Private Limited Company
Private Limited Company should be the preferred choice of business if you are planning to raise funding. It is a privately held business entity with limited liabilities.
It allows a significant degree of separation between operations and ownership. It gives investors a choice of exiting the company without any hassle by just selling the shares without being liable for company affairs.
If a business is planning to go global, then the Private Limited Company is the only form which allows 100% Foreign Direct Investment, without any prior government approval.
To set up a Private Limited Company, one needs to:
The name of the company is its trade name or brand name along with its principal activities, and this company name is a registered name by which an incorporated company is identified. It is critical that one chooses a unique name which does not resemble the name of any existing LLP, any registered private company or trademarks.
‘Company Address’ is the address of the Registered Office of the proposed company which is used for all official communications. A temporary address is required, at the time of registration, which could be the address of any of the including Directors. Post registration process applicant has to provide the permanent business address of the registered office with all the documentary proofs of address, ownership.
Minimum 2 Directors are required to manage the affairs of the company who can be same as shareholders. At least one of the directors has to be a Resident of India. To be a Director of a private limited company, one must have a DIN
DIN is an eight digit number allotted to every director. No person can become a director without first applying for DIN. It is a unique identification number for an existing director or a person intending to become one, and it is allotted by the Ministry of Corporate Affairs (MCA).
Digital Signature Certificate (DSC) is a digital signature which can be attached to an electronic document to verify the applicant’s identity.
Minimum 2 shareholders are required in a company limited by shares. They can be Natural or Artificial Persons such as registered companies or LLP. A shareholder can be same as the director of the company. Maximum of 200 shareholders are allowed, shareholders are the owners of the company, and they have certain rights as shareholders need to vote for appointing directors and agree on changes to the company.
Memorandum of Association (MOA)
MOA is a document which contains the objective and power of the company and defines the relationship of the shareholders with the company.
It must be drafted at the time of incorporation and must contain six clauses revealing the company name, registered company address, its limited liabilities, share capital, company objects, and association of the shareholders and other stakeholders with the company.
Articles of Association (AOA)
AOA are the by-laws of the company which specifies the regulations for a company’s operation. It defines the roles and duties of the directors and other officers of the company. Information such as the total number of members, share capital, rules for a meeting of the company, voting power of members must be included in the AOA.
The company may alter it by passing the resolution at a general body meeting of shareholders. Also, AOA may or may not be registered.
Brief about Spice Form INC-32 (Replaced Form INC-29)Spice means Simplified Proforma for Incorporating Company Electronically. MCA has facilitated the process of incorporation by introducing SPICE E-Form INC-32 with effect from 01/11/2016. It is a simplified process of incorporating a company. This process provides the same facilities as earlier in E Form INC-29 but the only difference between the two is introducing the filing of Memorandum and Articles electronically in Spice MOA and Spice AOA. Now, Spice E Form INC-32 is filed along with link form Spice MOA (INC-33) and Spice AOA (INC-34). After filing such form, Certificate of Incorporation has been issued by MCA within 2 to 3 days. In such process Aadhaar Card is mandatory for obtaining DIN of Director. This process has been introduced for saving lot of time and for ease of business.
Documents required for registering a Private Limited Company
All directors and shareholders need to provide Self-attested copy of
- PAN Card
- ID Proof (Aadhar card/ Voter ID/ Driving license)
- Address Proof in the name of director (Any utility bill i.e., mobile bill/water bill/ electricity bill, or bank statement which should not be older than two months)
4 Passport Size Photographs.
Address proof of Registered office
- Any utility Bill (i.e., mobile bill/water bill/ electricity bill) of the registered office
DIN & DSC
1 to 2 Days
Submission of Spice Form INC-32 along with link Form Spice MOA (INC-33) and Spice AOA (INC-34)
4 to 5 Days
Certificate Of Incorporation
6 to 10 Days
Why Private Limited Company?
EASE OF FORMATION
SEPARATE LEGAL ENTITY
Frequently Asked Question
Following are the documents required for company incorporation for each director/ shareholder
- Self attested PAN card copy.
- Four Photographs.
- Self attested copy of any one of the Identity Proof like Driving License, Passport, Voter ID & Aadhar Card
- Self attested copy of the Address Proof like Bank Pass Book / Bank Statement, Telephone Landline Bill, Mobile Bill & Electricity Bill
- Company Address proof any one of the Electricity Bill, Telephone Bill, Mobile Bill & Gas Bill, and Rent Agreement, (if rented) AND NOC for doing Business & for taking Registration.
We are the most sought after partner in India for registering a Private Limited Company using Spice Form INC-32. The whole registration process would take between 7- 10 days. This is subjected to ROC processing time.Phase 1
Digital Signature Certificate(DSC) AND DIN (Director Identification Number) is required for the proposed Directors of the Private Limited Company. It can be feasibly procured for the proposed Directors within 1 to 2 days.Phase 2
Select a company name after referring to the MCA Name and Trademark database. We will prepare the documents as per your suggested name and get your signature on all documents required to be signed for submission to the Ministry of Corporate Affairs.Phase 3
All required documents need to be submitted with Spice E Form INC-32 alongwith link Form Spice MOA (INC-33) and Spice AOA (INC-34). Once the name is accepted and documents get verified, MCA will issue Certificate of incorporation within 2 to 3 days.