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If any person wants to initiate its business in India and intends to make a huge profit, in the corporate sector as there are numerous ways to do business by registering themselves as a Proprietorship concern or by forming Limited liability partnership, Private company, public limited company etc. Most of the people are prefer Private Limited Company Registration as it has a separate legal entity with perpetual succession and can sue and be sued. It is regulated by Ministry of Corporate Affairs, Companies Act, 2013 and their rules.
Every private company is mandatorily required to follow all the compliances which are prescribed by Companies Act rules. They must hold a board meeting and file annual returns with the Ministry of Corporate Affairs time to time basis otherwise a penalty will be paid as per companies Act, 2013.
It shall be registered with minimum 2 member and maximum 200 members;
2 Minimum directors are required for registering Private Limited;
Directors and shareholders can be same;
Id proofs are required, Aadhaar card, driving license, Passport etc.;
Pan cards of all the applicants;
Passport size photograph of proposed directors;
Valid mobile phone numbers along with active email id;
Latest address proof of proposed registered office;
At least 2 proposed names of the proposed company.
To raise capital/ funding from outside;
It is a legal entity;
Increase borrowing capacity;
A company has perpetual succession;
Liability of the members will be limited to their share.
Shares are freely transferable.
Step 1. Obtain DSC/DIN: To apply Digital signature certificate (DSC) and obtain DIN (Director Identification Number) by filing form DIR-3 for all proposed directors of the company to MCA department for obtaining DIN number, it takes 2-3 working days.
Step 2. For Name Approval: An application for reservation of name apply in Form-RUN (Reserve Unique name) with Central Registration Centre (CRC) Registrar of companies (ROC) for approval of the proposed section-8 company. In this form, you can give 2 names in order to preference once it is approved within 1 or 2 days after filing, which is valid for next 20 days.
Step 3. Filing of Incorporation Forms on MCA Portal: Once the name is approved by Ministry of Corporate Affairs MCA the next step is to file form Spice for registration of company along with all the details as required by form with following attachments
• Address proof of registered office;
• Rent Agreement;
• Consent to act as director in Form DIR-2;
• NOC from the owner of the property and duly signed;
• Id proofs like Aadhar Card, Driving license;
• pan card of the applicant
Step 4. Filing of spice MOA: It is known as constitution or backbone of Company as we have to mention in this form main object of the company or ancillary object which define the activity of the company and details of a subscriber of shares along with witness of any Professional like CA, CS, CWA. File along with spice form.
Step 5. Filing of spice AOA: It is known as internal rules and regulations of the company has to file along-with spice form it contains all the details of directors and digitally signs by professional like CA, CS, CWA and then upload on MCA portal for approval.
Step 6. The issue of Certificate of Incorporation: Once the spice forms are approved by MCA then concerned department will issue a Certificate of Incorporation to commence its business and can open a Current bank account with this document or can borrow money from loans to enhance its business in the market.