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What is a Private Limited Company?
Registering a company is the first step to start a business in India. If you are a startup and have high growth aspirations, then you should incorporate a Private Limited Company. Private Limited allows outside funding to be raised easily, limits the liabilities of its shareholders and enables Founders to offer employee stock options to attractgood talent.
Pvt Ltd company is incorporated under the Companies Act of 2013 and governed by the Ministry of Corporate Affairs (MCA). Private Limited Company can have a minimum of two members and a maximum of two hundred members. The directors of a private limited company have limited liability to creditors. In a case of default, banks / creditors can only sell company’s assets but not personal assets of directors.
Benefits of Registering a Private Limited Company
Registering a Private Limited Company offers many benefits.
- Separate Legal Existence
- Management and Ownership Separation
- Limited Liability of Shareholders
- Easy Fund Raising
- Transferability of Shares
- Improves Credibility and Trust and attracts good talent
Requirements for Registering a Private Limited Company
Registering a Private Limited Company will require the following.
Minimum Two Directors:
A Private Limited Company must have at least two directors. However, maximum 200 people can become shareholders in the private limited company.
One Resident Director:
Among two directors, at least one director must be a resident Indian for Private Limited Company Registration. Resident Indian means a person who has spent at least 182 days or more in a financial year in India.
No Minimum Capital:
There is no minimum capital required for Private Limited Company Registration. However, a Private Limited Company should have minimum authorized share capital of Rs. 1 lakh.
The suggested name of the private limited company should be unique and should not be similar to any already existing company name or trademark.
Detailed Registration Process
The Ministry of Corporate Affairs governs the company registration process. The below registration process is basis the governing laws of MCA:
- Step 1: Application for DSC (Digital Signature Certificate)
- Step 2: Apply for DIN (Director Identification Number)
- Step 3: Application filing for Nameavailability
- Step 4: Drafting and Filing of eMoa and eAoA
- Step 5: Apply for PAN and TAN of the company
- Step 6: Certificate of Incorporation issued by RoCalong with PAN and TAN
- Step 7: Open a Current Bank account on the company name
Documents required for Private Limited Company Registration
In India, Private Limited Company registration cannot be done without proper identity and address proof. Prescribed documents will be needed for all the directors and the shareholders for the company incorporation. Listed below are the documents that are accepted by MCA for private Limited Company registration
- Copy of Pan Card of Directors (mandatory)
- Voter Id card or Driving License or Passport
- Any one of: Bank Statementor Electricity Bill or Mobile Bill (not older than 2 months)
- Passport Size Photograph of Directors
Proof of Registered Office:
- Conveyance/ Lease deed/Rent Agreement etc. along with rent receipts (any one)
- Copy of the utility bills (Telephone/Gas/Electricity bill) (not older than two months) (any one)
- NOC from Landlord
Below listed are the deliverables if you get your Private Limited Company registered from LegalKart:
- DSC & DIN for 2 Directors
- Company Name Approval
- MOA + AOA
- Incorporation Certificate
- Company PAN Card
- Company TAN Number
- Bank Account Opening Document Support
Frequently Asked Question
Do I need to be physically present during this process?
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
Can foreign nationals incorporate a company?
Yes, foreign nationals can incorporate a company provided he is having a digital signature for filing incorporation documents and annual compliances of a company.
What is a Digital Signature Certificate? Who shall procure it?
Digital Signature Certificate is provided in the form of a token issued by Certified Authorities. Any form filed for online company registration in India shall be submitted after affixing the DSC of an Applicant. Also, the directors will require DSC for DIN application and the subscribers to MOA shall possess DSC for submitting e-forms for incorporation.
Is it necessary to obtain DSC for all the directors of a company?
As per Companies Act, it is mandatory for all the directors of the company to obtain DSC to verify the authenticity of all the documents filled.
What is Authorized Capital and Paid-up Capital?
Authorised capital shows the maximum amount of capital that a company can raise by way of issue of shares at present or in the future. Whereas, the Paid-up Capital refers to the actual amount raised by a company i.e.; amount paid by the shareholders on the issuance of shares. One can register a company in India by any amount of paid-up capital which can be less or equal to the authorized capital but not exceeding the authorized capital.
Can one register a private limited company on their home address?
Yes, one can register a private limited company on their home addressin India.You will require to submit a copy of the utility bill the same address alongwithwith the NOC from the landlord for Private Limited Company Registration.
What are the Annual Compliance requirements to be fulfilled by a Private Company?
During every financial year, the company must hold one Annual General Meeting (AGM) and at least 4 board meetings (one in each quarter). Further, the accounts and financial statements must be audited by an independent auditor. Subsequently, it shall file form AOC – 4 and MGT – 7 as part of Annual Compliance within given time.
What is the role of Accountants and Auditors in Private Limited Company?
Daily transactions of the business are recorded in the Books of Accounts of the Company by the Accountant. The Accounts recorded are verified by an Independent Auditor to make sure that no statutory compliance is missed and provide an Audit Report for the same.
What our users have to say
I was planning to buy a plot in Nagpur. Before buying the land, I wanted to get all the documents verified and ensure it is free of fraud and forgery. LegalKart undertook every step carefully and their team was very responsive. I am impressed by their professionalism and would highly recommend their service.
Kishore Kamble, Pune
I had purchased a flat in Bangalore. The builder had delayed possession from the committed date. I was paying a high EMI and rent which increased my monthly cash outflow and this left me with no money at the end of the month. I was very stressed and didn’t know what to do. I came across LegalKart and their Property Expert Lawyer advised me to send a legal notice to the Builder and also appeal to the RERA for the delayed possession. I got compensation from the builder for the delay and finally also got possession of my flat.
B. Sivakumar, Bangalore