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Private Limited Company Registration
Private Limited Company is the most popular type of business entity in India. Over 20 lakhs companies have been registered in India as of October 2020 and 12 lakhs companies are classified as active. All companies registered in India are governed by the MCA (Ministry of Corporate Affairs) under the Companies Act, 2013. Each year Bizcruise helps register thousands of companies across India. The Company registration process can be completed online on Bizcruise in not more than 15 days with assistance from experienced incorporation experts, provided the requisite documents are provided. Private companies are referred to as privately/closely held companies. The shares of a Private Limited Company may not be offered to the public for sale and it operates under legal requirements and compliances that are flexible as compared to those applicable to a public company.
- Simple and Easy Set Up
- Minimum Compliance as compared to a Public Company
- Easy transferability of shares
- Tax Advantage
- Limited Liability
- Easy to wind-up
- Ease of doing business
Private Limited Company Registration in India
Private limited corporations are a popular set of organizations choice for new firms and start-ups to carry out operations. Under the 2013 Corporations Act, which is governed by the Ministry of Corporate Affairs, private limited companies are legally defined (MCA). Private limited companies have a clear separation from their owners because they are independent legal entities. A private limited business can enter into contracts and hold its assets since it has a significant legal personality. On the other hand, limited liability is granted to the company’s owners in proportion to the number of shares they own. A private limited business can enter into contracts and hold its assets since it has a significant legal personality. On the other hand, limited liability is granted to the company’s owners in proportion to the number of shares they own.
What is Private Limited Company
Private limited companies are frequently privately owned small businesses or other entities. These private businesses are referred to as “Limited Companies” since a predetermined number of investors own them. Private enterprises can be big or tiny, but they are typically modest businesses run by a small network of family, friends, or angel investors. Facebook, Reliance, Infosys, TCS, Wipro, and many more are among the largest private limited corporations.
Basic Requirement for the Private Limited registration in India
Distinct name: The company name should be distinct. Your suggested name must not match with any existing company.
Two Directors: There should always be at least two directors because this is a legal necessity. One Director should be an Indian citizen/resident.
Minimum Shareholders: There should be a minimum of two shareholders and a maximum of 200. At least 2 shareholders must be present during the whole process.
Minimum Capital requirement: Each company is incorporated with either an Rs. 1 lakh or Rs. 10 lakh authorized capital. The corporation would be required to pay more fees to the Ministry of Corporate Affairs when a greater authorized capital was necessary. After incorporation, a company’s authorized capital may be increased at any moment.
Registered Office: A company’s registered office does not need to be a business location. If the landlord grants a NOC, the registered office may even be located in a rented house.
The Process of Private Limited Company Registration in India
Under the Companies act 2013, the following steps are required for online Private Limited Company registration in India.
Obtain Digital Signature Certificate (DSC): DSCs are now required to complete electronic forms on the Ministry of Corporate Affairs website (MCA). The Certifying Authority issues Digital Signature Certificates, also referred to as DSCs, which are valid for one or two years and come in token form.
Obtain a Direct Identification Number (DIN): Any person who wants to serve as a director of an organization must obtain a DIN, which is an identification number for directors. To serve as a director in numerous organizations, one DIN is sufficient.
Fill SPIC e+ form on MCA Portal: After obtaining the DSC and DIN number, the next step is to fill out the SPIC e+ form on MCA Portal. This form has divided into two parts: Part A and Part B.
Class of company
Category of company
Sub-Category of company
Mandatory issue of PAN and TAN
The main division of industrial activity of the company
Mandatory issue of EPFO and ESIC registration
Description of the main division
Opening of Bank Account
Submission of eMOA and eAOA: Following name approval, one must draught both the eMOA(INC-33) and eAOA (INC 34)to file them with the MCA. Additionally, the “Digital Signature Certificates (DSC)” must be included with both of them.
Get the Incorporation Certificate: After filling out the SPIC e+ form, the ROC will examine your application and the related documents. After verification, the ROC will issue a certificate of incorporation with the PAN and TAN numbers allotted by the Income Tax Department.
Benefits of the Private Limited Company Registration in India
Here, we discuss some benefits of Private Limited Company Registration in India:
Protection of the partners’ assets: The stockholders of a Private Limited Company often have limited responsibility. Therefore, if you are a shareholder, you will be held responsible for covering the company’s debt. But only to the extent of your involvement with the company.
Separate Legal Entity: According to the Indian Constitution, a PLC’s partners or owners are different legal entities. In this way, a business will indirectly be praised for effectively managing its debtors and creditors, assets, and liabilities.
Continuous Existence: The most significant advantage is “Perpetual Succession,” which it possesses. It implies that it will continue to exist until it is formally abolished. It is not impacted by a member’s departure or passing because it is a separate legal entity. Despite the possibility of a change in existence, it will remain.
Raising foreign investment: Any NRI or outsider can invest in a private limited firm without receiving government clearance. So, compared to other organizations, this type makes it easier to attract international investment.
Easy share Transfer: In a private limited company, the individuals need to do is fill out and sign a share transfer form and give it to the buyer of shares along with their share certificates.
Documents required for the online private limited company registration in India
For Directors/ Shareholders
- Scanned Copy of Aadhar card/ Voter’s ID Card
- Scanned Copy of PAN Card
- Scanned Copy of Electricity Bill
- Scanned pic of 2 Passport size photos
- Scanned DSC
For Registered Office Address
- Scanned Copy of Utility Bills( Electricity Bill/ Mobile Bill etc)
- Scanned Copy of Rent Agreement
- Scanned Copy of LOC
How can we help you?
Bizcruise helps you to get :
- Company’s name Search report
- DSC and DIN for two Directors
- Drafting of MOA and AOA
- Filling of Spice e+ form
- Get the Incorporation certificate
- Opening Bank Account
The basic type of registration is the Simplified Proforma for Incorporate Company electronically (SPICe -INC-32), with eMoA (INC-33), and eAOA (INC-34), and the majority of businesses must only be incorporated using SPICe.
By submitting eForm FC-1, any foreign business can open an office in India (Information to be filed by a foreign company)
It won’t take more than 15 days if all the paperwork is completed. However, this depends on the registrar’s workload.
Anyone can become a director of a Private Limited Company with just two requirements. Which are:
- He or she must be at least 18 years old.
- He or she needs a DIN (Director Identification Number)
The rules, vision, and objective of your organization are outlined in these documents, which also specify the specifics of your company’s operations and the duties and functions of shareholders and directors.
One does not need to be present in our office or any other location for the incorporation because the full process is completed online. The required documentation must be mailed to you in scanned form. They receive the company incorporation certificate through courier at their place of business from the MCA.
Yes, listing a family member as a partner is a smart idea. This can be changed or shares of the directors can be transferred at a later time.
A private limited company can be integrated by Bizcurise in 14–15 days. The length of time is also influenced by the applicant’s availability of pertinent papers and the pace at which government approvals are granted. Please choose a distinctive name for your prospective company name and make sure you have all the necessary paperwork on hand before the registration procedure begins to ensure timely registration.