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Incorporation of Private Company

Private Limited Company

 Private company is a company incorporated under the Companies act, 2013 having separate legal entity, perpetual succession and can sue and be sued by its own name.

Minimum Requirement for Private Limited Company:

  •   A minimum number of 2 adult directors.
  •   One of the directors of a private limited company should be an Indian citizen & resident.
  •   The other director can be a foreign national.
  •   It is also required to have two shareholders of a company.
  •   The shareholders can be natural persons or an artificial legal entity.

Steps of Incorporation of a Company:

  • Preliminary Requirements
  1. Select a suitable package.
  2. Provide basic details & documents required for Incorporation.
  3. Make Payment through Secured Payment Gateway 
  • Registration
  1. Application for DSC
  2. Application for Name approval
  3. Drafting of documents (MOA, AOA, DIR-2,etc)
  • Registered on MCA*
  1. Issuance of COI, PAN, TAN by MCA.

*Company will be registered with 10-12 working days subject to the MCA processing and approval.          

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Unlocking Financial Success Together: The Forum for Chartered Accountants

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Advantage:

  • Separate Legal Entity.
  • Limited Liability of Members.
  • Separation of Management and Ownership.
  • Easy to raise funding.
  • Perpetual Succession.


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Documents:

1. Documents from Directors and Shareholders

A. Identity Proof

1) Permanent Account Number (PAN) Card

2) Aadhaar Card / Passport / Driving License / Voter Identity Card

B. Address Proof

1) Telephone Bill / Mobile Bill*

2) Electricity Bill / Water Bill*

3) Bank Statement /Bank Passbook with latest transaction* 

*(Any one of the Document not older than 2 months)

C. Passport size Photographs

Notes:

  • All the Copies of documents must be Self-Attested by the applicant.
  • Telephone Bill / Mobile Bill/Electricity Bill / Bank Account Statement must be in the name of applicant and should not be older than 2 months.
  • In case of NRI or Foreign National, documents of director (s) must be apostilled.

 

2.  Registered Office – Address

a) No-Objection letter from the Owner of Address to use the address of the registered office of the Company.

b) Address Proof – In the name of the Owner

  • Electricity Bill, Telephone Bill (Fixed Line Only), Gas Bill or Water Bill (Not older than 2 months);- To be signed by the of the Owner of Premises

c) Rent Agreement (if rented)



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FAQs:

A: Some benefits of a private limited company include limited liability protection for owners, separate legal entity status, ease of raising funds through the issuance of shares, and better credibility and brand value in the market.

A: A private limited company has a limit on the number of shareholders it can have, and its shares cannot be publicly traded on stock exchanges. A public limited company, on the other hand, has no limit on the number of shareholders and can issue shares to the public through a stock exchange.

A: A private limited company must have at least two directors and can have a maximum of 15 directors.

A: Yes, a foreigner can be a director or shareholder in a private limited company in India.

A: A private limited company must have a minimum of two shareholders and can have a maximum of 200 shareholders.

A: There is no minimum capital requirement for a private limited company in India. It can be started with any amount of capital.

A: Yes, a private limited company can convert into a public limited company by following the necessary legal procedures and complying with the regulations.

A: No, a private limited company cannot issue shares to the public as its shares are not publicly traded on stock exchanges.

A: The annual compliance requirements for a private limited company include filing of annual returns and financial statements with the Registrar of Companies, conducting board meetings and general meetings, maintaining statutory registers, and complying with other legal and tax requirements.

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