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Private Limited Company Registration !

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How to Register a Private Limited Company in India?

Today, the entire private limited company registration process and other regulatory filings are paperless; documents are filed electronically through the MCA website and is processed at the Central Registration Centre (CRC).

Private Limited Company Registration process is completely online. Upon completing all registration formalities, the Registrar of Companies’ issues a digitally signed Certificate of Incorporation (COI). Electronic certificates issued by the ministry can be verified by all stakeholders on the MCA website itself.

Incorporating a private limited company is a systematic process of collection and submission of details required as per the requirements of the Companies Act 2013 and as per the process defined by the Ministry of Corporate Affairs from time to time. Management of the process requires in-depth knowledge of legal requirements and not to mention, practical experience of the same

Why Register a Private limited company?

Shields from personal liability and protects from other risks and losses.

Offers liability protection to protect your company’s assets

Attracts more customers

Greater capital contribution and greater stability

Procures bank credits and good investment from reliable investors with ease.

Increases the potential to grow big and expand

why reg

How to incorporate a Private Company in India?

Private Limited Company registration is the most popular form of a ‘legal structure’ for all businesses in India. This type of company offers limited liability for its shareholders with certain restrictions placed on the ownership. An LLP has partners, who own and manage the business. Whereas in private limited company registration, directors may be different from shareholders. The Ministry of Corporate Affairs (MCA), introduced the SPICe form (Simplified Proforma for Incorporating a Company Electronically) or Form INC-32 that helps incorporate a company with a single application for reservation of name, incorporation of a new company, and application for allotment of DIN.

1. Meaning of Private Company:

“Private Company” means a [company having a minimum paid-up share capital (Omitted)] as may be prescribed, and which by its articles: – (i) restricts the right to transfer its shares; (ii) except in case of One Person Company, limits the number of its members to two hundred: Provided that where two or more persons hold one or more shares in a company jointly, they shall, for the purposes of this clause, be treated as a single member.

2. Law governing the process of Incorporation of the Company

In general, sections 4, 7, 12, 152, and 153 of the Companies Act, 2013 read with rules are applicable in the incorporation process of the company.

3. Point to be kept in mind before incorporation of Private Limited Company

The proposed name should not fall in the ambit of undesirable names specified in Rule 8 of Companies (Incorporation) Rules, 2014.

There must be at least 2 subscribers to the memorandum and the maximum number of members allowed is 200 members.

c. Minimum number of Directors required is 2 Directors with a maximum limit of up to 15 Directors. But a company may appoint more than 15 directors after passing a special resolution in a general meeting.
Every company shall have at least one director who has stayed in India for a total period of not less than 180 days in the previous calendar year as per section 149(3) of the Companies Act, 2013.

4.Private Company Incorporation Process

A. Obtaining Director Identification Number (DIN) and Digital Signature

The first step for the registration of a Private Limited Company is to obtain Director Identification Number (DIN) for the proposed Directors in the Private Limited Company. (Note: Maximum three Directors are allowed for using this integrated form for filing application of allotment of DIN while incorporating a company other than a Producer company. In the case of a Producer Company, a maximum of five directors are allowed to apply for allotment of DIN). And Digital Signature of the Directors and all subscribers to the memorandum of Private Limited Company is necessary.

B. Name reservation of Company

For all kinds of information and process regarding the name reservation of the company, you can get through our earlier written article

C. SPICe Form- Company Registration Procedure

This form is segregated into two parts:

Part -A: Name Application:

The user has the flexibility to apply for Part A & Part B together. He should do that only when he is sure of the name availability for which he has applied. If he is unsure, he must apply for Part A separately as mentioned above, and get the name approval. Thereafter, go ahead with the process of incorporation.

Part B: Procedure for incorporation:

Once the name applied in Part A gets approved, the details automatically get prefilled in Part B in all the linked forms. Then, fill in all necessary details in all linked forms such as AGILE-PRO, SPICe+ MOA, SPICe+ AOA, URC-1 (applicable in the case of conversion) INC-9 (as per applicability). Companies have to apply for a bank account also through this form only and You also have to take mandatory registrations like EPFO, ESIC, and Professional tax through this form only. Additionally, you can get GST registration through the same form, but it is not necessary.

D.Mandatory Attachments:

Directors' and subscribers' KYC documents such as Aadhar Card, Pan Card, Proof of address (not older than 2 months), photos, passports, etc.

Director Consent through form DIR-2
Registered Address proof such as Rent Agreement, Property Tax Receipt, NOC, and Bill (Not older than 2 months). Company Incorporation Process of the Private Company

E.Pr-scrutiny and Submission of the Incorporation Forms:

In the end, after everything is done, pre scrutinize the form. Once it is successful, submit the form. After that, download the Spice+ Form and all other forms linked to Spice, affix the DSC, and upload the same over the MCA portal.

f. Re submission/ Approval:

On approval of SPICe forms, the Certificate of Incorporation is issued with PAN as allotted by the Income Tax Department. An electronic mail with Certificate of Incorporation as an attachment along with PAN and TAN is also sent to the user. Further PAN card shall be issued by the Income Tax Department.

On the other hand, the authority can raise queries and send forms for resubmission. Then, you have to provide all asked information, clarification, and documents. Then again, download the updated Spice+ Form and other linked forms, affix the DSC, and re-upload the same over the MCA portal.

BENEFITS OF INCORPORATING A COMPANY

Registering a company offers many benefits. A registered company increases the authenticity of your business. It helps your business:

Shield from personal liability and protects from other risks and losses

Attract more customers
Procure bank credits and good investment from reliable investors with ease
Offers liability protection to protect your company’s assets
Greater capital contribution and greater stability
Increases the potential to grow big and expand

Features of a Private Limited Company

Members

To register a Private Limited Company in India a minimum of 2 members are required and a maximum of 200 members are required as per the provisions of the Companies Act,2013.

Limited liability to the partners

The liability of each member of the shareholders is limited. In case if the company is facing any loss under any circumstances then the shareholder is liable to sell Company's assets. His personal assets are not at risk here.

Perpetual succession:

The Private limited company that is once registered keeps on existing in the eyes of the law even in the case of death, bankruptcy, or insolvency of any of the members. The life of the company keeps on existing forever.

Number of Directors

A private limited company in India is required to have only two directors. With the existence of 2 directors, a private limited company can begin with its operations.

Memorandum of Association:

The Memorandum of Association represents the charter of the company. The MOA is the legal document that is prepared during the formation and the registration process of the company. The MOA specifies the relationship between the shareholders and it specifies the objectives for which the company is formed.

Articles of Association:

The AOA lays the rules and the regulations that are set for the internal management of the Company. The duties, rights, and powers of the management of the company are specified in the AOA. An article of association is a subsidiary of the Memorandum of association.

Checklist for Registering a Company in India

As defined by the Companies Act 2013, we must guarantee that the checklist requirements are met.

Two Directors:

A private limited company must have at least two directors, with a maximum of fifteen. A minimum of one of the company's directors must be a resident of India.

Unique Name:

The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India.

Minimum Capital Contribution:

There is no minimum capital amount for a company. A company should have an authorized capital of at least ₹1 lakh.

Registered Office:

The registered office of a company does not have to be a commercial space. Even a rented home can be the registered office, so long as an NOC is obtained from the landlord.

Registration Procedure Of Private Limited Company

Company registration in India benefits startups since it offers them an advantage over those who have not registered. The process of registering your company is complex and involves many compliances. However, you needn’t worry as long as you have Registerkaro as our professionals can help you with every step of the private limited company registration process.

Step 1: Obtain DSC
Step 2: Apply for the DIN
Step 3: Application for the name availability
Step 4: Submission of MoA and AoA to register a private limited company
Step 5: Apply for the PAN and TAN of the company
Step 6: RoC issues a certificate of incorporation with a PAN and TAN

What to keep in mind while Registering a Private limited Company?

Two Directors

A private limited company must have at least two directors and at most, there can be 15 directors. Among all the directors in the business, at least one must be a resident of India

Unique Name

The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India.

Minimum Capital Contribution

There is no minimum capital amount for a company. A company should have an authorized capital of at least

Rs. 1 lakh.

Registered Office

The registered office of a private limited company does not have to be a commercial space. Even a rented home can be the registered office, so long as an NOC is obtained from the landlord.

What to keep in mind

What Documents will you need to register your Company Online?

Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)

Scanned copy of Voter’s ID/Passport/Driver’s License

Scanned copy of the latest bank statement/telephone bill

Identity proof of director and

nominee(PAN card)

Scanned passport-sized photograph specimen signature

(Director Only)

Scanned copy of No-objection certificate from the property owner

Scanned copy of Sales/Property

deed in English (in case of owner

property)

How can we help in Registering your Private Limited Company in India?

The Private Limited Company registration process is completely online, so you don't even have to leave your home to get your entity registered. At RegisterKaro, we complete the entire private limited company registration online within 14 days.

RegisterKaro Private Limited Company Registration package includes:

DIN and DSC for two Directors
Drafting of MoA & AoA
Registration fees and stamp duty
Company Incorporation Certificate
Company PAN and TAN
ZohoBooks subscription

The Glossary

Amendment

An addition to, deletion from, or a change of existing provisions of the articles of incorporation of a domestic corporation.

Board of Directors

The governing body of a corporation who is elected by shareholders. The directors are responsible for selecting the officers and the supervision and general control of the corporation.

Certificate of Incorporation

The title of the document filed in many states to create a corporation. Also known as the articles of incorporation.

DSC

The DSC (Digital Signature Certificate) is an instrument issued by certifying authorities by which you can sign electronic documents. As all documents needed are electronic.

DIN

Director Identification Number

Dissolution

The statutory procedure that terminates the existence of a domestic corporation.

Incorporation

The act of creating or organizing a corporation under the laws of a specific jurisdiction.

Limited Liability Company (LLC)

An artificial entity created under and governed by the laws of the jurisdiction in which it was formed. Limited liability companies are generally able to provide the limited personal liability of corporations and the pass-through taxation of partnerships.

Limited Personal Liability

The protection generally afforded a corporate shareholder, limited partner or a member of a limited liability company from the debts of and claims against the company.

Name Reservation

A procedure that allows a company to obtain exclusive use of a corporate name for a specified period of time.