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How to Register a Company: A Step by Step Guide
When you plan to start your own business, company incorporation is essential. so that it has its own unique identity. There are several types of companies and the registration completely depends upon the type of company you want to start.
Necessary Documents
There might be some exclusive documents required for the registration for each specific type of company. However, these are the most important documents that are required for registration of any type of company:
Identity and address proof for the directors/partner/shareholder/owner (PAN card is a mandatory)
Submit a copy of either Aadhar card, voter ID, passport or driving license
Digital signature certificate and digital identification number of directors
A registered office address
Rental agreement if rented and property deed if owned.
No objection certificate from the landlord if rented.
Utility bill of the office space (Electricity/water)
Steps for the registration of different types of companies
File INC 29 with ROC (For public limited companies)
Get the ROC documents verified
Get the certificate of incorporation by ROC
Apply for PAN and TAN for the company
LLP
Acquire DIN and DSC for the directors
Check if the name for company is available
Send an application to the government to check if the name is available for LLP
Get all documents verified by the government
Get the incorporation documents filled and submit it
Once you've received the certificate of incorporation, draft a LLP agreement
Fill and submit the LLP Agreement
Apply for PAN and TAN for the company
OPC
Acquire DIN (Director Identification Number) and DSC (Digital Signature Certificate) for the directors
Check if the name for company is available
Register for the name and get it approved
Provisions for entrenchment
Apply for OPC and draft and submit MOA and AOA
File INC 2 with ROC
Get the ROC documents verified
Nomination of a single member
Get the certificate of incorporation by ROC
Apply for PAN and TAN for the company
How is the procedure of registration different for each type of company?
The prerequisites for registration are different for each type of company.
Private Limited Company Registration:
This is the most preferred company formation practice owing to the ease of formation. A private limited company can be registered with a minimum of 2 directors and 2 shareholders. However, the company can have up to 200 members in the organisation. There is no minimum paid up capital requirement and the minimum share capital requirement is Rs.1 Lac.
Public Limited Company Registration:
A Public Limited Company can be registered with a minimum of 3 directors and 7 shareholders. Unlike a private limited company, this type of company can offer its shares to the public in an IPO.
One Person Company Registration:
This is a new type of company formation which is very similar in nature to a private limited firm. Any Indian resident can become the director of this company. However, a one person company ceases to be one if their annual turnover crosses 2 crores in which case it has to be converted into a private limited company, following the registration requisites of such a company.
Limited liability partnership:
A limited liability partnership can be formed and registered if it has a minimum of two partners who are citizens of India and has a legally run business. There is no capital requirement for LLPs
Nidhi Company
For a company to be registered under a Nidhi company, it must have a minimum of 7 shareholders and 3 directors before its incorporation. It should also have a minimum capital of 10 lacs. After the registration of this company, the company continues to be so only if brings up its members to a minimum of 200 and a minimum net fund of 10 lacs within 1 year.
1) Memorandum & Articles
Organize for stamping with the suitable stamp duty.
Make sure the Memorandum and Articles signed with name, occupation, address from two members of one witness.
Also check whether the two charter documents (Memorandum and the Articles) is dated.
2) Company Name Selection:
Before choosing your company its highly recommended to check your Company Name to be registered. In general, the company name should be unique and should not be similar with already registered company. Please check the company names available on the portal. Never violate the provision of names.(ie., Prevention of Improper Use Act, 1950)
Choose a suitable name with choices of atleast 5 or 6 names which may includes about the company information.
3) ROC Matters:
Login to the portal and apply for a ROC in terms of name availability in Form1. Probably you need to be paid amount worth of INR 500. By the way Digital Signature Certificate(DSC) also has to be attached with same form. In case of non available of your proposed name, you can apply for a new fresh name on the same application form.
You need to file the following Forms 1, 18, 32 within 60 days if your proposed business name is approved.
Draft and Verify the memorandum and articles of association (AoA), RoC. Pay the Registration fees, Requisite filing and send the sample copy of two charter documents (Memorandum and Article of Association) to the RoC.
Once the Form processing is over then Corporate Identity will be generated.
4) For Public Limited Company - Commencement of Business Certificate:
After the process of company incorporation, you need to make additional compliance to get Commencement of Business(COB) certificate. Under companies Act 2013, both COB and company incorporation are not the same date.
File a declaration in eForm 19, eForm 20 and attach the statement along with it.
What is the first step process in company registration?
Company name selection is the first thing. You need to choose the name which should not violate the rules and should not similar to the companies which are already registered. You might have a choice of 5 to 6 company/business names.
Is it mandatory to have 2 Directors for Pvt Limited Company
Yes. it's needed.
Can an Individual Register a Private Ltd Company?
If you have 2 directors, you are eligible to start a new company in India. you might be NRI or PIO (Person of Indian Origin)
What is the next process after the company name approval?
After the Name approval of your company, you need to file Form 1, 18, 32.
Can a foreign company start a business in India?
Yes, foreign nationals can invest in India and start their business/company.
Can I register my business and start the business in 1 or 2 years?
Yes, you have the option for that. But you need to provide the balance sheet(with profit or loss details) in the upcoming financial year with the help of Chartered Accountant.
Can anybody undertake/start a business after applying for the company registration process?
You are able to start a business only after getting receipt/bill of incorporation certificate for your either public or private company
What are the documents needed to provide?
Address proofs, ID proofs of the directors and shareholders are needed. Registered Office proof also required.
Can I join my relatives or wife as one of the business partners?
Yes, you can nominate them also.
How long will it take to register a Pvt Limited Company?
It could be done within 20-25 days if there are no issues in the proposed documents and proofs.
How to apply for DIN?
It's a simple process, you can even apply through Online. But PAN Card is required if they are Indian or Passport Copy/Original if its a Foreign National.
What is RoC?
Abbreviation for RoC is Registrar of Companies which handles the management of Companies Act 1956 and Companies Act, 2013. Overall 22 RoC Offices are available in India. Luckily Tamilnadu(TN) & Maharashtra(MH) states have 2 RoCs. RoC plays a vital role in Company Incorporation.
I live in Nagpur, But I want to start a business in Nagpur? Is it possible?
Yes, you can start a business from another region in India. But if your company will be in Nagpur, the company address should also be from Nagpur. You can show EB Bill or Rental Agreement is enough.
What is DIN and how it belongs to company formation?
Abbreviation for DIN - Director Identification Number is a unique number given to the company directors. This process comes under Companies Act, 1956 with section no 266A & 266B.