Documents Required to form a Private Limited Company
Advantages of Private Limited Company
Register Private Limited Company In India
LegalAspire.com is a legal services platform that provides a comprehensive suite of services related to business formation, including the formation of a Private Limited Company in India. Here’s how Legal Aspire can help you:
Consultation: You can schedule a consultation with a business formation expert who can answer your questions about the process and requirements for forming a Private Limited Company in India.
Documentation Preparation: LegalAspire.com can help you prepare the necessary documents, such as the Memorandum of Association and Articles of Association, that are required to register a Private Limited Company in India.
Company Name Approval: LegalAspire.com can assist you in choosing and obtaining approval for a private limited company name that meets the requirements set by the Registrar of Companies.
Registrar of Companies Filing: LegalAspire.com can help you file the necessary paperwork with the Registrar of Companies to register Private Limited Company India.
Obtaining PAN and TAN: LegalAspire.com can assist you in obtaining a Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) for your private limited company.
Obtaining DIN and DSC: LegalAspire.com can help you obtain a Director Identification Number (DIN) and Digital Signature Certificate (DSC) for the director of your private limited company.In summary, LegalAspire.com provides a comprehensive and streamlined solution for entrepreneurs looking to form a Private Limited Company in India. With their expertise and experience, LegalAspire.com can help you navigate the complexities of the process and ensure that your private limited company is formed smoothly and efficiently.
What is a Private Limited Company?
A Private Limited Company is a type of company which is owned and operated by a small group of people. Such a company is incorporated under the Companies Act, 2013 and governed by the Ministry of Corporate Affairs (MCA). Moreover, it has a minimum of two members and a maximum of two hundred members.
In terms of liability arrangement of Private Limited Company, severity is less than that of an LLP or a sole proprietorship. Shareholders in a Private Limited Company can be subjected to losses only up to the number of shares held or amount invested by them. It means a member’s liability for recovering a business loss is limited to the number of shares they own and they do not have any personal liability. Sole proprietors are subject to an unlimited personal liability. The owner and the company are one and the same in legal terms. This means that both the owner’s personal and corporate assets are subject to the claims of both the company’s creditors and people who have other debts to the owner.
Checklist for Private Limited Company Incorporation:
The following checklist to be kept in while Private Limited Company Incorporation in India:
- TWO DIRECTORS
Two directors with a maximum of fifteen, and two shareholders.
- UNIQUE NAME
Unique Name and the suggested name should not match with any existing companies or trademarks doing similar business.
- MINIMUM CAPITAL
There is no minimum capital required to incorporate a Private Limited Company.
- KYC DOCUMENTS
PAN card copy of directors/shareholders and Passport copy for NRI subscribers.
- PROOF OF RESIDENCE
Electricity Bill/ Telephone Bill/ Bank Statement (previous two months) of the directors are required as proof of residence of the directors for the Private Limited Company registration.
However, it must be kept in mind that the address mentioned in the proof of residence must match with the address mentioned in KYC Documents for the purpose of private limited company registration.
- REGISTERED OFFICE ADDRESS
Registry and Electricity Bill/ Gas Bill/ Water Bill are the documents required for the proof of registered office address in case of a self-owned property.
However, it is not mandatory to have a commercial property, the address of residence can be entered too. A rented home can be registered as an office address. Electricity Bill and NOC in case of a family owned property, and Electricity Bill and rent agreement in case of a rented property are the documents required.
Legal Aspire will provide you consultation and assist you in completing the registration of Private Limited Company in India.
Schedule a free consultation with expert and skilled professionals of Legal Aspire by connecting with our team at (+91) 8742880000 or support@legalaspire.com for your existing or potential private limited company.
PRIVATE LIMITED COMPANY COMPLIANCES CHECKLIST
What are the compliances for a Private Limited Company?
After a Private Limited Company is registered in India, there is a need to maintain compliance during the year to avoid penalties and prosecution. The compliances for a Private Limited Company are categorized into two types: annual compliances and event-based compliances.
What are the Annual Compliances for a Private Limited Company?
Annual Compliances for a Private Limited Company are a set of compliances that a company must fulfill after incorporation to continue its operation. The following annual compliances are required after the incorporation of a private limited company:
Appointment of the Auditor: All Private Limited Companies registered in India are required to appoint a practicing and licensed Chartered Accountant (CA) within 30 (thirty) days of private limited company registration.
Commencement of Business: Every Company registered with the Ministry of Corporate Affairs (MCA) is required to open a Bank Account by depositing the subscription amount of each shareholder, and file the bank statement with the MCA to obtain a commencement of business certificate, within 180 (one hundred and eighty) days of the incorporation of the private limited company.
Director DIN KYC: All Directors of the Private Limited Company are required to validate their phone and email on record with the Ministry of Corporate Affairs (MCA).
AOC-4 and MGT-7: Every Private Limited Company in India is required to file Form AOC-4 (Audited Accounts with Board Report and Auditors Report) and Form MGT-7 (Annual Return) each financial year signed by a practicing professional and the Directors.
Income Tax Filing: The digitally signed Form ITR-6 (Income Tax Return) must be filed by every Private Limited Company incorporated in India before the due date.
What are the Event-based Compliances in a Company?
Event-based Compliances for a Private Limited Company are the compliances wherein any registered private limited company is required to file to the Registrar of Company on the happening of a specific kind of event. Some of the examples of Event-based Compliances are as follows:
- Appointment or Removal of a Director
- Change in Board of Directors
- Change in Registered Office Address
- Change in MOA or AOA
- Change in Authorized Capital of the Company
- Transfer of Shares
- Change in the Name of the Company
NOTE: Any Private Limited Company failing to follow required compliances in India can face grave punishments. Hence, a professional and skilled expert is required to handle all of the compliances for a private limited company.
Legal Aspire will provide you consultation and assist you in understanding the compliances of a Private Limited Company in India.
LEGAL ASPIRE PROCEDURE FOR PRIVATE LIMITED COMPANY INCORPORATION
How Legal Aspire can help you in registering your Private Limited Company in India?
Few Steps to Incorporate Private Limited Company online in India with LegalAspire.
To start with the process, you would need to provide some basic information. After all of the required information has been provided and payment has been received, our expert will begin working on your request.
Step 1: Select Private Limited Company Registration plan and pay, or Schedule a call with one of our Professionals by clicking on the Talk to Advisor button.
Step 2: Professional from Legal Aspire will connect with you within 24 hours.
Step 3: Provide the required information and documents.
Step 4: Our expert and skilled professional will inspect your documents and check your eligibility.
Step 5: After the inspection of documents, our professionals will handle the following applications for successful registration of your company:
Name Registration
Name registration of a Private Limited Company is vital as it makes it unique from others. The request application has to be submitted to the Ministry of Corporate Affairs (MCA). One or two names have to be suggested in application for such cases in which one name gets declined by the MCA. The Ministry of Corporate Affairs (MCA) approves the name request within 5 working days usually.
Digital Signature of Directors
Digital signature of directors is mandatory as usual regular signature is not acceptable. Only digital signatures certified by the Indian certification authority shall be used for filings with the MCA.
Company Incorporation Application
The incorporation application can be filed in SPICe Form to the MCA with all required attachments after obtaining digital signature. MOA and AOA have to be filed with incorporation applications. After Ministry of Corporate Affairs (MCA) approvals the Incorporation Certificate is granted along with PAN of the company.
Step 6: The COI along with PAN and TAN will be passed down to the Applicant once the incorporation is done.
Get your Private Limited Company Incorporation done in a few clicks with Legal Aspire!
Frequently Asked Question
Step 2: MCA Services Company Services> Check Company Name
Step 3: Type the desired name and search it
Professionals from Legal Aspire can help you in registering your Private Limited Company for startup. Get in touch!
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