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Company Registration is governed by the provisions of the Companies Act, 2013, and requires a minimum composition of two members and two directors. Further, company registration comes with benefits like perpetual succession, separate legal entity, etc. A Private Limited Company is a privately maintained small business existence, which is one of the highly recommended means to start a business in India. The efficiency of members of a private limited company restricted to the number of shares possessed by that member. The Companies Act 2013 govern a private Limited company (Creates Separate Legal Entity) where A minimum number of shareholders required to start a private limited corporation is two, while the higher limit of members is 200 following the Companies Act, 2013. If a separate Private limited company faces financial risk, its shareholders are not subject to sell their assets, i.e. they ought to take limited liability. There must be a least of 2 directors, and a height of 15 directors for a private limited company above the age of 18 years. A foreign national can become a director of private limited company India. There is no minimum paid-up capital cost for a private limited company and has never-ending existence. A private limited company holds on existing even in the case of death or bankruptcy of its Members. A Private Limited Company does not contain any relationship with the public; they aren't permitted to ask for any collateral from the public or public sectors. In a Private Limited Company, people are not entitled to transfer shares, which can help to stop the takeovers of minute Private Limited firms from big Public companies. Every Private Limited Company must use "pvt.ltd." after their name and can consist of 200 members at a time mentioning everything in Memorandum. Private Limited Company has to pay corporate tax.
No Minimum capital is required to register a Private Limited Company.The minimum capital contribution requirement by the promoters in case of a Private Limited Company has been removed and the company can be set-up with any amount of capital. It shall be contributed by all the shareholders in the proportion of the shares held by them.
There shall be present at least two Directors and Shareholders for the registration of a Private Limited. Both Directors and Shareholders can be similar person.
The responsibility of the members of a private limited company is restricted to their share only as the private limited company is a separate legal entity.
A Private Limited Company in India is the only form of business except Public Limited Companies that can raise funds from the Venture Capitalists or Angel investors. A private limited company can also obtain funds from the debentures as well as the stockholders. Banking and other financial organization provide assets on more eminent bases rather than other public sectors.
Organizations are the different lawful element according to the law. Due to this, the selves from a private limited company are liable just for the activity ventured by them and not by different individuals. A Private Limited Company is a separate legal identity in the court of the law, meaning assets and liabilities of the business are not same as the assets and liabilities of the directors. Both are counted as different.
Due to their accountability towards the authorities, a Private Limited is more credible among their customers and hence contributes to create a larger customer base.
The name should not resemble to any of the existing entities and shall not contain any offensive words detrimental to the interest of the society at large. Also, the name should necessary align with the objects of the company and must contain the word “Private Limited”.
A minimum number of 2 members are needed to run a Private Company, out of which 2 members should be the company’s directors. Relatives and Spouse can be directors or members. Maximum numbers of member can be 200 and maximum director can be 15 are allowed in Private Company.
To start a Private Company, a minimum of Rs. 1 lacs is required as equity share capital. Object: The object of the Private company shall be accordingly to business nature and as per the rule and act governed by Law . Any other object in its MOA shall be void.
Since the registration process is online, hence there is the requirement for Digital signatures of all the Directors and Shareholders. We provide two DSCs in our package of Private Company Registration.
Once the name is finalized, the application shall be made in Form SPICE-Part A. The form is a replacement of earlier Form RUN and provides the option to apply for two names.Prepare all requisite documents MOA, AOA, INC 9, INC 10, DIR 2 to be filed with the ROC. These must mention the main objective of incorporating a company.
Obtain an incorporation certificate with the corporate identification number (CIN). It usually takes 5-7 days to form a company..
The MOA is the constitution of the Company and defines various clauses mandatory to bring the company into existence such as Name clause, object clause, registered office clause, liability clause, subscription clause and capital clause.
The Ministry, after being satisfied, that the documents and details submitted in the application are correct and gives a true and fair view of the intentions of the applicant, shall grant the Certificate of Incorporation (COI) along with PAN and TAN.
Within 180 days of incorporation of the Company, a declaration, attested by the Director of the Company, shall be filed with ROC that each subscriber to the memorandum has consented to the share value taken by them.
Soon after the Private Limited comes to the existence, there shall be appointed before the first Annual General meeting of the Company, the statutory auditor who shall hold office till sixth AGM until and unless ratified or a resignation is served.
