If you want to start your business the only best option is to register business under the name of Private Limited company:
All we need :
KYC documents of all directors and Address proof of the company.
DSC and & Din of all Directors
Apply for company name reservation and taking approval for company name
Preparation of MOA & AOA for company
Filling SPIC-32 for private limited company registration.
Apply for PAN/TAN
Private Limited Company registration is the most popular legal structure option for businesses in India. Private limited company can have a minimum of two members and a maximum of 200 members. The directors of a private limited company have limited liability to creditors. In a case of default, banks / creditors can only sell company assets but not personal assets of directors.
Start-ups and growing start-ups prefer private limited company as it allows outside funding to be raised easily, limits the liabilities of its shareholders and enables them to offer employee stock options plain (ESOP) to pull in top talent of employees. Private Limited Company Registration can be done through by Ovakil all over India.
(1) It is flexible and has limited liability.
(2) Greater capital contribution and greater stability
(3) Possibility to grow big and expand
As we know that to run a business we have so many options like Sole Proprietor, Partnership firm, or Private limited Company, then the question arises why we need start private limited company for business.
A ❛Private Limited Company❜ is a ❛Limited Liability company❜ which formed with Minimum capital as may be descriebed by the Articles and have:
Minimum 2 directors and maximum 20 directors.
No minimum paid up capital is required
Which has a advantage of limited liability which is not in Proprietorship or Partnership firm where owners have unlimited liabile for the losses of business
Number of members is limited up to 200
Only Friends & relatives can become members in private limited company.
Very less restriction and requirement comparatively to public limited company.
In this today era of business we have seen that banks,financial institution and Investors are interested to fund those businesses which works as a Private Limited Company.
STEP-1: FIRST WE WILL APPLY FOR COMPANY NAME APPROVAL IN FORM RUN WHICH USALLY TAKES 1 DAY FOR APPROVAL. FOR THIS FEES OF RS 1000/- WIL BE CHARGED BY MCA
STEP-2: AFTER GETTING NAME APPROVAL WE APPLY FOR DIGITAL SIGNATURE, THIS WILL WORK AS A DIGITAL SIGN FOR SIGNING DOCUMENTS OF MCA.
STEP-3: WE WILL CREATE ALL DOCUMENTS AND SUBMIT TO REGISTRAR OF COMPANIES FOR APPROVAL OF COMPANY. IN THE SAME FORM WE ALSO APPLY FOR DIN.
Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
Scanned copy of Voter❜s ID/Passport/Driver❜s License/Aadhaar card
Scanned passport-sized photograph
Scanned copy of electricity, telephone or mobile bill.
ANY OF THE FOLLOWING DOCUMENT
Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
Scanned copy of Notarized Rental Agreement in English and No-objection Certificate from property owner
Scanned copy of Sale Deed/Property Deed in English (in case of owned property)
1. I need to be physically present during this process?
It❜s a totally based on online process all you need to submit the document to us, and there is no need of physical appearance, just forward your documents on our Mail ID
2. How much time is needed for setting up a private limited company in India?
After submission of all documents, normally it takes 4-5 days to incorporat Company
3. What are the rules for picking a name for a private limited company?
There all following rules regarding name approval:
The name must not be identical with name of existing company.( like u can apply for name of your company TATA because its already in existence)
The name should not be offensive. its should not hurt sentiment of any religion).
It should not used any symbol, name of public office, government❜s department and offices.
Your brand name and company name can be different. (For example: PAYTM IS BRAND NAME OF COMPANY ONE97 COMMUNICATION.)
4. What documents are required to complete the process?
All the director must have photo proof and address proof along with the proof of registered premises.If the registered office is situated in one the director premises or other person premises the an NOC must be filled that he had no objection on company registered office situated at his place.
5. What is a DSC?
Because the company registration is totally online process so the document must be sign digitally, A DSC is a electronic signature of the person which can used to filled electronic document.
6. Does a private limited company have continuous existence?
A Private company has one of the feature is Perpetual succession; it should go continuously without being effected by its member existence.
7. How much does it cost to run a private limited company?
It totally depend on the person running the company, the mandatory cost of running is for Audit of company and annual account filling normally it takes 10-12 thousands, but if you want accounting and other aspect the cost can be 30000 per annum or depend upon the turnover of the company.
8. Is it necessary to have a company❜s books audited?
Yes, as per companie's act every company accounts must be audited by a Chartered Accountant who is member of Institute of chartered accountants of India and company should appoint such auditor within 30 days after incorporation of company.
9. What are articles of association and memorandum of association?
These are the bye laws of the company it should contain rules and regulation of the company or we can say charter of the company, it simply define Mission, vision, rules relating to the company