificates.
  • Statutory Registers: Maintain registers of members, directors, and share transfers.
  • Appointment of Auditor: Appoint the first auditor within 30 days of incorporation.

Documents Required

From Directors and Shareholders:

  1. PAN Card: Mandatory for Indian nationals.
  2. Identity Proof: Aadhaar card, passport, voter ID, or driving license.
  3. Address Proof: Bank statement, utility bill, or telephone bill (not older than 2 months).
  4. Passport: Mandatory for foreign nationals.

For Registered Office:

  1. Proof of address (utility bill, rent agreement, or ownership document).
  2. NOC (No Objection Certificate) from the property owner.

For the Company:

  1. MOA and AOA.
  2. Declaration by the directors and subscribers (INC-9).

Timeline

  • The registration process typically takes 7-10 working days, provided all documents are in order.

Key Benefits of Private Limited Company

  1. Separate Legal Entity: The company is distinct from its shareholders and directors.
  2. Limited Liability: Shareholders’ liability is limited to their shareholding.
  3. Easy Fundraising: Preferred by investors for equity funding.
  4. Perpetual Succession: The company’s existence is not affected by changes in ownership.

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