There is only one method of getting legal existence for your start up that is company registration. Before registration, your start up can be a sole proprietorship or partnership but after registration, your company takes a life of its own and become a registered entity. It can be closed only by legal intervention. It is long and tedious procedure to registering a company on both of your packet and on your own time, if you want to do it yourself. There are more advantages and very less disadvantages for you.
Rules of Private Limited Company
- Minimum two shareholders and two directors are mandatory.
- Directors/Shareholders cannot transfer their shares as per article of association.
- General public cannot purchase shares of company.
- Maximum number of shareholders should not be greater than fifty.
- Deposits is allowed only from the member and directors(or their relatives).
Register your company
Update- Ministry of Corporate Affairs(MCA) has introduced a new form INC-29 through which a new company can now be incorporated. The newly introduced form known as Integrated Incorporation Form INC-29 will combine the procedure for getting Director Identification Number(DIN), Name Approval Application and Incorporation Application into a single step.
If you have some time and you want to save some money from your end by getting company registration done yourself then follow these simple steps:
1.) Apply for DIN(Director Identification Number) and DSC(Digital Signature Certificate
2.) For company name approval and get certificate of incorporation
You have to fill four forms in order to complete these two tasks. First apply for company name on FORM 1A and wait wait for the company name approval from ROC(Registrar of Company) and then apply for certificate of Incorporation by filling FORM 1, Form 18 and Form 32.
- Website: http://www.mca.gov.in/MCA21/Regi...
- Amount: For company name approval Rs. 500, For Certificate Rs. 4000 – 10000
- Time Duration: For name approval 2 days and for certificate of incorporation 7 days.
3.) This is an offline procedure for the completion of second step. You have to attach scanned copies of these documents with the FORM 1 to get the certificate of incorporation:
- Attach consent letters of Directors of the Company with the copy of form 32.
- Signed and stamped copies of the Memorandum of Association(MoA)(Rs. 200)
- Signed and stamped copies of the Articles of Association(AoA)(Rs. 1000 - Rs.4000)
- Power of Attorney from subscribers on judicial stamp paper of Rs. 100
- Identification of subscribers.
- It must be attached with FORM 1 mentioned above.
These documents sent to registrar and then stamped and signed and sent to the concerned registrar office.
4.) Apply for the PAN(Permanent Account Number) and TAN(Tax Account Number) for your registered company.
It would take merely 40 days for you to register your own company. You have to complete some other tasks but you can start your business operations after getting certificate of company registration. You can also take advice of professionals for the same. It can save your time and money both.
About the Author:
AJSH & Co LLP. primarily operates from its head offices located in New Delhi, India and Gurgaon, India and has associated members working across India and in USA. Our aim is to provide best quality consultancy service at affordable prices to cater the specific requirements of our clients located in India as well as abroad.
AJSH & Co LLP. has a team of highly qualified and dedicated professionals comprising of Chartered Accountants, Company Secretaries, Certified Public Accountants (CPAs), Lawyers, MBAs etc. specialized in providing professional advisory services on setting up business in India including company formation, various forms of foreign direct investment, setting up partnership firms, project offices, branch offices and all other form of entities required to do business in India.
Please feel free to email sales team at E:
ankit@ajsh.in, also reachable on Direct numbers or + 91 9810661322. Please feel free to visit at
http://www.companyformationsservices.com
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