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Company Registration in India

Online Company Registration in India - An Overview

A commonly endorsed approach to initiate a business in India involves the formation of a private limited company. This structure offers shareholders the advantage of limited liability, coupled with specific ownership constraints. In the case of a Limited Liability Partnership (LLP), the management is undertaken by its partners. Conversely, opting for the registration of a private limited company permits a clear distinction between directors and shareholders, allowing them to be distinct entities.

As your dependable legal advisor, Online Complaint Help offers a cost-efficient service for registering your company in India. We handle all legal procedures and ensure compliance with the regulations set forth by the Ministry of Corporate Affairs (MCA). Upon successful completion of the pvt Ltd company registration process, we provide you with an Incorporation certificate (CoI), as well as PAN and TAN documents. With these in hand, you can easily establish a current bank account and commence your business operations.

 

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Benefits of Pvt Ltd Company Registration

Opting for company registration offers a plethora of merits. This step elevates your business’s credibility, consequently fostering heightened consumer reliance. Moreover, engaging in online company registration brings forth an array of advantages that contribute to the expansion and triumph of your enterprise.

  • Shield from personal liability and protects from other risks and losses
  • Attract more customers
  • Procure bank credits and good investment from reliable investors with ease
  • Offers liability protection to protect your company’s assets
  • Greater capital contribution and greater stability
  • Increases the potential to grow big and expand

How to Register a Company?

The process of company registration in India has evolved to be remarkably convenient and easily reachable. At Online  Complaint Help, we have taken strides to simplify this procedure, guaranteeing a smooth journey, regardless of whether you intend to register a private limited company or another business format. With just a handful of essential steps, you can acquire a comprehensive understanding of the registration process. Thanks to the online registration system, the entire course has been optimized for user-friendliness and efficiency, eradicating any potential complexities.

Steps For Company Registration Process in India

Step 1: Collecting Initial Documents

Gather the necessary documents and get them verified for the incorporation process.

Step 2: DSC and Name Approval

Apply for Digital Signature Certificate (DSC) and seek approval for your company name from MCA.

Step 3: Collecting Additional Documents

Acquire the second set of required documents and ensure their verification.

Step 4: Drafting MOA and AOA

Prepare the Memorandum of Association (MOA) and Articles of Association (AOA) for your company.

Step 5: Final Form Upload

Upload the completed documents and forms for the final stage of company incorporation.

Characteristics of Private Limited Company

Membership: As per the relevant Act, a private limited company needs a minimum of two members and can have a maximum of 200 shareholders.

Director Count: Under the Act, a private limited company must appoint at least two directors, with an upper limit of 15 directors.

Limited Liability: Within a private limited company, the liability of members or shareholders is confined. This implies that, in cases of company losses, shareholders are not personally obliged to liquidate their personal assets for debt settlement. They are exclusively responsible for the subscribed share amount or the agreed-upon guaranteed sum.

Continuity of Existence: The principle of perpetual succession guarantees the ongoing legal existence of a private limited company, regardless of scenarios such as insolvency, bankruptcy, or the demise of any of its members. The company’s life is perpetual.

Share Capital Authorization and Paid-Up: A private limited company is required to possess an authorized share capital of at least ₹1 lakh. The Companies Act amendment eliminated the necessity for a minimum paid-up share capital.

Nomenclature: The official title of a private limited company must conclude with the words ‘private limited’. For instance, if the company’s name is ABC, it should be presented as ‘ABC Pvt. Ltd’ in official documents and registration forms.

Prospectus Absence: A private limited company is prohibited from issuing a prospectus, which offers an extensive overview of the company’s affairs. This is due to the company’s inability to invite the public for share subscription.

Members’ Index: The maintenance of a members’ index is not obligatory for a private limited company as stipulated by the Act. Conversely, a public company is mandated to uphold such an index.

Checklist for Private Limited Company Registration in India

To successfully register a Private Limited Company in India, it is imperative to adhere to the checklist requirements outlined in the Companies Act of 2013.

Dual Directorship: Conforming to the Act, a Private Limited Company necessitates a minimum of two directors, extendable up to fifteen. It’s mandatory for at least one of these directors to be a resident of India.

Distinctive Name: The chosen name for your Private Limited Company should be exclusively unique. It is essential to ensure that the proposed name does not match any existing companies or trademarks within India.

Capital Threshold: The notion of a minimum capital requirement does not apply to a Private Limited Company. However, it is fundamental to possess an authorized capital of no less than ₹1 lakh.

Registered Premises: The registered office location for a Private Limited Company is not confined to commercial spaces alone. It is admissible for a rented residential premise to serve as the registered office, as long as a No Objection Certificate (NOC) is acquired from the landlord.

Types of Private Limited Company

Company Limited by Shares: In companies categorized as “limited by shares,” the liability of members is restricted to the nominal value of shares indicated in the Memorandum of Association. Shareholders are not liable for an amount surpassing their invested capital in the company.

Company Limited by Guarantee: In a private limited company with “limited by guarantee” status, members’ liability is confined to the predetermined guarantee sum specified in the Memorandum of Association. As a result, members of such a Private Limited Company Limited by Guarantee are not accountable for a sum beyond their guarantee mentioned in the Memorandum.

Moreover, the members’ guarantee within a Company Limited by Guarantee becomes applicable solely when the company undergoes the winding-up process. The guarantee pledged by the members remains dormant while the company operates under normal circumstances.

Unlimited Companies: Unlimited companies are enterprises where members face no restrictions on their liability. Each member assumes complete personal responsibility for the company’s debts and obligations. Consequently, in the event of winding up an unlimited company, creditors possess the authority to recover owed debts and liabilities from the shareholders.

Despite the absence of limited liability protection for shareholders, an unlimited company still retains its distinct legal identity. As a result, individual legal action cannot be taken against the members of an unlimited company.

Why Is It Important to Choose the Right Business Structure?

Choosing the right business structure is crucial for several reasons:

Adhering to Legal Requirements: Distinct business structures entail diverse legal prerequisites. Opting for the suitable structure guarantees adherence to pertinent laws, regulations, and tax norms prevailing in India.

Protection Against Liability: Employing the appropriate structure can act as a shield for personal assets against business liabilities. For instance, establishing a limited liability partnership or a private limited company extends limited liability protection to proprietors, safeguarding personal assets from business-related debts.

Understanding Tax Impacts: Each business structure carries its own tax consequences. Opting for the right structure aids in minimizing tax obligations and leveraging accessible tax advantages and incentives, ultimately optimizing profits.

Access to Funding: The decision regarding business structure can significantly influence the ease of capital generation. For example, a private limited company possesses the ability to issue shares, rendering it more alluring to investors and lenders.

Flexibility in Operations: Varied structures provide varying degrees of operational flexibility. Selecting the appropriate structure empowers business proprietors to delineate roles, responsibilities, and decision-making processes in accordance with their requirements.

Alignment with Long-Term Goals: The chosen business structure should harmonize with your enduring objectives. It ought to facilitate growth, expansion, and eventual exit strategies like mergers, acquisitions, or going public.

Name and Capital of the Company

Choosing a company name entails a creative journey shaped by elements such as industry, intended audience, and individual inclinations. The capital of a company can exhibit substantial variability, contingent upon the resources and investments essential for commencing and sustaining business operations.

Private Limited Company Registration Compliances

After completing the company registration procedure in India, it becomes imperative to strictly observe various compliance regulations to avert potential penalties and legal ramifications. Some pivotal post-registration requisites encompass:

Appointment of Auditor: Within 30 days from the company’s incorporation, all Indian companies must engage a practicing, certified, and registered Chartered Accountant (CA) as their auditor.

Director DIN KYC: Annually, individuals holding a Director Identification Number (DIN) are obliged to undergo a DIN KYC procedure. This validation process can be initiated during the company’s incorporation, wherein the company obtains the DIN. This step verifies the accuracy of the provided phone number and email address in the records of the Ministry of Corporate Affairs (MCA).

Commencement of Business: Shareholders of the company need to deposit the subscription amount specified in the Memorandum of Association (MOA) within 180 days of incorporation. The company must also establish a current bank account. Consequently, to secure a business incorporation certificate, shareholders of a company initiated with a paid-up capital of ₹1 lakh must deposit the equivalent amount into the company’s bank account. Additionally, they are required to file a copy of the bank statement with the MCA.

Annual Filings with MCA: Each fiscal year, the Ministry of Corporate Affairs (MCA) mandates that every registered company in India submits their financial statements. Companies incorporated between January and March can choose to combine their first MCA annual return with the subsequent fiscal year’s annual filing. The MCA annual return encompasses Forms MGT-7 and AOC-4, both requiring digital signatures from the Directors and a qualified professional.

Income Tax Return Submission: Annually, enterprises are required to submit an income tax return employing form ITR-6. Regardless of the incorporation date, businesses must meet the income tax filing deadline for each fiscal year. The company’s income tax return necessitates digital signature via the director’s digital signature for authentication.

Requirements to Register a Company

Before registering company in india, it must meet a specific set of conditions. The following are such conditions:

1. Directors and Members

As mentioned earlier, at least two directors and no more than 200 members are necessary for legal Private Limited Company Registration in india. This is a mandatory requirement as per the Companies Act of 2013. The Directors should honor the following conditions:

  • Each directors should carry a DIN issued by the MCA
  • One of the directors must be an Indian resident, which means they must have spent at least 182 days there in the previous calendar year.

2. The Business’s Name

When selecting a name for a private limited company, there are two factors must be into consideration:

  • Name of the principal activity
  • Private Limited Company

3.Address of the registered office

Upon completion of the company registration process, the company should give the permanent address of the business’s registered office to the company registrar. The registered office is the primary location where business takes place and stores all documentation pertaining to the company.

4. Getting Additional Documents

To verify the authenticity of electronically submitted documents, every business must obtain a DSC. Furthermore, the business needs credentials from such professionals as secretaries, chartered accountants, and cost accountants that engage them for various operations.

Documents Required for Online Company Registration

The MCA requires proper identity and address proof for private limited company registration in India. The following documents are the requirements for registering a company in India:

Identity and Address Proof

  • Scanned copy of PAN card or passport (foreign nationals & NRIs)
  • Scanned copy of voter ID/passport/driving license
  • Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
  • Scanned passport-sized photograph specimen signature (blank document with signature [directors only)

Registered Office Proof

  • Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
  • Scanned copy of notarised rental agreement in English
  • Scanned copy of no-objection certificate from the property owner
  • Scanned copy of sale deed/property deed in English (in case of owned property)

Note: Your registered office need not be a commercial space; it can be your residence too.

 
 

Why Online complaint Help ?

Convenience and Accessibility

Online complaint platforms provide the convenience of submitting grievances from the comfort of your own space, eliminating the need to physically visit an office. This accessibility allows individuals to lodge complaints at any time, regardless of their location, making the process more efficient.

Swift Response and Tracking

Online complaint systems often offer prompt acknowledgment of your grievance and provide a tracking mechanism that allows you to monitor the progress of your complaint in real-time. This transparency ensures that you stay informed about the status of your concern throughout its resolution.

Documentation and Records

When you file complaints online, a digital record of your submission is created, including all relevant details and communication. This documentation can serve as valuable evidence should there be a need to escalate the matter further or refer to it in the future, enhancing accountability and resolution processes.

Frequently Asked Questions (FAQs)

Find answers to common queries about our online complaint help in our Frequently Asked Questions (FAQs) section.

What is the minimum number of directors required for company registration in India?

The Companies Act mandates a minimum of two directors for private limited company registration in India.

Can a foreign national be a director in an Indian company?
Yes, a foreign national can be a director in an Indian company. However, at least one director must be a resident of India.
What is the significance of Memorandum of Association (MOA) and Articles of Association (AOA) in company registration?
The MOA outlines the company’s fundamental objectives, while the AOA establishes rules governing internal management. Both documents are crucial for registering a company and setting its operational framework.
Is there a minimum capital requirement for private limited company registration?
No, there is no mandatory minimum capital requirement for private limited company registration after the amendment to the Companies Act. However, an authorized share capital of at least ₹1 lakh is required.
What post-registration compliances are necessary for a newly registered company?
After registration, a company must appoint an auditor, complete Director Identification Number (DIN) KYC, deposit subscription amount, and file annual returns with the Ministry of Corporate Affairs (MCA), among other compliance requirements.

If you require professional legal assistance, guidance, or representation, Online Complaint Help is here to help. Our Online Complaint Help services are designed to provide you with convenient access to experienced legal experts who can assist you in resolving various legal matters. Whether you’re facing a legal dispute, seeking advice on compliance, or navigating complex regulations, our team is dedicated to supporting you every step of the way.

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