Private Limited Company Registration Online
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Your Private Limited Company Registration Online
As per Section 2 (68) under the Companies Act 2013, a private limited company is a small firm or corporation that is privately held by a limited number of investors, owners, or shareholders. These companies are easily identifiable as the firms are required to use “Private Limited” as an affix after the corporation’s name.
Private enterprises can be large or tiny, but they are typically modest businesses owned by family, friends, or investors
Features of a Private Limited Company
Other features of private limited companies are as follows:
- Members: A private limited company can be formed with as few as two shareholders or as many as 200.
- Each shareholder in a private limited company has limited liabilities—meaning if a corporation suffers any financial loss, the shareholders are required to pay back only the amount that they invested in the company.
- Share transferability: private limited companies allow easy and free transfer of shares between shareholders.
- Business Continuity: In private limited companies, corporations continue to exist in the eyes of the law even if one of their members dies, becomes insolvent, or files for bankruptcy. As a result, the company will continue to exist in perpetuity.
- No mandatory obligations: Private limited company owners have no mandatory obligations to index the number of company members.
- Paid-up capital: private limited companies do not require any minimum capital to get started.
- FDI: Allows foreign direct investment.
- Name: All private firms must include the phrase “private limited” after their name.
Why Register a Private Limited Company In India?
The existence of a private limited company is not subject to the death of its members and shareholders.
Shareholders have limited debt responsibilities in case a business suffers huge losses.
Private limited companies welcome considerable tax savings as they have lower corporate tax rates to pay.
More Business Opportunities
Company owners experience pools of opportunities because they are not tied to promoters for growth prospects. They can expand by merging with other firms.
Because private limited companies are governed by strict laws, they are eligible for quick and easy funding.
Convenient Owner Transferability
Shares and interests in private limited companies are considered to be movable properties. Thus, they can be transferred easily.
Private limited companies have access to foreign investment in most of the sectors without needing government approval.
How To Register a Private Limited Company?
Private limited is the most basic and often used form of business entity. As of January 2022, there were over 1.43 million companies registered as private limited in India. One of the reasons behind this boom is the ease of raising equity financing in private limited companies and online private limited registration.
Step 1: Obtaining a DIN: The applicants must apply for both: a Director’s Identification Number and a Digital Signature Certificate (DSC) issued by the Ministry of Corporate Affairs. These serve as an online signature used to complete the further application process.
Step 2: Obtaining the MOA and the AOA: Drafting a Memorandum of Association (MOA) and Articles of Associateship (AOA) is another crucial step in getting your private limited company registered. While MOA sets out the company’s structural constitution, AOA lays out the principles on which the private limited company will operate.
Step 3: Completing necessary forms: Registration aspirants are then required to fill out, scan, and upload the following documents:
- SPICe Part b, SPICe MOA, SPICe AOA, Agile Pro, INC. 9.
Step 4: Incorporation Certificate: In roughly 5-7 days a private limited company can formally begin operating after it receives its Certificate of Incorporation (COI) Corporate Identity Number (CIN) number.Pvt Ltd PAN and TAN are issued along with COI.
Step 5: Opening a bank account: Following above, they can also open a company’s official bank account.
Minimum Documents Required
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LET'S CLEAR ALL THE DOUBTS!
A private limited company is a business entity privately owned by shareholders and its shares cannot be traded on a stock exchange
Under the Companies Act 2013, a few minimum requirements to establish a private limited company are as follows:
- Shareholders can range from two to 200.
- One of the director must be a citizen of India with permanent residency.
- Address proof, identity proof, PAN card, DIN, DSC of all directors
- Company name: It is mandatory to have a company name that is unique, indicates the activity that will be carried out by the company, and mentions “private limited” at the end.
Not necessarily. The process of obtaining company certificates and completing the registration application is completely online and does not require the applicants to be present. In most cases, individuals hire experienced Private Limited Company Registration Consultancy in India to complete the documentation on their behalf to avoid any obstacles.
Private limited registration consultants lay out a clear plan on the applicants’ behalf so the process is not delayed and you can focus on growing your business instead of wasting time on preparing piles of paperwork.
Yes. A company’s name can get rejected if it already exists or matches another registered trademark or another pvt ltd name. Ensure that all these names do not have any close resemblance to other registered pvt ltd business entities.
Yes. MCA offers the facility for electronic submission of documents for the ease of applicants and to obtain the certificate. However, the certificate issuance may take up to a week to process.
Like any other risk involved in business, private limited companies do have certain restrictions. For example, private limited companies do not allow share transferability freely on a stock exchange. Also, the registration is a tedious process that can take a long time if not done by experienced and reliable online consultancy service .
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Private Limited Registration
- No minimum capital requirement
- Limited Liability
- Tax Advantages
- Business Continuity
- FDI Allowed
- Builds Credbility
- Personal Reputation
- No minimum capital requirement
- Legal Recognition
- Lower Registration Cost
- No requirement of compulsory Audit
- Savings from lower compliance burden
- Taxation relief
- Easy Transferable Ownership
- Separate legal entity
- Liability of the members is limited
- OPCs allow the Transferability of shares
- Savings on compliances
- It has to mention a nominee while registering the company
- No minimum paid-up capital required
- Builds trust and Goodwill
- Differentiates Product
- Protection against infringement
- Global Trademark Registration
- Attract Human Resources
- Exclusive Rights
- Recognition to product’s Quality