Private Limited Company Registration

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In India, the regulation of private limited companies falls under the purview of the Ministry of Corporate Affairs (MCA). StartupDealkart provides a streamlined and fully online process for company registration. To establish a private limited company in India, a minimum of two individuals must serve as directors and shareholders. Additionally, directors are required to provide their PAN card, address proof, and bank statement, along with evidence of the registered office address.

Advantages of Private Limited Companies

  1. Simplified Registration Registering a company is a swift and straightforward process.
  2. Ease of Fundraising Compared to sole proprietorships or partnerships, private limited companies have enhanced access to funding options, including loans, investments from Angel Investors, and Venture Capitalists.
  3. Corporate Identity Private limited companies possess corporate personhood, enabling them to conduct business under their own name, maintain a distinct seal, and safeguard their assets independently from those of their members.
  4. Limited Liability In the context of a private limited company, only the business’s assets are at risk if the company struggles to repay its debts, ensuring the personal assets of the directors remain protected.

Key Inclusions

  • DIN (Director Identification Number) for two directors
  • Company PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number)
  • Drafting of Memorandum and Articles of Association
  • Incorporation fees
  • Company name approval
  • Incorporation certificate
  • EPFO (Employees’ Provident Fund Organization), ESIC (Employees’ State Insurance Corporation), and Professional Tax registration
  • Assistance with opening a bank account
  • Provision of Digital Signature Certificates (DSC) for two directors

Required Documents

  1. PAN CARD: PAN card copies of shareholders and directors. For foreign nationals, a passport is mandatory.
  2. ID PROOF: Aadhaar card, Passport, Voter ID, or Driver’s License (any one) for shareholders and directors.
  3. ADDRESS PROOF: Bank statement, mobile/telephone bill, or electricity bill (any one) for shareholders and directors.
  4. PHOTO: Passport-sized photos of shareholders and directors.
  5. OFFICE ADDRESS PROOF: Office address proof, such as an electricity bill or mobile bill (any one).
  6. NO OBJECTION CERTIFICATE (NOC) FROM OWNER: Required if the office space is rented.
  7. RENT AGREEMENT: Mandatory if the office premises are rented.

Advantages of a Private Limited Company

  1. Corporate Personhood A private limited company is an artificial legal entity, capable of entering contracts, holding property, initiating legal actions, and being subject to legal actions. It exists in the eyes of the law and enjoys legal rights and obligations.
  2. Perpetual Succession An incorporated company remains in existence unless legally wound up. Changes in membership do not affect its continuity.
  3. Capacity to Sue and Be Sued As a body corporate, a company can initiate legal actions or be the subject of legal proceedings in its own name.

Additional Benefits:

  • Financial assistance can be provided to employees for purchasing or subscribing to the company’s shares.
  • No requirement to prepare a report on the Annual General Meeting during annual filings.
  • No need to prepare a statement on the Board’s performance evaluation during annual filings.
  • Private limited companies need not have more than two directors.
  • No mandatory appointment of independent directors.
  • Rotational retirement of directors is not applicable.
  • Restrictions on the number of directorships in public companies do not apply.
  • Employment contract provisions for managing or whole-time directors do not apply.
  • No restrictions on managerial remuneration.

Compliance Requirements for Private Limited Companies in India All Indian registered companies must adhere to the provisions of the Companies Act, 2013, and other relevant regulations. Failure to maintain compliance can result in penalties or director disqualification.

Important compliance requirements include:

  • Appointment of a Statutory Auditor within 30 days of incorporation.
  • Deposit of capital mentioned in the Memorandum of Association (MOA) in a bank and obtaining a commencement of business certificate from the MCA within 180 days.
  • Annual DIN KYC for directors.
  • Holding a minimum of four board meetings annually with no more than a 120-day gap between meetings.
  • Conducting an Annual General Meeting on or before September 30th each year.
  • Filing the Annual Return (Form MGT-7) within 60 days of the Annual General Meeting.
  • Submitting financial statements (Form AOC-4) within 30 days of the Annual General Meeting.
  • Annual income tax filing using Form ITR 6 by September 30th.
  • Fulfilling event-based compliance requirements triggered by specific events, such as changes in directors, registered office, authorized share capital, and more.

Adherence to these compliance measures is crucial to avoid penalties and ensure the smooth operation of a private limited company in India.