About Private Limited Company
A Private Limited Company is the preferred business structure in India for small and medium-sized enterprises, allowing a maximum of 200 members. Upon registration, a Private Limited Company gains a distinct legal existence, meaning it operates as a separate legal entity from its directors and shareholders. This legal identity ensures that the company continues to function even if a member passes away, emphasizing the importance of registration. The process of registering a Private Limited Company involves visiting the Ministry of Corporate Affairs (MCA) online portal or consulting with professionals who can guide you through the necessary steps and documentation.
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Motives for Private Limited Formation
- Simple Transferability
- Restricted responsibility
- Uninterrupted succession
- Boosts credibility
Private Limited Incorporation Requirements
- Passport-size photo
- DIN (Director Identification Number)
- Digital signature certificates (DSCs) for each director. Two directors at least. One director is required to reside in India.
- PAN Card. Members and directors' self-attested PAN cards.
Business Address Proof (Lease/Rent)
When leasing a proposed registered office, the following documents must be provided:
- A NOC from the landlord
- A lease agreement
- A utility bill (either an electricity bill, a mobile bill, or a telephone bill) that is no older than two months
Proof of Business Address (Owned):
If the proposed Registered Office is not leased, the Owner of the Property/Property Papers (Title Deed)/Utility Bill (Electricity, Mobile, or Telephone Bill) (which should not be older than two months) will need to provide an NOC.
Basic Information Required
- The authorized and paid-up share capital, as well as the total number of shares subscribed by members of the proposed company.
- Explanation: Any sum of money can be used to start a company. A minimum capital requirement does not exist.
- Date of Birth and Length of Stay at Current Residential Address for Directors and Members.
- Members and directors’ occupations.
- The proposed company’s intended purpose or business.
- Members' and directors’ educational backgrounds.
- Director and Member email addresses and phone numbers.
Pvt. Ltd. Company Registration in Jaipur
1. Request for Name Reservation Application:
- The first step is to submit an application for name reservation, which must be done in conjunction with the required fees and through the use of the web services (SPICe+) accessible at www.mca.gov.au. Please verify that the name is available on MCA and does not already have a trademark before applying for it.
- The new integrated form is divided into two sections: Parts A and B. Companies may reserve their name(s) in SPICe+ Part A. The applicant may submit joint applications for name incorporation and other integrated services by completing Parts A and B with the required data.
2. Complete SPICe+ Part B:
- Filling out Part B of SPICe+ is the second step in registering the company. The aforementioned form has multiple sections that let you save and edit data as needed.
- There are two components to the new integrated form: Sections A and B. Companies may reserve their name(s) in SPICe+ Part A. The applicant can apply jointly for name incorporation and other integrated services by completing Parts A and B with the required information.
3. Make a PDF out of the SPICe+ form:
- The third step involves attaching the DSC by converting the SPICe+ form into a PDF form.
4. Upload the Form to MCA:
- The form must be uploaded to the Ministry of Corporate Affairs in compliance with the current procedure after the DSC has been attached.
5. Declare the First Directors and Subscribers of the Company:
- The form must be uploaded to the Ministry of Corporate Affairs in compliance with the current procedure after the DSC has been attached.
Declaration of all Subscribers and first Directors of the company, which is currently being filed in Form INC-9, will be automatically generated in PDF format and shall be submitted only through electronic form in all cases except in case:
- There are more than 20 subscribers and/or directors.
- There is not a DIN or PAN for any of the subscribers or directors.
Recent Amendments Modifications
For names reserved in Part A of SPICe+, there is no need to include the SRN because it will be displayed automatically when Part B is filed after Part A is filed.
EPFO and ESIC Registration Required
All newly incorporated companies are required to register with both EPFO and ESIC.
Mandatory Professional Tax Registration
Application is required to open a bank account.
Opening a Bank Account:
The opening of a bank account is required for all newly incorporated businesses. The same application must be submitted via the AGILE-PRO linked web form by February 23, 2020.
Declaration Submission:
A declaration signed by the company’s first directors and subscribers must be submitted electronically in PDF format. Declaration of all Subscribers and First Directors of the Company, which is currently being filed in Form INC-9, will be automatically generated in PDF format and shall be submitted only through electronic form in all cases except in case:
- Over 20 directors and/or subscribers.
- None of the directors, subscribers, or both have a DIN or PAN.
e-MoA (INC-33) and e-AoA (INC-34) Requirements:
- These are necessary for companies with up to seven Indian citizen subscribers, non-Indian individual subscribers with a valid business visa, DIN, and DSC, or non-individual subscribers located in India.
- Should non-individual first subscribers be based outside of India or should individual foreign subscribers be in the following situations without a valid business visa, physical copies of the Memorandum of Agreement and accompanying documents must be signed and attached.
Case Documentation to be Submitted:
- Non-individual first subscriber with apostille MOA and AOA attachments based outside of India SPICe+ (INC-32).
- Subscription must be done collectively with incorporation filings to comply with regulations.
- If a business visa is not available, an apostille MOA and AOA must be attached in these circumstances, and an e-MOA (INC33) or an eAOA (INC-34) is not acceptable.
- In addition to filing an e-MOA (INC-33) and e-AOA (INC-34) in conjunction with a valid business visa, the foreign national who is a subscriber-cum-director must also have a valid DIN SPICe+ (INC-32). If a business visa is not available, an apostille MOA and AOA must be attached in these circumstances, and an e-MOA (INC33) or an e-AOA (INC-34) is not acceptable.
- Foreign national who is a subscriber-cum-director and does not have a valid DIN SPICe+ (INC-32) with attachments of an apostille MOA and an apostille AOA.
In each of the aforementioned scenarios, a maximum of 7 subscribers may file a SPICe+ form. When the number of subscribers surpasses 7, the SPICe+ form must be submitted along with the AoA and the MoA as attachments.
Statutory Returns Filing:
Only in cases where the specified threshold limit has been surpassed will newly incorporated companies through SPICE+ that have obtained an EPFO/ESI number be required to file a Statutory Return.
FAQ's
Forming a Private Limited Company requires various approvals from MCA. With Bizbefikar, we can help you accelerate the process and a private limited company can be formed within 7 to 10 days.
Key advantages to form a private limited organization is Limited liability, separate legal identity, perpetuity, and easier funding.
Being a private limited company one needs to go through the Strict compliance requirements, restricted share transfers, and higher annual costs.
At Bizbefikar, we charge you the most reasonable prices ever. Here is the price range to incorporate the private limited company.
Taxed as a separate entity with corporate tax rates and compliance with GST and annual Income tax filings.