To start running your business, you must register your company. This process grants the company legal status, giving all the benefits of running a business. In this article, we will discuss the requirements for registering a Pvt Ltd Company and explain all the additional paperwork you might need during the procedure.
The Ministry of Corporations (MCA) is the legal agency for company registration, which requires you to visit IndiaFilings and provide all docu- ments. The process may take nearly ten days, with an affordable service fee of just Rs. 7,899.
Before you start, check these tips to learn how to register your own company in India.
Step 1: Pick an appropriate company name
According to the Companies Rules, all corporate titles must follow these regulations:
- You cannot have corporate names resembling the names of existing companies
- The plural form of the existing company is not available for use
- You cannot change existing names' letter type, case, spacing, or punctuation.
- You cannot merge different words of an existing name
- You cannot use translated versions of other companies as your own.
- Names, including Bank, Credit, Financial, Investments, etc., in their name must be verified by regulatory entities such as RBI, IRDA, and SEBI before the approval process.
Step 2: Get your documents ready
Before moving forward, please ensure you have all the required paperwork before applying.
- Digital Signature (DSC): The MCA allowed business owners to use Digital Certificates to verify online submissions.
- DIN number: This number is given to those who qualify to become CEO (required during the online application process).
- The Memorandum of Association: (MoA) is mandatory paperwork you will require to run your business. This document provides information regarding the company's shareholders and business intentions. As business CEO, you may not carry out any activities beyond those specified in the MoA.
- Articles of Association: (AoA) One of many papers defining the terms and conditions of the company (under which the entity is obliged to conduct its business).
Step 3: Select the appropriate type of business
Before getting your company ready, specify which type of firm you are representing: LLP, LTD, PLC, etc. Choose among the options below, according to your preferences:
- Private Limited: Company owned by individual investors. Every bit of revenue and every incurred expense will be exclusively tied to the company's ledger.
- Partnership firms: This business is formed when more than two persons (partners) are engaged in a new business while sharing profits and liabilities.
- Limited Liability Partnerships: LLPs are pretty much the same as Partnership Firms, but in this setup, one partner will not be accountable for the other's misconduct or negligence
- Sole Proprietorship: This kind of enterprise usually belongs to one individual, with no exceptions, and may involve passing on responsibilities to other people.
- One Person Company: OPC is similar to Sole Partnership, except that OPC is a discrete entity.
Step 4: Register your company online
After you've done with the paperwork, you'll be able to register your MCA Portal ID.
Apply by filling out the SPICe+ application and signing up on the MCA website. Please note that only individuals with DIN can apply. Once you have created a user ID, you can access the MCA page as a director.
Choose SPICe+ and proceed to upload your documents.
Step 5: Get your Certificate of Incorporation
The authorized unit will process your request after registering (SPICe+) with all required docu- ments. After successful verification, RoC will grant a certificate of incorporation for your entity.
Please feel free to contact GFLO Consultancy for any additional information.
Frequently Asked Questions: Company Registration
Do I have any regulatory requirements as a company owner?
After registration, you must be:
- filing taxes
- keeping annual reporting
- keeping detailed accounting records
- keeping employment and safety standards.
Who can register a Pvt Ltd Company?
Any individual or group of individuals involving foreigners may be approved to create a PLC in India. Applicants must meet all the above requirements, with at least two CEOs and two shareholders per company.
How can I check whether my company was registered or not?
All you have to do Is visit the MCA official website for the MCA21 portal to check the company registration status. You can also check registration details for a specific company.
What kinds of incorporation are available in India?
You can choose from various categories, including PLC, LLP, OPC, etc.
Can I launch my company without pre-registration?
Indeed, you can always launch a startup without registration. Still, in doing so, you will encounter a few additional problems ranging from financial restrictions to breaking the law. Therefore, creating a company on a fully legal basis is highly recommended to prevent possible trouble and unexpected fees.
How many individuals are required to register a public company?
A public company registration is possible with seven individual members.