Easy Transferability
Introduction
A Private Limited Company is the most relevant and caught on type of business structure in India, suitable for small and medium scale businesses. However, the total number of members in Private Limited companies cannot exceed the maximum limit of 200.
Once the registration of such companies is done, a separate legal existence is attained by a business organization which means a registration gives a business – an individual legal identity independent of the company’s directors and shareholders. This implies the continuation of the company’s existence even after the death of any member of the company. This makes the registration of a Private Limited company as an important job. For Private Limited company registration, one must go to professionals or visit MCA online portal.
Companies Act, 2013 lays down the law for Private Limited companies and the Ministry of Corporate Affairs is the regulatory body for the registration of these companies.
Reasons to Register a Private Limited Company
Limited Liability
Perpetual Succession
Improves Credibility
Requirements for Incorporation of a Private Limited Company
Companies Act, 2013 has listed the following requirements for the incorporation of a Pvt. Ltd. Company
Minimum 2 DirectorsNote– One Director must be Indian Resident |
PAN CardSelf-attested PAN Card of Members and Directors. |
Identity Proof of DirectorsSelf-attested ID proof of Members and Directors- (Anyone out of the following -Valid Passport/Voter ID/Aadhar Card/Valid Driving License) |
Address ProofSelf attested Address proof of the Members and Directors (Any one out of the following – Bank Statement/ Electricity Bill/ Telephone Bill/ Mobile Bill which and it should be not older than 2 months |
Business Address Proof (Rented/Leased)If proposed Registered Office is taken on Lease – NOC from Landlord/Lease Agreement/Utility Bill (Either Electricity Bill or Mobile Bill or Telephone Bill) (Should Not be Older than 2 Months) |
Business Address Proof
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Basic Information Required
- Authorized and Paid-up Share Capital of the Proposed Company and Number of Shares Subscribed by Members. Explanation: A Company can be commenced with any amount of capital. There is no need for a minimum capital amount of Rs.100,000.
- Place of Birth and Duration of Stay of Members and Directors at Present Residential Address.
- Occupation of Members and Directors.
- Proposed Object/Business of the Proposed Company.
- Educational Qualification of Members and Directors.
- Email IDs and Contact Number of Members and Directors.
Process of Private Limited Company Registration
The Ministry of Corporate Affairs vide its notification dated 18th February 2020 effective from 23rd February 2020 has further amended the Companies (Incorporation) Rules, 2014 thereby substituting the old Form INC-32 (SPICe) with web service SPICe+ along with certain other amendments.
An application for Name Reservation
The first step is to make an application for reservation of name which shall be reserved by using the web services (SPICe+) available at www.mca.gov.in along with the specified fees. Before Applying for the name, kindly check that the name is available on MCA as well as no trademark. Is there no such name under the Class of work you are going to apply.
The new integrated form consists of two parts i.e. PART A and Part B. The Name(s) of a company can be reserved in Part A of SPICe+. In case the applicant wants to apply for name, incorporation, and other integrated services together, he can do so together by filling necessary information in Part A and Part B.
Fill Part B of SPICe+
The second step is to fill the Part B of SPICe+ for registering the Company. The said form contains various sections that allow you to save and modify information if required.The new integrated form consists of two parts i.e. PART A and Part B. The Name(s) of a company can be reserved in Part A of SPICe+. In case the applicant wants to apply for name, incorporation, and other integrated services together, he can do so together by filling necessary information in Part A and Part B.
Convert SPICe+ Form into PDF
The third step is to convert the SPICe+ form into a pdf form in order to affix the DSC.
Upload the form on MCA
After affixing the DSC the form is required to upload on the Ministry of Corporate Affairs in accordance with the existing process.
Declare the company’s Subscribers & First Directors
Declaration of all Subscribers and first Directors of the company which is currently being filed in Form INC-9 will be automatically generated in pdf format and shall be submitted only through Electronic form in all cases, except in case:
a) The no. of subscribers and/or directors is more than 20.
b) Any of the subscribers and/or directors do not have DIN and PA
The enterprise was founded by Chartered Accountant Mr. Jothilingam S.
