Private Limited Company Registration – Process & Documents Required
Overview of Private Limited Company
Private Limited Company is the most prevalent corporate legal entity in India. Its registration is governed by the Ministry of Corporate Affairs, Companies Act, 2013 and the Companies Incorporation Rules, 2014. The private limited company itself defines that these are companies which have limited liability and is very personal. It is a registered corporate structure, that provides business a separate legal identity from its owners. Hence, providing key advantages like the ability to contract in its own name, and safeguard personal assets of the owners from business liabilities. However, now the companies & their name approval for every state is handled by a Special Central Registration Center which is Manesar, Haryana India. The complete process of company registration is digitalized. 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.
Before registering a company, a person should know its process:
- Obtaining Digital Signature Certificate (DSC) for All Directors and Subscribers,
- Application for name availability in form RUN
- Preparation of E-Memorandum of Association & E-Articles of Association
- Filing of SPICe 32 Form
- Registration of Company.
- Issuance of PAN & TAN.
Documents and information required:-
Private Limited Company Registration in for easy steps
- Information required for approval of name for the proposed company:- Suggested name for the proposed company
- Details of the Directors (Promoters), (E-mail ID, occupation, Qualification and phone number)
- Address of the registered office of the company and ownership proof of the address-Gas Bill/Electricity Bill/telephone Bill(not be older than 2month)
- Proposed objects of the company
- Sharing ratio of Proposed directors
- 2 photographs of each proposed Directors
- PAN card (Mandatory) of each proposed Directors
- Proof of identity: Passport/voter id /D.L.
- Proof of residential: Telephone Bill/Mobile bill/Electricity bill/Bank statement. (not be older than 2month)
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1. Is it necessary to have 2 directors for Private Limited Company Registration?
Yes, you need a minimum of two directors for a private limited company. The maximum members can be 200. If you are the sole owner, you can register as a One Person Company.
2. Who can be a member in Private Limited Company?
Any individual/organization can become the member of the private limited company including foreigners/NRI. However, the individual must 18+ above in terms of age and should have a valid PAN card.
3. For incorporation of private limited company do I have to be present in person??
The entire procedure is 100% online and you don’t have to be present at our office or any other office for incorporation. A scanned copy of documents has to be sent via mail. They get the company incorporation certificate from MCA via courier at their business address.
4. Are there any other payments to be made for incorporation certificate in addition to fee paid at the time of registration?
The entire procedure is 100% online and you don’t have to be present at our office or any other office for incorporation. A scanned copy of documents has to be sent via mail. They get the company incorporation certificate from MCA via courier at their business address. There is absolutely no other payment. Our charges are inclusive of everything. We will send you an invoice with no hidden charges. Our team provides you support till you get your bank account.
5. What is the time taken by taracorporate.com in forming a Private Limited Company?
taracorporate.com can incorporate a Private Limited Company within 15-25 days. The time took also depends on relevant documents provided by the applicant and speed of approvals from government. To ensure speedy registration, please pick a unique name for the proposed Company and make sure you have all the required documents prior to starting the registration process.
6. Can NRIs/Foreign Nationals become a Director in Private Limited Company?
Yes, an NRI or Foreign National can become a Director in a Private Limited Company. They can get a DPIN from Indian ROC. Also, they can be a majority shareholder in the company. But, at least one Director on the Board of Directors must be an Indian Resident.
7. What is the minimum capital required for forming a private limited company?
You need to start the company with a minimum capital of Rs. 100,000. However, you neednot pay this amount to the bank. You can also show that the capital has been utilised as the pre-incorporation expenses of the startups e.g, private limited registration expenses. You can also show this capital has been infused in form of assets such as computers etc.
8. Do I need a proper office address to start a company?
No, you don’t need a proper office. You can even register your company at your residential address. It is perfectly legal to start the company at your home or in your garage. MCA team typically doesn’t visit your office.
9. What if I have only one director for my Private limited company?
Well, you can get someone from your family or friend circle as the second direction and give them marginal share, e.g, 0.01%. You also have the option to register a One person company, but it will not be possible to add directors in OPC later
10. Why a Private limited company is called a separate Legal Entity?
A company is a legal entity and a different person established under the Act. A company is treated as a different person which can own property and have creditors or debts. The members (Shareholders/Directors) of a company will have no liability to creditors of a company in case the company is unable to pay the debts.
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