Private Limited Company in India
A corporation privately owned for small companies is a private limited company. This form of corporate company restricts the owner’s liabilities to its shareholdings, limits the number of owners to 200, and limits publicly held shares to shareholders.
Registration procedure
There are 6 key steps to register Private Limited Company in India which are listed below.
1. Application of DSC & DPIN
In the first step, Digital Signature and DPIN must be required by both partners. Digital signature is an automatic signature that is used for filing and DPIN corresponds to the "MCA" issued PIN number of Directors. If both the "DSC and DPIN" are already visible to the directors, then this stage can be skipped.
2. Name search and filing ( 3 time )
You need to provide the MCA with 3 separate choices for your business name, one of which will be chosen. Ideally, the names supplied should be distinctive and suggestive of the company's activity.
3. MOA & AOA submission
Until the "name" is accepted, a "Memorandum of association" and "Articles of Associate" need to be drafted. The MCA and the "Digital Signature Certificates (DSC)" are to be filed with both the MOA and AOA and must be connected to both of them.
4. Get incorporation certificate
It usually takes 15-25 days to create a limited private partnership and obtain the certificate of incorporation. The approval of the incorporation serves as confirmation of the fact that the "company was created." It contains your CIN number as well.
5. Apply for PAN, TAN and Bank account
You need to apply for PAN and TAN then. Since both are obtained within seven working days. After this you should give the certificate of incorporation, MOA, AOA and PAN to a bank to open your bank account.
6. Company registration
After completion of all five steps, the next step is Private Limited Company registration.
PLC registration conditions
Company registration has requirements that can be seen below.
PLC must have at least 2 owners and 2 directors, one of directors has to be a resident of India. The directors and shareholders can be the same person. Corporation must have DIN (Director Identification Number) for all Directors. Company must have DSC (Digital Signature Certificate) for 2 Promoters & 1 witness. Minimum Authorised Share Capital 100,000 (INR One Lac).
Timeline
The whole process including approval of DIN, Name, and Incorporation takes around 7 working days. However, now-a-days registering a Company has become a fast process as all documents are dragged in a single application form with MCA.
Fees
The following is the government fees required for registration:
- DSC: ₹ 2000
- DIN: ₹ 1000
- Professional Fees: ₹ 3799
- Stamp Duty: (approx) ₹ 2500
- Notary Fees: ₹ 500
- Govt Fees: (RUN, PAN, TAN) ₹ 1200
- Goods and Services Tax: 18% ₹ 684
Compulsory regulation
A Private limited company registration is restricted to transfer of its shares but as per pre-emption clause if any member of Private Company wants to transfer its shares then such shares firstly offer to existing member of company, if existing members are not ready to take shares then such shares can be offered to outside person unless otherwise provided in articles. The price of such shares shall be determined by the director of the company and as per the pricing formula given in articles.
Documents
Documents required to register a Private Limited Company in India:
- Copy of PAN Card of directors
- Passport size photograph of directors
- Copy of Aadhaar Card/ Voter identity card of directors
- Copy of Rent agreement (If rented property)
- Electricity/ Water bill (Business Place)
- Copy of Property documents (If owned property)
- Landlord NOC (Format will be provided)
Consultation about Private Limited Company registration
We offer consultation services specifically for registering a Private Limited Company in India. Our goal is to assist you with all aspects of setting up your business, including preparing paperwork, obtaining permits, and completing necessary registrations. Our team of experienced advisors will help you navigate through the process smoothly and efficiently. We will give you personalized guidance on legal obligations, share capital, and corporate structure so you can make well-informed decisions that are in line with your business objectives.
Ownership management
The management of ownership in a Private Limited Company can be complicated yet important. We offer services that involve dealing with ownership modifications, overseeing beneficial owners, and managing ownership transfers. We make sure that all changes in ownership are accurately recorded and adhere to the most up-to-date regulations.
Corporate structure changes
As your company grows, your corporate structure may also need to change. If you need to replace directors, revise nominee details, or make any other structural modifications, we offer thorough services to help ensure a seamless and efficient transition.
Share capital management
Properly managing your company’s share capital is essential for its financial well-being. We provide a range of services to assist you in boosting, decreasing, selling, and transferring share capital, guaranteeing that all transactions are done correctly and in compliance with the law.
Register Private Limited Company
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