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A private limited company is a business entity offering limited owner liability. It is apt for a small number of shareholders and allows up to 200 members along with flexibility in shares and shareholdings.
One of the most highly recommended methods for starting a business in India is to establish a private limited company, which provides its shareholders with limited liability while imposing certain ownership restrictions. When it is LLP, the partners will manage it. On the other hand, a private limited company registration allows for directors and shareholders to be separate entities.
As your dependable legal advisor, CASUMITYADAV offers a cost-efficient service for registering your company in India. We handle all legal procedures and ensure compliance with the regulations set forth by the Ministry of Corporate Affairs (MCA). Upon successful completion of the pvt Ltd company registration process, we provide you with an Incorporation certificate (CoI), as well as PAN and TAN documents. With these in hand, you can easily establish a current bank account and commence your business operations.
Copy of Electricity Bill / Water Bill / Gas Bill
The Benefits of Registering Your Company are:
If a private limited company was in financial trouble and had to close, shareholders would not risk losing their personal assets.
As business Corporation value will be based on the business, not the owner, therefore making it easier to sell the company.
Companies are often taxed at a lower rate and are provided with better taxable benefits as compared to other forms of business.
As per Companies act 2013 a company can sell shares to the public or can accept deposits from public.
As defined by the Companies Act, 2013 one must guarantee to meet the checklist requirements without fail for Private Limited Company Registration in India.
A private limited company must have at least two directors, with a maximum of fifteen. A minimum of one of the company’s directors must be a resident of India.
The name of your pvt ltd company must be unique. The suggested name should not match with any existing companies or trademarks in India.
There is no minimum capital amount for a Pvt ltd company. A Pvt limited company should have an authorised capital of at least ₹1 lakh.
The registered office of a pvt ltd company does not have to be a commercial space. Even a rented home can be the registered office, so long as an NOC is obtained from the landlord.
In companies limited by shares, the liability of members is limited to the nominal share amount stated in the Memorandum of Association. Shareholders cannot be held liable for more than the capital invested in the company.
In a private limited company limited by guarantee, the liability of members is limited to the amount of guarantee specified in the Memorandum of Association. Therefore, members of a Private Limited Company Limited by Guarantee are not liable for an amount exceeding their guarantee stated in the Memorandum.
Furthermore, the members’ guarantee in a Company Limited by Guarantee can only be invoked in the event of the company’s winding up. The guarantee provided by the members cannot be called upon while the company is operating normally.
Unlimited companies are businesses with no limitations on the liability of their members. Each member is personally liable for the company’s debts and liabilities to the full extent. Consequently, if an unlimited company is wound up, creditors have the right to recover the company’s debts and liabilities from the shareholders.
Despite not offering limited liability protection to shareholders, an unlimited company is still recognised as a separate legal entity. As a result, the members of an unlimited company cannot be sued individually.
After the process of company registration in India, it is necessary to adhere to various compliance regulations in order to avoid potential fines and legal repercussions. Some of the key post-registration requirements include:
Auditor Appointment: Within 30 days of company incorporation, every Indian company must appoint a practising, certified, and registered Chartered Accountant(CA).
Director DIN KYC: Every year, individuals who possess a Director Identification Number (DIN) should undergo a DIN KYC process. During the company incorporation process, the company can get the DIN. This helps to verify the phone number and email address on file with the MCA.
Commencement of Business: The shareholders of the company must deposit the subscription amount specified in the MOA within 180 days of incorporation, and the company must create a bank current account. Therefore, to receive a business incorporation certificate, the shareholders of a company established with a paid-up capital of ₹1 lakh must deposit ₹1 lakh into the company’s bank account. They should also file a copy of the bank statement with the MCA.
MCA Annual Filings: Every financial year, the MCA must get a copy of the financial statements from each company registered in India. A corporation that incorporates between January and March may elect to include the first MCA annual return in the annual filing for the following fiscal year. Forms MGT-7 and AOC-4 are the components of the MCA yearly return. The Directors and a working professional must digitally sign both of these documents.
Income Tax Filing: Every financial year, businesses should file an income tax return using form ITR-6. The business should file the income tax before the deadline for each financial year, irrespective of the date of incorporation. The company’s income tax return must be digitally signed using the director’s digital signature.
Before registering company in india, it must meet a specific set of conditions. The following are such conditions:
As mentioned earlier, at least two directors and no more than 200 members are necessary for legal Private Limited Company Registration in india. This is a mandatory requirement as per the Companies Act of 2013. The Directors should honor the following conditions:
When selecting a name for a private limited company, there are two factors must be into consideration:
Upon completion of the company registration process, the company should give the permanent address of the business’s registered office to the company registrar. The registered office is the primary location where business takes place and stores all documentation pertaining to the company.
To verify the authenticity of electronically submitted documents, every business must obtain a DSC. Furthermore, the business needs credentials from such professionals as secretaries, chartered accountants, and cost accountants that engage them for various operations.
The Certificate of Incorporation is an official document issued by the Registrar of Companies (RoC) upon the successful registration of a private limited company in India. It signifies the legal existence of the company as a separate legal entity.
The Certificate of Incorporation serves as proof of the company’s legal existence and is often required for various business transactions, such as opening a bank account, entering into contracts, or applying for licenses and permits.
It is essential to understand the implications of providing inaccurate information during registration, as stated in Section 7(7) of the Companies Act of 2013.
The Tribunal may take the following actions:
a) Order Management Regulation: The Tribunal can issue orders to regulate the company’s management, including potential modifications to the MOA.
b) Release of Members’ Responsibilities: The company may be directed to release all members from their responsibilities.
c) Cancellation of Registration: The company’s name may be withdrawn from the RoC, resulting in the cancellation of the registration certificate.
d) Dissolution Order: In extreme cases, the Tribunal can issue an order for the company’s dissolution.
1. Put into action your organisation’s paperwork.
2. Set up a business banking account.
3. Establish a registered office and acquire a Corporate Identity Number (CIN).
Hire an accountant and auditors.Develop a website@999 and devise marketing strategies.
Attain startup recognition.
Register your trademark@599 and apply for GST@299.
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Unique Guru2023-12-16Maine apni income tax return file krvai hai aur inki team ne voh return 2 ghnte m file krdi m sabko recommend krta hu casumit yadav koHarpal Singh2023-12-15I had a wonderful experience with sumit yadav when I incorporating my OPC their team response was very fast and they start registering my company within 2 or 3 hours, sumit yadav tax consultancy was best in delhiDavid Miller2023-12-14recently utilized Sumit Yadav tax consultancy for my company's registration and was throughly impressed with the seamless process. Both sumit yadav & their team went above and beyond in their support, exceeding all expectations. Their professionalism and dedication are commendable. Highly recommended!hema arya2023-12-11Best service provider at reasonable rates Good customer behaviourGoogle rating score: 5.0 of 5, based on 2 reviews