Establishing a new company in today's cut-throat competitive world is a very daunting task. Before you step forward to start operating your business, it's highly imperative to know that company registration is a vital process that every company should obtain.
Even more important is to know what kind of company or business structure you would like to go with and why. According to experienced consultants, Private Company Registration is one of the most popular company registration processes that start-up businesses are incorporating. The reasons for Private Limited Company likeability could be a simple registration process, the limited liability and more.
Therefore, our prime focus, in this blog, would be to discuss the registration process of Private Limited Company. The topics included are as follows:
- Advantages of Private Limited Company Registration in India
- Checklists for Company Registration
- The online company registration process in India
- Services offered by Enterslice
Advantages of Private Limited Company Registration in India
There are various advantages to obtaining a private limited company in India. Some of them are as described:
Easy to form: As compared to other company registration process such as public limited company, Private Limited Company is easy to build.
Separate legal entity: It is one of the biggest benefits of the private limited company. It is a separate legal entity which means the members are responsible only for the decision taken by them and not by other members.
Easy and free transferability of shares: Transferring shares within the private limited company is quite easy. The person transferring the share can file and sign the share transfer form and hand it over to the buyer with share certificates.
Limited Liability: As the private limited company is the separate legal entity from its member, therefore, the liability of the members is limited to their share only. In any case, the personal assets of the members won't be at risk.
Checklists for Company Registration
Below is the list of documents necessary for company registration in India:
KYC of all Directors and Shareholders such as PAN, Aadhaar, Voter ID card or Driving License or Passport and any utility bills like Electricity bill or telephone bill or water bill;
DSC (Digital Signature Certificate);
MoA (Memorandum of Association) and AoA (Articles of Association);
Rent agreement on the name of the company and NOC (No-Objection Certificate) from the landlord if rented;
Latest bank statements.
The online Company Registration process in India
For online company registration, all you need to do is to file an e-form with self-attested documents on MCA portal. The complete process is as follows:
Step1: File for DSC. If you have any existing DSC, then you can use the same for the online company registration process. If you don't have one, then apply for the same. You will receive your DSC from the certifying authority within 1-3 working days.
Step2: File for company's name approval. To distinguish your company from others, it's imperative to choose a unique name that no other firm or businesses have in the similar business class.
Under the RUN (Reserving Unique Name) service, you can propose two company names. If the ROC finds it different and appropriate, then it will approve your company's name. If your company name is not approved due to any reasons, then you will be given the second opportunity for the same.
Step3: File SPICe. Spice can be used as a single application for obtaining DIN (Director Identification Number), PAN and TAN of the company, CIN (corporate identity number), etc.
For the same, you need to first submit the above-described documents. After the verification, ROC will issue you the Certificate of Incorporation (COI) and CIN within 3-5 working days.
Services Provided by Enterslice after Company Registration
Once you are done with company registration, you may go for following service in order to carry operations smoothly & efficiently:
- Bank Account Opening
- Trademark Registration;
- GST Registration;
- MSME registration;
- Business Plan etc
For any queries and concerns regarding company registration process, contact Enterslice.
