Effortless Online Registration for Private Limited (Pvt Ltd) Companies in India
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OVERVIEW
WHAT IS A PRIVATE LIMITED COMPANY?
A private limited company in India is a type of business entity that is incorporated under the Indian Companies Act 2013. It is a privately held company that has a minimum of two and a maximum of 200 members/shareholders.
A private limited company in India is required to have a registered office and a board of directors. The directors are responsible for managing the affairs of the Company, while the shareholders have the power to make major decisions through voting.
A private limited company in India also enjoys certain tax benefits and other advantages, such as limited liability protection, separate legal entity status, and ease of raising funds. However, it is also subject to certain regulations and compliance requirements, such as filing annual returns and financial statements with the Registrar of Companies.
BENEFITS
BENEFITS OF A PRIVATE LIMITED COMPANY
Starting a Private Limited Company in India can provide several advantages, some of which include:
Easier Access to Funding: Private limited companies in India can easily raise funds from investors, banks, or other financial institutions. This is because investors are more likely to invest in a private limited company than in a sole proprietorship or partnership due to the limited liability protection offered by a private limited company.
Limited Liability Protection: The major advantage of a Private Limited Company is that the liability of the shareholders of the Company is limited to the amount of capital they have invested in the Company. This ensures that the personal assets of the shareholders are protected in situations of financial difficulties faced by the Company.
Tax Benefits: Private limited companies in India are eligible for various tax benefits, such as lower tax rates on profits, deductions on business expenses, and exemptions on certain types of income.
Perpetual Existence: A private limited company has a perpetual existence, meaning it can continue to operate even if one or more shareholders or directors leave the Company or pass away.
Note: The director of the Company (Usually the major Share Holder) has unlimited liability in cases unfortunate events like Bankruptcy, Legal pay-outs etc during his tenure.
Separate Legal Entity: A private limited company in India is considered a separate legal entity from its owners. This means that the Company can enter into contracts, own assets, and sue or be sued in its own name.
Credibility and Trust: Starting a private limited company in India gives your business credibility and a professional image. Customers, investors, and suppliers are more likely to trust and do business with a private limited company than a sole proprietorship or partnership.
Overall, starting a private limited company in India provides several advantages that can help you run a successful and sustainable business.
REGISTER A PLC
HOW TO REGISTER A PRIVATE LIMITED COMPANY?
To register a private limited company in India, you need to follow the steps given below:
Obtain Digital Signature Certificate (DSC) and Director Identification Number (DIN): The first step is to obtain a DSC and DIN for all the directors of the Company. This can be done online through the Ministry of Corporate Affairs (MCA) website.
Image Courtesy: MCA
Choose a Company Name: Choose a unique and acceptable name for your Company. You can check the availability of the name on the MCA website.
File for Incorporation: File the necessary incorporation documents, such as the Memorandum of Association (MOA) and Articles of Association (AOA), along with the application for incorporation of the Company on the MCA website.
Payment of Fees: Pay the required fees for incorporation. (The fees value is based on the size of your organization)
Verification of Documents: The Registrar of Companies (ROC) will verify the documents and issue a Certificate of Incorporation (COI) if everything is in order.
Apply for PAN and TAN: After getting the COI, you need to apply for Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for the Company.
Get Business Licenses and Permits: Obtain the necessary business licenses and permits required for your Company’s operations, such as GST registration, professional tax registration, and trade license.
The entire registration process can take anywhere between 10 to 15 days. It is recommended to take the help of a professional consultant like Taxkey for the registration process to avoid any errors or delays.
DOCUMENTS REQUIRED
DOCUMENTS REQUIRED FOR REGISTERING YOUR PRIVATE LIMITED COMPANY
To register a private limited company in India, you will need to submit the following documents:
Identity Proof: Identity proof of all the directors and shareholders, such as the Aadhaar card, passport, voter ID, or driver’s license.
Address Proof: Address proof of all the directors and shareholders, such as utility bills, bank statements, or rental agreements.
PAN Card: PAN card of all the directors and shareholders.
Declaration of Director: A declaration by all the directors stating that they are not disqualified from being a director and that they have complied with all the requirements of the Companies Act 2013.
Registered Office Proof: Proof of the registered office of the Company, such as a utility bill, rental agreement, or ownership documents.
Passport Size Photographs: Passport-size photographs of all the directors and shareholders.
Memorandum of Association (MOA): MOA is a legal document that defines the Company’s objectives, powers, and scope of activities.
Articles of Association (AOA): AOA is a legal document that defines the Company’s internal rules and regulations, such as the rights and duties of the directors, shareholders, and officers.
Form DIR-2: Form DIR-2 is a declaration by the Director stating that he provides his consent to act as the Director of the Company.
Form INC-9: Form INC-9 is a declaration by all the subscribers and directors of the Company stating that they have not been convicted of any offence related to the promotion, formation, or management of a company
The above documents may vary depending on the state and city where the Company is being registered. Taxkey’s Professionals will assist you in acquiring and collecting the complete list of documents required for registration.
MANDATORY COMPLIANCE
MANDATORY COMPLIANCE OF A PRIVATE LIMITED COMPANY
A private limited company in India is required to comply with several regulations to ensure legal and financial transparency. Some of the key compliance requirements for a private limited company in India are:
Annual General Meeting (AGM): A Private Limited Company must hold an AGM within six months of the end of the financial year to approve the Company’s financial statements, appoint or reappoint auditors, and declare dividends.
Board Meetings: The Company must hold a minimum of four board meetings every year, with a maximum gap of 120 days between two meetings.
Maintenance of Statutory Registers: The Company must maintain various statutory registers, such as the register of members, register of directors, register of charges, etc.
Filing of Annual Returns: The Company must file its annual returns with the Registrar of Companies (ROC) within 60 days of the AGM, containing details such as financial statements, shareholding patterns, and the Director’s report.
Filing of Income Tax Returns: The Company must file its income tax returns (ITR) by the due date, which is usually July 31st of the following financial year.
Compliance with GST Regulations: If the Company is registered under the Goods and Services Tax (GST), it must comply with various GST regulations, such as timely payment of GST, filing of GST returns and maintaining GST records.
Compliance with Labour Laws: The Company must comply with various labour laws, such as the Payment of Bonus Act, Employees’ Provident Fund Act, and Employees’ State Insurance Act.
Compliance with Environmental Laws: The Company must comply with various environmental laws, such as the Water (Prevention and Control of Pollution) Act, the Air (Prevention and Control of Pollution) Act, and the Hazardous Waste Management Rules.
Non-compliance with these regulations can result in penalties, fines, and even legal action against the Company and its directors. Therefore, it is important for the Company to appoint a qualified and experienced company secretary or chartered accountant to ensure timely compliance with all the regulatory requirements.
TAXKEY’S ASSISTANCE
TAXKEY’S ASSISTANCE IN REGISTRATION & COMPLIANCE
TAXKEY can provide valuable assistance in registering a private limited company and ensuring compliance with relevant regulations in India.
- Registration: We help you with the entire registration process, including obtaining Digital Signature Certificates (DSC), Director Identification Numbers (DIN) and filing the incorporation forms with the Registrar of Companies (ROC).
- Drafting of MOA and AOA: Taxkey assists you in drafting the Memorandum of Association (MOA) and Articles of Association (AOA) of the Company, which are important legal documents defining the Company’s objectives, powers, and scope of activities.
- Compliance: We also educate you on all the mandatory compliance and regulations requirements of your Private Limited Company, such as filing your annual returns, holding AGMs and board meetings, maintaining statutory registers, and filing income tax returns.
- GST Compliance: Taxkey also assists you with compliance under the Goods and Services Tax (GST), such as registration, filing of returns, and payment of GST.
- Accounting and Bookkeeping: We also help our clients maintain accurate accounting and bookkeeping records, which are essential during the time of compliance with various regulations.
- Auditing Services: Taxkey also provides auditing services to your Private Limited Company, such as conducting internal audits, statutory audits, and tax audits, to ensure compliance with regulatory requirements and improve financial transparency.
Overall, at Taxkey, we provide comprehensive assistance to your Private Limited Company in all aspects of registration and compliance, ensuring the smooth functioning of the Company and avoiding any legal or financial penalties.
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