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An Overview
A Private limited company is a business entity offering limited owner liability. It is apt for a small number of shareholders and allows up to 200 members along with flexibility in shares and shareholdings
One of the most highly recommended methods for starting a business in India is to establish a private limited company, which provides its shareholders with limited liability while imposing certain ownership restrictions. When it is LLP, the partners will manage it. On the other hand, a private limited company registration allows for directors and shareholders to be separate entities.
As your dependable legal advisor, True Auditor offers a cost-efficient service for registering your company in India. We handle all legal procedures and ensure compliance with the regulations set forth by the Ministry of Corporate Affairs (MCA). Upon successful completion of the Pvt Ltd company registration process, we provide you with an Incorporation certificate (CoI), as well as PAN and TAN documents. With these in hand, you can easily establish a current bank account and commence your business operations.
What is a Private Limited Company in India?
In India, it’s a privately held company with limited liability, one of the most preferred business structures. A private limited company enjoys advantages like limited liability protection, easy formation and maintenance, and being recognized as a separate legal entity. True Auditor assists in registering private limited companies online in India, ensuring compliance with the law.
Types of Private Limited Companies:
- Company Limited by Shares: Shareholders’ liability is limited to the nominal share amount mentioned in the Memorandum of Association.
- Company Limited by Guarantee: Member liability is limited to the amount of guarantee specified in the Memorandum of Association. This guarantee is invoked only during winding up.
- Unlimited Companies: Members of unlimited companies have unlimited personal liability for the company’s debts and liabilities. However, they are still considered a separate legal entity, and individual members cannot be sued. – rephrase it with alternative words
Benefits Of Pvt Ltd Company Registration
There are numerous advantages to registering a company. By doing so, you enhance the credibility of your business, which can lead to increased consumer trust. Additionally, company registration online can provide various benefits that can help your business to grow and succeed.
- 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
How To Register A Pvt Ltd Company?
Registering a Pvt Ltd company in India has become incredibly convenient and accessible. At True Auditor, we have simplified the process to ensure a seamless experience, whether you want to register a private limited company or any other business structure. You can gain comprehensive insights into the registration procedure with few essential steps. The online registration system has made the entire process user-friendly and streamlined, eliminating any hassles.
Process of Registering Private Limited Company in India:-
Registering a company in India follows a straightforward process consisting of several key steps:
Step 1: Obtain a Digital Signature Certificate (DSC) Every director and shareholder must acquire a Digital Signature Certificate (DSC). This involves providing necessary personal details such as passport-sized photographs, PAN card, Aadhaar Card, contact number, and email address. Foreign nationals may also need to provide notarized and apostilled documents if applicable. You can get your DSC at a low price in True Auditor
Step 2: Obtain a Director Identification Number (DIN) Directors intending to serve on the company’s board must obtain a Director Identification Number (DIN), a unique identifier essential for directors. DIN details are required during the registration process.
Step 3: Reserve a Unique Company Name (SPICe+ Part A) Initiate the registration process by completing the SPICe+ Part A form to secure a distinctive company name. This involves selecting the company type, category, and sub-category, specifying the primary industrial activity, and providing a comprehensive business description. You’ll need to propose two names for approval.
Step 4: Provide Company Details (SPICe+ Part B) Submit detailed information regarding capital, registered office address, subscriber and directors’ details, stamp duty, PAN and TAN application, and necessary attachments. Ensure compliance with the Companies Act 2013 and obtain digital signatures from assisting professionals.
Step 5: Prepare and Submit Incorporation Forms (SPICe+ MOA and AOA) Draft the Memorandum of Association (MOA) and Articles of Association (AOA) containing essential company details. Obtain digital signatures from subscribers and professionals before submitting these documents to the Ministry of Corporate Affairs (MCA) for approval.
Additionally, file the AGILE-PRO-S form to register for GST, EPFO, ESIC, open a bank account, and obtain a shop and establishment license, if required by the state.
The MCA will issue the Certificate of Incorporation (COI) along with the Company Identification Number (CIN), PAN, and TAN Upon successful document verification.
Why Is It Important To Choose The Right Business Structure?
Choosing the right business structure is crucial for several reasons:
Legal Compliance: Different business structures have varying legal requirements. Selecting the appropriate structure ensures compliance with relevant laws, regulations, and taxation norms in India.
Liability Protection: The right structure can help safeguard personal assets from business liabilities. For instance, forming a limited liability partnership or a private limited company provides limited liability protection to its owners, shielding personal assets from business debts.
Tax Implications: Each business structure has its own tax implications. Opting for the right structure can help minimise tax liabilities and take advantage of available tax benefits and incentives, ultimately maximising profits.
Funding Opportunities: The choice of business structure can impact the ease of raising capital. For example, a private limited company can issue shares, making it more attractive to investors and lenders.
Operational Flexibility: Different structures offer varying degrees of operational flexibility. Choosing the right structure allows business owners to define roles, responsibilities, and decision-making processes according to their needs.
Long-Term Goals: The business structure should align with your long-term goals. It should facilitate growth, expansion, and eventual exit strategies such as mergers, acquisitions, or going public.
Name And Capital Of The Company
Selecting a company name involves a creative process influenced by factors like industry, target audience, and personal preference. The capital of a company can fluctuate significantly and is determined by the resources and investments necessary for initiating and running the business.
Private Limited Company Registration Compliances
After the process of company registration in India, it is necessary to adhere to various compliance regulations in order to avoid potential fines and legal repercussions. Some of the key post-registration requirements include:
Auditor Appointment: Within 30 days of company incorporation, every Indian company must appoint a practising, certified, and registered Chartered Accountant(CA).
Director DIN KYC: Every year, individuals who possess a Director Identification Number (DIN) should undergo a DIN KYC process. During the company incorporation process, the company can get the DIN. This helps to verify the phone number and email address on file with the MCA.
Commencement of Business: The shareholders of the company must deposit the subscription amount specified in the MOA within 180 days of incorporation, and the company must create a bank current account. Therefore, to receive a business incorporation certificate, the shareholders of a company established with a paid-up capital of ₹1 lakh must deposit ₹1 lakh into the company’s bank account. They should also file a copy of the bank statement with the MCA.
MCA Annual Filings: Every financial year, the MCA must get a copy of the financial statements from each company registered in India. A corporation that incorporates between January and March may elect to include the first MCA annual return in the annual filing for the following fiscal year. Forms MGT-7 and AOC-4 are the components of the MCA yearly return. The Directors and a working professional must digitally sign both of these documents.
Income Tax Filing: Every financial year, businesses should file an income tax return using form ITR-6. The business should file the income tax before the deadline for each financial year, irrespective of the date of incorporation. The company’s income tax return must be digitally signed using the director’s digital signature.
Documents Required For Online Company Registration
The MCA requires proper identity and address proof for private limited company registration in India. The following documents are the requirements for registering a company in India:
- Identity and Address Proof
- Scanned copy of PAN card or passport (foreign nationals & NRIs)
- Scanned copy of voter ID/passport/driving license
- Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
- Scanned passport-sized photograph specimen signature (blank document with signature [directors only)
- Registered Office Proof
- Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
- Scanned copy of notarised rental agreement in English
- Scanned copy of no-objection certificate from the property owner
- Scanned copy of sale deed/property deed in English (in case of owned property)
Note: Your registered office need not be a commercial space; it can be your residence too.
Pvt Ltd Company Registration Fees
At True Auditor, we provide comprehensive services for private limited company registration in India. The registration fee for a private limited company can vary depending on factors such as authorized capital, state-specific requirements, and other incidental expenses.
To get an accurate assessment of the registration fees applicable to your specific situation and state, we recommend talk to experts. They will guide you through the registration process, provide a breakdown of the fees involved, and assist you in meeting all the necessary requirements.
Advantages of Private Limited Company:
A Private Limited Company is one of India’s most popular business structures. It offers several advantages and some disadvantages, let us explain.- Limited Liability:Shareholders’ responsibility is restricted to the extent of their capital contribution, safeguarding personal assets from the company’s financial obligations and liabilities.
- Distinct Legal Identity: A Private Limited Company possesses an independent legal identity distinct from its proprietors. It has the capacity to own assets, engage in contractual agreements, and initiate or defend legal actions under its own name.
- Continuous Existence:The company’s existence persists irrespective of shifts in shareholders or directors. Its existence is not contingent upon the lifespan of its associates.
- Ease of Funding:Raising capital by issuing shares to investors, venture capitalists, or angel investors is easier. This structure attracts external investment.
- Tax Benefits:Private Limited Companies may qualify for various tax benefits and exemptions, making them tax-efficient entities.
- Credibility and Trust: Having “Pvt. Ltd.” in your company name often instills more confidence and trust in customers, suppliers, and partners.
Disadvantages of a Private Limited Company:
- Compliance Burden: Face regulatory demands, including financial reporting, filings, and audits.
- Complex Setup: Process and cost for managing are higher than more superficial structures.
- Share Limits: Restricted share transfers; max 200 shareholders in India.
- Public Disclosure: Financial info is publicly viewable, impacting privacy.
- Exit Complexity: Selling or leaving is more complicated than with other structures.
- Slower Decisions: The involvement of shareholders and directors may slow choices.
Why Choose True Auditor for Registering Your Private Limited Company:-
True Auditor, a top-notch Private Limited company registration service provider in India, simplifies the process of registering a private limited company with unmatched efficiency and expertise. Committed to client satisfaction, True Auditor offers a smooth and transparent approach to navigating the complexities of company registration.
Our experienced professionals guide clients through every step, ensuring compliance with Indian regulatory requirements. From obtaining Director Identification Numbers (DIN) and Digital Signatures to drafting the Memorandum of Association (MOA) and Articles of Association (AOA), True Auditor handles all aspects of private limited company registration.
Opting for True Auditor for private limited company registration in India guarantees a quick, compliant, and stress-free experience, enabling entrepreneurs to concentrate on building and expanding their businesses at a price you ever imagined
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