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Before a private limited company can be opened in India, certain mandatory requirements must be fulfilled. However, even once a company has been opened, it is required to fulfill certain mandatory requirements. In this blog post, we will explain the requirements before and after opening a pvt ltd company in India.
So, if you’re planning to register a private limited company in India, the information provided herein will be useful.
The following requirements must be fulfilled prior to opening a private limited company:
The full form of DSC is digital signature certificate. Before a private limited company can be registered in India, obtaining a DSC in advance is necessary. This is because a DSC will be required to sign all the important company incorporation documents.
To obtain a digital signature certificate, you must file an application with a Certifying Authority (CA) authorized by the Ministry of Corporate Affairs (MCA).
DIN means Director Identification Number. A private limited company requires a minimum of two directors. Each director of a pvt ltd company must possess a valid DIN.
Without a DIN, no individual can serve as a director in any company. To apply for DIN, it is necessary to file Form DIR-3 on the MCA portal.
In India, you must get approval from the Ministry of Corporate Affairs (MCA) to use a unique name for your company. If you choose a name that isn’t unique and is already taken, your application might get rejected. To ensure the name you’ve decided isn’t already in use or similar to another company’s name, you can use the company search tool of Registrationwala.
It is important to note that every private limited company in India must have ‘Pvt Ltd’ suffix at the end of the company’s name.
SPICe is short for Simplified Proforma for Incorporating a Company Electronically. SPICe is an application form for registering a company with the Ministry of Corporate Affairs (MCA).
SPICe+ is an online application which has multiple purposes like company registration, reserving a name, application for PAN, TAN and DIN. Make sure to fill this form correctly for a smooth company incorporation process.
For registering a private limited company in India, Memorandum of Association (MOA) and Articles of Association (AOA) are essential documents which must be provided to the RoC. An MoA is an incorporation document which defines the company's objectives, scope, and relationship between shareholders. It must include important clauses related to the company's name, registration office, objective, liability, and capital.
AoA is also an incorporation document. It defines a company’s internal rules and regulations which govern the management and business operations. An AoA generally contains share capital, director details and information about company dividends.
We know that without private limited company registration with RoC, a business cannot operate as a private limited company.
Whenever a private limited company is registered in India, it is issued a certificate of incorporation. This certificate serves as a proof that a company is registered as a private limited entity.
The following requirements must be fulfilled after the private limited company has been opened:
Once a private limited company has been registered, it must obtain a certificate of business commencement. If this certificate is not obtained, then the private limited company cannot begin its business operations.
Just like the certificate of incorporation, the certificate of commencement of business is also granted by the Registrar of Companies (RoC).
Opening a business bank account is crucial for any private limited company in India. Using a business bank account, the company will be able to make and receive payments.
To open a current bank account for a private limited company, you'll need to provide company documents such as PAN card, Memorandum of Association (MOA), Articles of Association (AOA), Certificate of Incorporation, list of directors, etc.
A private limited company can choose to get GST registration at the same time as its incorporation, but this is optional not mandatory. However, when a private limited company's turnover exceeds exemption limits, it becomes mandatory to register under GST.
At present, the GST exemption limit is Rs. 40 lakhs for goods and Rs. 20 lakhs for services.
A trademark refers to a legally protected word, symbol, or design that distinguishes a company’s products and services from other companies. By obtaining trademark registration, a private company is able to get legal protection in case of trademark infringement and maintain a unique brand identity which can attract potential customers.
To apply for trademark registration in India, an application must be filed with the Controller General of Patents, Designs and Trademarks, (Office of the Registrar of Trademarks), Ministry of Industry and Commerce, Government of India.
Various requirements must be met before and after company registration. Before a private limited company is established, obtaining DSC, DIN, securing a unique company name, drafting MoA and AoA, etc. is necessary. After these requirements are fulfilled and the certificate of incorporation has been issued to the company by RoC, further compliance by the business is extremely important for smooth functioning.
Further compliance includes acquiring a certificate of commencement, GST registration, trademark registration, etc. By meeting these requirements, a private limited company can operate legally and efficiently!
Need assistance in private limited company registration? Connect with Registrationwala.
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