Establishment of Business is very crucial phase for any businessman as one has to comply with all legal requirements in addition to launch the business market. The entrepreneurs, willing to focus on launch and set-up business, search to start business without any hassle concerning the legal procedure for incorporation of company. Where approaching professionals at local area is difficult and costly, LegalWiz.in provides the services of online registration of company at affordable prices and quick turn-around time.
How to register Private Limited company
Ensure flawless start of business without hassle on legal part by company incorporation online in following 4 steps only.
Step 1: Procure Digital Signature Certificate:
The first and foremost step is to procure the DSCs of the Personnel involved in Private Company Incorporation in India. The requirement of DSSCs arises for filling of e-forms on online portal of MCA as the Ministry has prescribed provided for online registration procedure for company incorporation and other applications. Digital Signature Certificate, commonly known as DSC are issued by the Certifying Authority in token form and is valid for 1 or 2 years.
The personnel involved in company formation in India are Subscribers and Directors for proposed company. The Subscriber is a person who is the promoter of the company and proposed shareholders. The said shareholders are required to file e-MOA and e-AOA by affixing DSCs whereas proposed directors shall obtain DIN by making an online application in next step.
List of Documents for Digital Signature Certificate:
- Passport size photograph of applicant;
- Self-attested Address proof of applicant; and
- Self-attested PAN card of applicant.
Step 2: Obtain Director Identification Number
Director Identification Number (DIN) is a unique number assigned by Ministry of Corporate Affairs to the individual making an application for allotment of DIN. The number is allotted for lifetime by the Ministry unless it is surrendered or withdrawn.
The directors of the company shall obtain and intimate the DIN while Private Ltd company incorporation. Hence, obtaining DIN is mandatory to be appointed as Director in any Company. The Director Identification Number obtained can also be used for appointment for any other company and appointment as Designated Partner in the LLP.
What are the documents required for application of DIN?
- Passport size photograph of applicant;
- Self-attested Address proof of applicant; and
- Self-attested PAN card of applicant.
Step 3: Reservation of Name
Before making an application to incorporate and register Pvt Ltd Company in India, the name for the proposed company shall be reserved. An Application for Reservation of Name of Private Limited Company shall be made in e-Form INC-1 by making payment of requisite fees. In one application you may provide maximum 6 names in preferential order along with the significance for application for proposed name(s). The appointed professional shall make a search for availability of name before filling the application so that the applicant can make application of the names accordingly. The Registrar enjoys 100% discretion for approval of name application.
The person shall make an application for name approval considering the provisions laid down by the Act. Further, following general practice are adhered to choose and apply the name:
- The name should be easy to spell and remember;
- The name shall be able to provide a distinct identity to the company;
- It should be short & simple;
- The name should not contain any word as opposed to public policy or prohibited;
- It should not infringe any Trademark registered nor shall be similar or identical to any company/ LLP registered.
As stated above, the application for name reservation can be made with maximum 6 names, out of which the registrar may approve any one name or may ask to provide additional names with remarks.
Once the application made is approved, the registrar shall reserve the same name for a period of 60 days. The promoters in guidance with the Professional shall make the application for incorporation of company within prescribed period of 60 days, failing to which the name reserved shall lapse and therefore fresh application shall be made for reservation of name for further period of 60 days.
Step 4: Certificate of Incorporation
After reservation of the name for proposed company by submitting form INC-1, the application for issuance of Certificate of Incorporation shall be made. The application for online registration for company is also required to be made by online submission of Simplified Proforma for Incorporating Company Electronically i.e. SPICe forms.
Drafting MoA & AoA
Both, MoA and AoA are charter document for a Private Limited Company. MoA stands for Memorandum of Association of company and AoA is abbreviated form of Articles of Association.
Memorandum of Association of Company prescribes the scope of operations of company by enumerating the main object and activities of the company. Whereas the Articles of Association provides in what manner the operations and administration shall be carried on. Both documents having vital importance shall be drafted very carefully after consultation of Professional.
The memorandum and Articles of the company shall also be filed in SPICe forms along with application for company formation and registration in India. The subscription to MoA and AoA shall be made by affixing DSCs of subscribers in electronic form.
Documents to accompany the Application
- Utility Bill and NOC from the owner for the Registered Office address of the Company;
- Rental Agreement with the owner of registered office & Rent receipts, if premises is rented;
- Consent to act as a Director of the company in form DIR – 2;
- Affidavit and declaration by first subscriber(s) and director(s) in form INC – 9 (duly franked and notarized);
- Certified True copy of the self-attested Identity proof of the first subscriber(s) and director(s).
The application is submitted by paying the requisite Government Fess and Stamp Duty as applicable in case of concerned state on the portal. The application and allotment of PAN and TAN are also processed with the same application.
On review and verification of the application made for certificate of incorporation in SPICe forms, the Registrar on his satisfaction may issue the Certificate of Incorporation under his seal and signature in electronic form. The Certificate of Incorporation (CoI) issued will include the date of incorporation as well as the Permanent Account Number (PAN) of the company.
Start your Business Now!
On receipt of Certificate of Incorporation, the Private Limited Company comes into existence in the eyes of law. The promoters and directors may now commence the operations and business activities in the name of the company. Also, the amount of subscribed and paid-up share capital shall be deposited in the Current Account in the name of the company.
The details of incorporation and directors of company will be available on MCA portal under Master Data of the Private Limited Company. In addition, the details and documents of the company will also be accessible by public through payment of fees prescribed.
Conclusion:
The registration of Pvt Ltd Company in India can be processed with ease by consultation of Practicing Professional. Further, after online ltd company incorporation, the promoters and directors are required to maintain the active status of the company by compliance with the provisions of the company by filing the annual returns and forms as prescribed by Indian Companies Act, 2013.
About Author
LegalWiz.in is premier online legal service provider. Experts at LegalWiz.in can help you for incorporation of company, allied registrations and compliance of provisions. Visit http://www.legalwiz.in/private-limited-company for more information regarding the incorporation of Private Limited Company.
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