- The opening of the company’s current account within 30 days after receiving the PAN card.
- Appointment of a Statutory Auditor
- Depositing paid-up capital as mentioned while registration
- Issue and allotment of shares
Private Limited Company Registration in India
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Private Limited Company is a popular option for startups and businesses with higher growth aspirations to start a business in India. Registration of Private Limited Company is governed by the Ministry of Corporate Affairs (MCA) under the Companies Act, 2013. It is a registered corporate structure that provides a business with a separate legal identity from its owners. It enables the business to carry out the transactions and enter the contract in its name, and it enables to safeguard the personal assets of the owners from the business liabilities.
Advantages of Private Limited Company Registration
Easy Fund Raising
The company incorporation process is stringent enough that makes this structure credible among others. It enables the company to easily fundraise or borrow from external sources. The legal structure itself provides several ways to raise funds in the form of private equity, ESOP, and more.
Separate Legal Existence
The company enjoys a separate legal identity from the owners in the eyes of law. It separates itself from its owners. Private Limited Company can enter into the transactions by opening a separate bank account in its name. Also, it can enter into contracts, buy its assets, and can sue third parties in its name.
Owners’ Limited Liability
The company’s obligation or debts does not create a charge over the owner’s personal assets. Their liability stays limited only to the capital subscribed and unpaid by them.
Management and Ownership Separation
Documents required to register a Private Limited Company
PAN Card of shareholders and Directors. Foreign nationals must provide a valid passport.
Aadhar card and Voter ID/ Passport/ Driving License of Shareholders and Directors.
Director’s Address Proof
Latest Telephone Bill /Electricity Bill/ Bank Account Statement of Shareholders and Directors.
Latest Passport size photograph of Shareholders and Directors.
Business Address Proof
Latest Electricity Bill/ Telephone Bill of the registered office address
NOC from owner
No Objection Certificate to be obtained from the owner(s) of registered office
Rent Agreement of the registered office should be provided if any
In case of NRI or Foreign National, documents of director (s) must be notarized or apostilled
Formulation of Company Name
Register a Company in 3 Easy Steps
1. Answer Quick Questions
2. Experts available for Help
3. Your Company is Registered
Process to Register a Company in India
Day 1 - 2
Day 3 - 6
Day 7 - 9
Day 10 - 12
COMPARE RELATED SERVICES
Compare different business structures to choose the right entity type
|Private Limited Company||One Person Company||Limited Liability Partnership||Partnership Firm||Proprietorship Firm|
|Act||Companies Act, 2013||Companies Act, 2013||Limited Liability Partnership Act, 2008||Indian Partnership Act, 1932||No specified Act|
|Registration under the Act is mandatory to set up business as a Private Limited Company||Registration under the Act is mandatory to set up business as One Person Company||Registration under the Act is mandatory to set up business as a Limited Liability Partnership||Both registered and unregistered partnerships are legal, but registered entity is preferred||There is no registration criteria prescribed. But, registration to establish a legal identity is recommended|
|Number of members||2 – 200||Only 1||2 – Unlimited||2 – 50||Only 1|
|Requires minimum 2 and not more than 200 shareholders||Only an individual,and an Indian resident can be the shareholder||No bar on maximum number of partners, but minimum 2 Designated Partners are required||It is formed with minimum 2 partners, but not exceeding 50||The proprietor is the only owner of the firm|
|Separate Legal Entity||Yes||Yes||Yes||No||No|
|Private Company is separate entity and can own assets in its name||OPC is separate entity and can own assets in its name||LLP is separate entity from partners and can own assets in its name||Partnership firm does not have any separate identity from its partners||Proprietor and business are the same and not different|
|Liability of members is limited to the extent of unpaid value of shares subscribed||Liability of member is limited to the extent of unpaid value of shares subscribed||Liability of partners is limited to the capital amount agreed to introduce||Partners are jointly and severally liable to pay the debts of the Partnership Firm||Proprietor’s liability is to pay-off all the debts and obligation of a firm|
|Statutory Audit||Mandatory||Mandatory||Dependent||Not mandatory||Not mandatory|
|Auditor must be appointed within the 30 days of incorporation||Auditor must be appointed within the 30 days of incorporation||Applicable when turnover exceeds INR 40 Lakh or contribution exceeds INR 25 Lakh||Statutory audit not applicable. Tax audit may be applicable based on turnover||Statutory audit not applicable. Tax audit may be applicable based on turnover|
|Shares can be transferred with the consent of other Shareholders||Shares are not transferable easily||Ownership can be changed with consent of other partners||Ownership is not transferable easily, clause of partnership deed should be referred||Firm is no different from proprietor and so ownership is not transferable|
|Change in members or director does not affect the existence of Private Company||Change in members or director does not affect the existence of OPC.
The nominee will take place of member
|Change in Partners or Designated Partners does not affect the existence of LLP||Change in partner leads to dissolution or formation of another partnership firm||Death or insolvency of proprietor directly affects the firm|
|Foreign Participation||Allowed||Not Allowed||Allowed||Not Allowed||Not Allowed|
|Foreign national are allowed to invest under the Automatic Route||Member, nominee and director must be an Indian resident||Foreign nationals are allowed, subject to FDI Guidelines||Foreign nationals are not allowed to be a partner||Foreign Nationals cannot commence proprietorship business|
|Tax rate applicable for small companies is reduced to 22%||Tax rate applicable for small companies is reduced to 22%||With tax rate of 30% on business profit, tax benefits to partners is high||With tax rate of 30% on business profit, tax benefits to partners is high||Tax rates of individual applied to Proprietorship Firm|
|Apart from Annual filings, it has to comply with various provision laid down, but less compared to public company||Apart from Annual filing, compliances are less compared to Private Company||Annual filing and few event based filings are necessary||Separate ITR of partnership is filed, else there is no filing requirement||No compliances and no requirement to file a separate ITR|
|Get Started||Know More||Know More||Know More||Know More|
FREQUENTLY ASKED QUESTIONS
Explore Private Limited Company Registration
What are the minimum requirements to register a Private Limited Company?
For Private Company registration in India, following requirements must be fulfilled:
1. Minimum 2 directors shall be appointed, out of which one must be a resident of India.
2. Minimum 2 shareholders are required for this registration. Here, an individual may become shareholder and director at the same time.
3. A place of business in India must be provided as a registered office address.
What is the minimum Capital Requirement?
During the registration, a minimum of INR 1 Lakh should be provided as an authorized capital. A minimum paid-up capital requirement is eliminated as a part of Government’s initiative to simplify the business registration in India. However, each shareholder must subscribe at least 1 share for the registration to introduce the sufficient amount for running the business.
How to reserve the name of a company?
Who can become a Director of a Private Limited Company?
What is the Director Identification Number (DIN)?
What is a Digital Signature Certificate? Who shall procure it?
What is Authorized Capital and Paid-up Capital?
Can a Private Company carry multiple businesses?
Can I register the company at the residential place?
Can NRIs / Foreigners hold shares in Private Limited Company?
Does anyone has to be physically present for online company registration in India?
What are the statutory requirements to be fulfilled once Private Company is registered?
What are the Annual Compliance requirements to be fulfilled by a Private Company?
What are the applicable tax rates for a domestic company ?
|Business Structure||Tax Rate||Effective Tax rate|
|Domestic Company:||(Base Rate)||(Base rate + surcharge + CESS)|
|Not availing any exemptions or incentives||22%||25.17%|
|Manufacturing companies incorporated after 01st October,2019 and not availing any incentives or exemptions||15%||17.16%|
|Availing any exemptions or incentives- turnover up to 400/- crore during FY 2017-18||25%||25%+ surcharge +4% CESS
(*Surcharge varies as per the income tax slab)
|In any other case||30%||30%+ surcharge +4% CESS
(*Surcharge varies as per the income tax slab)