A private Limited Company is one of the most endorsed and popular type of legal entity to do business in India .All the companies registered in India are govered by its Ministry of Corporate Affairs (MOC) . The various benefits make it the commonly preferred one by the business world .
1. Directors
A private company must have atleast two directors .One of the directors of the company must be an indian citizen and indian Resident .Only individuals can be designated as Directors of the company and it is mandatory to hold a DIN to become a Director .
2. Shareholders
It is also a requirement to have a minimum of atleast two shareholders .The shareholders can be natural persons or a an artificial legal entity .
3. Minimum Share Capital
No minimum capital is required to form a private limited company .
4. Unique Name
Selection of the company name is one of the pivotal step in the registration process .The proposed name must comply with the Company Name Availability Guidelines under Companies Act 2013.The selected names shouldn’t be similar to any existing company or Trademarks in India .
5. Registered Office
A registered office shall be the official address of the company where all the government notices , acknowledgements and legal communications are sent.
Registration procedure of a company in India is an Online process .The recent changes to the system has made it even easier to apply .The following are the steps;
1.Name Application
The first step towards the procedure is to apply for the company name. There are two options -
(i) Name Approval under RUN Application: In this method, a name approval application is made first and then the company registration process .
(ii) Name Approval under Spice Form: This method is to File an Integrated Company Registration Form. The Company name can be reserved through SPICe incorporation process.
SPICe+ (SPICe Plus)
MCA has replaced the previous Spice form to a new web form called Spice plus. A single application for Incorporation, name reservation, incorporation, DIN allotment, mandatory issue of PAN, TAN, EPFO, ESIC, Profession Tax (Maharashtra) and Opening of Bank Account. It will also facilitate allotment of GSTIN wherever so applied for by the Stakeholders.
2. Application for DSC (Digital Signature Certificate)
3. Application for DIN (Director identification Number)
4. Application for TAN and PAN for the company
Company Incorporation Process consists of the flowing E-Forms:
(i). e-FormINC-32 - Simplified Performa for Incorporating Company Electronically (SPICe)
(ii)e-Form-INC-33: e-Memorandum of Association (SPICeMoA)
(iii). e-Form INC-34: e-Articles of Association (SPICe AoA)
The documents that are attached in the aforesaid e forms has to be digitally signed with the Digital Signature Certificate (Dsc) of all the proposed shareholders.
The Central Registration Centre (CRC) processes the application and if found the details / documents are in order, the Central Registrar of Companies shall register the Company and issue the following:
1. Company Incorporation Certificate
2. DIN for Directors
3. Permanent Account Number (PAN
4. Tax Collection and Deduction Number (TAN) to the New Company.
The submission of appropriate proofs and Identity details are mandatory for a private company registration .The following documents are to be submitted by all the directors and shareholders of the company to be incorporated ;
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