Private Limited Company Registration
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What is a Private Limited Company ?
A private company is a company which is owned by non-governmental organizations or a relatively small number of shareholders or members of a company. Usually, a private company does not offer or trade its shares to the general public on the stock exchanges, but rather the private stock of the company is owned and traded.
A Company is the most popular form of business for Startups in India. The most important benefit is the concept of limited liability to its shareholders. The Banks, Financial Institutions, and Angel Investors invest mostly in a Company form of business. Hence we strongly advise registering your startup business as a company. Moreover, Foreign Direct Investment is also allowed under Automatic Route and no Prior Approval is needed.
Requirements to Register Private Limited Company
1. 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.
2. Unique Name
The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India.
3. Minimum Capital Contribution
There is no minimum capital amount for a company. A company should have an authorized capital of at least ₹1 lakh.
4. 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.
Process of Registration for Private Limited Company
1. Digital Signature
As the application for Company Incorporation is filed online, the process starts with the issuance of Digital Signatures of class 3.
2. DIN (Director Identification Number) of all the Directors
DIN is the identity of the Director of company same like PAN number.
3. Name Availability of Company
The Company name must be unique and should not be the same or similar to an existing company, LLP or a trademark.
4. Drafting of MOA and AOA
Memorandum of Association and Articles of Association of the company is drafted after the name of the company is approved.
5. Final Application for COI
After drafting of MOA & AOA finally we are applying for COI with all stamp duties and Government Fees for Incorporation.
6. PAN and TAN form
The IT Department allots PAN & TAN, which is mentioned on the certificate of incorporation. Next is Bank A/c opening.
Documents Required
1. Photographs of Director/Promotor
2. PAN card of Director/Promotor
3. Identity Proof (Aadhaar / Voter ID / Driving License / Passport) Any One
4. Address Proof (Bank Statement / Electricity, Mobile, Telephone Bill) Any One (Not older than two month)
5. Utility Bill as Proof of Registered Address (Not older than two month)
6. NOC from the Owner of the Premises
Benefits of an OPC Registration
1. Limited Liability
The directors' personal property is always safe in a private limited company, no matter the debts of the business.
2. Shares Transfer
Generally, shares are transferred as per the Articles of Association.No restriction on the transfer of shares between shareholders.The value of per share at that time of incorporation of a private limited company is 10 ETB which is also a minimum value of the share. For transfer of shares outside the company need an approval of the majority of the shareholders representing at least 75% of the capital.
3. Borrowing capacity & Funds
The Private limited company is a favorite business structure for Investors. There is not only those benefits which private company gains by banks and financial sectors. They will also get borrowing on funds. The private limited company has also that advantage where they will issues debentures apart from accepting deposits from the public.
4. Easy to start
Private Limited created through an incorporation process prescribed under the Companies Act 2013, where minimum two shareholders & two Director are needed. For registration of a company need an address for putting the registered office address.
5. Globalize
In a limited company the area of business in not limited after registration, you can build your team and globalize your business after few nominal document part.