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Private limited company registration is the most prominent form of business entity. Companies incorporated under the Companies Act, 2013 have a separate legal entity, perpetual existence, higher credibility and limited liability.
For registering a company under the Companies Act, 2013, it needs to be registered with the registrar of companies as per the given guidelines and rules laid down by the Ministry of Corporate Affairs (MCA).
The basic requirements for a private company are the number of shareholders, the number of directors, the requirement of an Indian Resident director, an eligible name according to the Name approval guidelines, a registered office address, the requirement of capital and necessary documents for registration.
The registration process of a private limited company in India is given in the following steps
The proposed directors and shareholders are required to apply for a valid digital signature certificate from a certified agent approved by the Controller of certification agencies.
The proposed director has to apply for DSC as they are required to file Form DIR-3 and apply for a unique Director Identification Number. The application must be approved by the registrar of companies and grant the distinctive DIN to the proposed director.
First of all, check the availability of the name on the official MCA portal. The name reservation of the private limited company registration name availability by RUN services on the MCA portal.
The unique name of the company must be as per the name guidelines issued by MCA. Every company must include a word that denotes the activity undertaken.
The memorandum of association is the constitution of the company which defines the objectives carried out by the company. The articles of association of the company provide the internal rules for the management of the company.
The MOA has a name clause, registered office clause, object clause, liability clause, capital clause and subscriber clause.
Table F provides details regarding the articles of association. It defines the power and responsibility of the director for Private limited company registration, management decisions, transfer of shares, dividend policy, and other important details related to the company.
Select ‘Private limited company’ from different types of the company listed in the form
This signifies whether a company is public, private or one person.
It includes a company limited by shares, by guarantee or unlimited shares. The most popular category is a company limited by shares
Choose the relevant sub-category with the advice of a professional.
Choose the one that is appropriate for your business.
Specify the objective and purpose of the company in a detailed manner.
One can apply for two proposed names at one time. The MCA website can take 2-3 working days to approve the Part A of the SPICe+ form. One can also check if a company name with a similar name is already registered or not on the MCA portal before filing the SPICe+ form.
Once Part A is approved, the details automatically get pre-filled in Part- B in all linked forms such as AGILE-PRO, e-MOA, e-AOA, URC-1 and INC-9.
Once the Company registration is completed through the SPICe+ form, a Certificate of Incorporation is issued along with the Company Identification Number (CIN), PAN and TAN of the company with the sign and seal of the registrar. It is conclusive proof of the existence of the company with the date of incorporation.
The last step for Online Company Registration in India after receiving the certificate of incorporation is to open a current bank account. The bank account is opened in the name of the company within 180 days and the subscription amount must be deposited.
The Pvt ltd company registration documents are mentioned-below as follows:
Private limited company registration for foreign nationals is similar to the incorporation process as discussed above.
All the given documents must be attested by the Consulate of the foreign embassy.
Every Private limited company shall adhere to given yearly compliances applicable from time to time. The post-incorporation compliances are listed below:
The first board meeting of Private limited company registration must be held within 30 days of the incorporation of the company. A private company should conduct a minimum of two board meetings annually.
Every director at -
The board of directors shall appoint the first auditor of the company within 30 days of Private limited company registration, who shall continue the office till the completion of the first Annual general meeting. The filling of Form ADT-1 is not mandatory in the case of first auditors
The Board of directors shall delegate the auditor in the first annual general meeting of the company who shall hold the position until the sixth annual general meeting with notification to the ROC by filing Form ADT-1. The capacity to submit Form ADT-1 is of the company and not the auditor within 15 days from the time of appointment.
It is mandatory to hold an Annual general meeting on or before 30th September every year on working days and hours. It should not be a national holiday or general public holiday. A twenty-one days’ notice is required to be given.
Every Private limited company registration has to file its annual return within 60 days of conducting the annual general meeting.
Every Private limited company has to file its ‘Balance sheet’ with a ‘Profit and loss account’ and ‘Director’s report’ in Form AOC-4 within 30 days of holding an annual general meeting.
The company must prepare its accounts and get the audit by a qualified Chartered Accountant at the end of the financial year.
Every private company must file the Income tax return by the end of September i.e., 30th September of each year for the income earned in the previous financial year.
To be filled every month
Other Event based compliances are changes in the registered office, changes in directors or KMP, Increase in authorized capital, filing of resolution and agreements in MGT-14, Increase in paid-up share capital, change in borrowing or creation of charge, Application for KYC of directors and declaration of commencement of business.
The benefits of company registration private limited in India are as follows:
This means that the shareholders are liable to pay for the company’s liability only to the extent of the contribution made by them.
The company is only responsible for the management of assets and liabilities and debtors and creditors.
The company can also raise funds from various investors because it gains the benefit of limited liability. A company can raise funds from shareholders, investors, venture capital funds, private equity funds, foreign funds, NBFCs, banks and other financial institutions.
The Private limited company registration has continued or uninterrupted existence until it is legally dissolved. It is unaffected by the death or resignation of any of its members or directors and continues to exist regardless of membership changes.
Corporate tax rates are less as compared to income tax rates. The company can choose to pay dividends to its shareholders instead of the usual salaries, as its lesser tax reductions.
The members can also sell their ownership or shares in an organization to investors or another company.
The company and management can focus on their potential work. The shareholders must assign responsibility to operate and smooth-running of the company without losing control in the way of voting.
The registration of the company by an online platform of the Ministry of corporate affairs (MCA). The government fees for registration for the company are based on the calculation of the capital of the company. The members starting a private ltd company can apply for
The applicant can get these seven services simultaneously. The registration fees for Private limited companies have been waived by the Government in the year 2019. The minimum capital is not required for forming a company.
The cost of registration is comparatively lower after the introduction of the scheme of starting a business easier in India
However, the private limited company registration fees in India will vary depending on the state and authorized capital with which it is being registered.
|Basis||LLP||Proprietorship||Private Limited Company||Partnership|
|Meaning||It is a form of partnership that has limited liability for each partner.||It is a business owned by a single person who is responsible for the management and personally liable for debts.||It is a privately held business by two or more individuals having limited liability.||A business held by two or more partners who share the profits and losses.|
|Registration Process||It is registered under the Limited Liability Partnership Act, 2008||There is no compulsory registration required for Proprietorship||The Pvt Ltd company is registered under the Companies Act, 2013.||Registration is voluntary and not compulsory and optional for partnership firms.|
|Name of the Entity||The name must be as per the naming guidelines by the MCA and end with the LLP words.||A sole proprietor can choose any name for the business.||The name should be as per the guidelines and end with the Private Limited Company.||Any name can be chosen by the partners for the partnership.|
|Legal Status of Entity||An LLP has a distinct identity from its partners.||A proprietor and a business are the same.||A Pvt Ltd company is a separate entity from its members.||A partnership does not have a separate status from its partners.|
|Minimum Number of Members||The minimum number of members is two for an LLP.||The sole owner is the only member in this business.||The Pvt Ltd company has minimum two members.||There must be at least partners coming together for partnership.|
|Maximum Number of Members||An LLP has a maximum of unlimited partners.||A proprietorship has a single person who is the owner.||A Pvt Ltd Company has a maximum of 200 members.||A partnership can have unlimited members.|
|Member(s) Liability||An LLP has limited liability for its partners.||A proprietorship has an unlimited liability of the sole owner.||A Pvt Ltd company has limited liability of its members.||A partnership has unlimited liability on their partners.|
|Existence or Survivability||The life of business for an LLP does not depend on its partners||A proprietorship depends on the sole proprietor.||A Pvt Ltd company has perpetual succession.||A partnership business is dependent on its partners.|
|Documents Needed for Registration||An identity and address proof of partners and registered office proof is required.||An Aadhar card is required for MSME registration.||An Identity proof with address proof and photos, DSC of directors and members are required.||An identity proof with PAN card copy is required in case of registration.|
|Annual Filings||An LLP has minimal compliances.||A proprietorship does not have compulsory registration and thus, no compliance.||A Pvt Ltd company has to submit the annual filing for every year with the Registrar.||A partnership is not required to file annual accounts.|
|Registration Cost||The cost of registration is government fees and professional charges.||There is no compulsory cost of registration as it is voluntary.||The cost are the incorporation cost and professional fees.||The cost of registration is voluntary.|
|Statutory Meetings||There is no requirement for annual general meetings.||There are no provisions for meetings.||A Pvt Ltd company must conduct an annual general meeting.||There are no provisions for conducting meetings.|
|Taxation||The tax rate of 30% is applicable.||The tax is levied on the total income of sole proprietor.||The tax rate of 30% is applicable.||The tax rate of 30% is applicable on partnership.|
|Transferability||The ownership is transferrable.||There is no transferability.||The articles restrict the transferability of shares.||There is no provision for transferability.|
|Foreign Ownership||The foreigners can invest in LLP with RBI approval.||The foreigners cannot start a proprietorship firm.||The foreigners can invest in Pvt Ltd company.||The foreigners are unable to start a partnership.|
In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.
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