Private Limited Company
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Private Limited Company
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How It Work?
Start with Business Registration
Private Limited Company Registration in just 7 Days
Know How?
Important Points to Notice
According to the Companies Act, 2013, it is mandatory to ensure that the following requirements are met without fail:
Two Directors:
- A private limited company must have at least two directors, with a maximum limit of fifteen. One of the company’s directors must be a resident of India.
Unique Name:
- The name of your private limited company must be unique and should not match any existing companies or trademarks in India.
Minimum Capital Contribution:
- There is no set minimum capital amount for a private limited company, however, it should have an authorized capital of at least ₹1 lakh.
Registered Office:
- The registered office of a private limited company does not have to be a commercial space. Even a rented home can be the registered office, as long as a NOC is obtained from the landlord.
Why Start-Up Kro?
The private limited company registration process is entirely online, so you don’t even have to leave your home to get your entity registered. At Start-Up Kro, we complete the company incorporation process within 14 days and provide you with a complete Start-Up Kit.
‘StartUp Kro’ Start-Up Kit of company registration package includes:
- DIN and DSC for two Directors
- Drafting of MoA & AoA
- Registration fees and stamp duty
- GST Registration
- Company incorporation certificate
- Company PAN and TAN
- Zero current balance account – Powered by DBS bank / ICICI Bank / HDFC Bank
- Domain + 1 yr Hosting + 10 e-mails
- Share Certificates & Business Commencement
- Part-Payment & Monthly EMI
With this, you will be well on your way to forming your own Pvt ltd company. You should consult with the experts and make the finest decision for smoother growth.
The Steps of Pvt. Ltd. Company Registration
The process of registering a company in India can be complex and requires compliance with various regulations. However, with the help of Vakilsearch, the process can be made easier. The following are the steps involved in the private limited company registration process:
Step 1: RUN Name Approval
- The first step is to register your company’s name with the Ministry of Corporate Affairs (MCA). You can submit a request for approval of the company name, and if it gets rejected, you can submit one or two more names. Our experts will help you in choosing the best name for your company and registering it with the government.
Step 2: Directors’ Digital Signature Certificate (DSC)
- Regular signatures are not accepted by the MCA in India. Instead, you need to use a digital signature certified by an Indian certification authority on all signatures for filings with the MCA. Therefore, before incorporation, digital signatures from the Directors are mandatory. Vakilsearch will secure a DSC for the Directors from a recognized certifying body. The Directors must submit a copy of their identity documentation and successfully complete a video KYC process in order to receive a digital signature. If the Director is a foreign national, the provided passport and other documents must be apostilled by a nearby embassy.
Step 3: Submitting the Company Incorporation Application
- Once the digital signatures have been gathered, the incorporation application in SPICe form, along with all relevant attachments, can be submitted to the MCA. The company’s Memorandum of Association (MOA) and Articles of Association (AOA) are filed with the application for incorporation. If the MCA deems the incorporation application to be complete and acceptable, the Incorporation certificate and PAN of the company are issued. The MCA typically approves all incorporation petitions in less than five working days.
Documents Required
- Aadhaar card
- A bank passbook with a picture
- Election ID card
- Passport
- PAN card
- A driving permit
- A government-issued ID card for employees (if any)
- Certificate of caste (for SC, ST, and OBC category)
- Owner’s name and Aadhar number for the business
- Name of the business
- Information about the initial registration procedure for the business
- Documentation confirming the kind of the business
- Documents pertaining to the bank account information and mailing address.
- Code for National Industrial Classification.
Requirements of Registration:
Before incorporating a firm, certain conditions must be met.
These include:
- Directors and Members
- A private limited company must have at least two and a maximum of 200 members in order to become legally registered. This is a legal requirement as per the Companies Act of 2013.
The following requirements must be met for the directors:
- Each director must have a DIN issued by the Ministry of Corporate Affairs (MCA)
- One of the directors must be an Indian resident, which means they must have spent at least 182 days there in the previous calendar year.
2. The Business’s Name
- The choice of the company’s name is an important one. A private limited company must consider two factors when choosing a name for itself:
- Name of the principal activity
- Private Limited Company
3. Address of the registered office
- The permanent address of the business’s registered office must be submitted to the company registrar following the completion of the registration process. This is the primary location for conducting business and the location where all documentation is kept.
4. Getting Additional Documents
- Every business is required to acquire a DSC that is used to validate the legitimacy of documents submitted electronically. Additionally, credentials from specialists are required in a business that hires professionals (such as secretaries, chartered accountants, cost accountants, etc.) for various operations.
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- Perpetual Existence
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FAQ
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Directors Identification Number (DIN) is an identification number issued by the Ministry of Corporate Affairs, Government of India, to Directors of a company or Designated Partners of an LLP.
A Private Limited Company can be formed with a minimum of two shareholders and a maximum of 200 shareholders.
There is no minimum capital requirement for a Private Limited Company in most countries, including India. However, some countries may have different regulations regarding minimum capital.
A digital signature is a type of asymmetric cryptography used to simulate the security properties of a handwritten signature on paper. Digital signature schemes normally give two algorithms, one for signing that involves the user's secret or private key, and one for verifying signatures that involves the user's public key. Digital signatures have often confused with scanned copies of a physical written signature, which do not have any legal backing for authentication of electronic documents.
New DIN will be allotted to a Director / Designated Partner while registeting a Company or LLP. Also, an Company / LLP can apply for a DIN for a proposed Director / Designated Partner.
Some of the advantages of forming a Private Limited Company include limited liability protection, separate legal entity status, perpetual existence, ability to raise funds through equity shares, and better credibility in the eyes of customers and vendors.
No, a Private Limited Company cannot raise funds from the public through the sale of shares or debentures. However, it can raise funds from its shareholders and other qualified investors through private placements.
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