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Company incorporation & ROC filing

A company is a legally recognised entity that can be established by a collective of individuals or entities for the purpose of engaging in lawful activities, including but not limited to operating a business or pursuing other valid endeavours. Establishing a corporation offers a multitude of purposes, encompassing the operation of a profitable enterprise, engagement in philanthropic initiatives, or the execution of research and development activities.

Discover the key characteristics of a company as a separate legal entity from its owners or shareholders. Discover the remarkable entitlements and responsibilities of an entity, enabling it to possess property, establish contractual agreements, initiate legal proceedings, partake in economic endeavours, all while operating under its distinctive name. Discover the remarkable benefits of limited liability for shareholders in corporations. With limited liability, shareholders enjoy unparalleled protection as their personal assets remain safeguarded from the company's liabilities and debts. Explore the advantages of this invaluable feature today.

Discover the diverse array of corporations available, including private limited companies, public limited companies, one-person companies, and more. Each type of company boasts its own unique policies and procedures that govern ownership, management, and operation. Discover the diverse legal forms that companies can adopt, including partnerships, corporations, and limited liability companies. These options vary based on the jurisdiction and desired business objectives.

The 2013 Companies Act defines a company as a legal entity formed by individuals, associations, or organisations to conduct business or other lawful activities.

A company may be registered as one of the following types:

Private Limited Company: A private limited company consists of at least two and no more than 200 shareholders. The shares of a private limited company cannot be traded publicly, nor can the company solicit subscriptions for its shares or debentures. There is no upper limit on the number of shareholders in a public limited company, which must have a minimum of seven.A public limited company's shares can be traded publicly, and the company can invite the public to subscribe to its shares or debentures.
One-Person Corporation: A one-person corporation has only one shareholder. The shareholder has complete control over the corporation, and his or her liability is limited to the amount of capital invested.
Section 8 Company: A section 8 company is a business entity formed for the purpose of promoting commerce, art, science, sports, education, research, social welfare, religion, charity, and environmental protection. A section 8 company does not disseminate its profits to its members, but rather uses them to further the organization's mission.
Producer Company: A producer company is a company formed to promote the interests of its members engaged in the production, harvesting, procurement, grading, pooling, processing, marketing, selling, and export of its members' primary producers.
Nidhi Company: A Nidhi company is a company whose members are encouraged to practise prudence and savings. A Nidhi company uses its funds solely for the advantage of its members.

These are the various categories of companies that can be registered in India under the 2013 Companies Act.

Private Limited Company

A private limited company is a type of business entity that is popular in India. It is a privately held business with limited liability, which means that the liability of the shareholders is limited to the amount of capital they have invested in the company.

A Private Limited Company is a type of company that is governed by the Companies Act 2013 in India. The main features of a private limited company are as follows:
Ownership: A private limited company must have at least 2 and up to a maximum of 200 shareholders, who are the owners of the company. The shares of the company are not available for the general public.
Liability: The liability of the shareholders is limited to the amount of capital that they have invested in the company. In case of any debts or obligations of the company, the shareholder's personal assets are not at risk.
Management: The management of a private limited company is carried out by its board of directors, who are appointed by the shareholders. The board of directors is responsible for the overall management and administration of the company.
Audit: Private limited companies are required to appoint an auditor who is responsible for auditing the company's accounts and financial statements.
Compliance: Private limited companies are required to comply with various regulatory requirements, such as filing annual returns, maintaining statutory registers, and conducting board meetings and shareholder meetings.
Transfer of shares: The shares of a private limited company are not freely transferable. The transfer of shares is subject to certain restrictions and must be approved by the board of directors.

Private limited companies are popular among small and medium-sized businesses due to their flexibility and limited liability of shareholders. They offer a good balance of ownership control and liability protection, making them an attractive choice for entrepreneurs looking to start a business.

A private limited company is a popular form of business organization in India. It offers several advantages and disadvantages, which are discussed below.

Advantages:

Limited liability: The liability of the shareholders in a private limited company is limited to the extent of their shareholding in the company. This means that the personal assets of the shareholders are not at risk in case of any business losses.

Separate legal entity: A private limited company is a separate legal entity from its shareholders. This means that the company can enter into contracts, sue and be sued in its own name.

Perpetual existence: A private limited company has perpetual existence, which means that it continues to exist even if its shareholders change or pass away.

More credibility: A private limited company is considered more credible than other forms of business organizations. This can help in attracting investors and customers.

Ease of raising funds: A private limited company can raise funds from external sources such as banks, financial institutions, and investors by issuing shares or debentures.

Disadvantages:

Complex legal formalities: Setting up a private limited company involves complex legal formalities such as obtaining a certificate of incorporation, filing of annual returns, and conducting annual general meetings.
Minimum number of shareholders: A private limited company must have at least two shareholders, which can be a disadvantage for those who want to start a business on their own.
Restrictions on transfer of shares: The transfer of shares in a private limited company is restricted, which means that the shareholders cannot easily sell their shares.
Compliance requirements: A private limited company must comply with various legal and regulatory requirements such as maintaining proper accounting records, conducting regular audits, and filing annual returns. Non-compliance can result in penalties and legal action.
Costly to set up: Setting up a private limited company can be expensive compared to other forms of business organizations due to legal and regulatory compliance requirements.

Overall, a private limited company offers several advantages, such as limited liability and perpetual existence, but also comes with certain disadvantages, such as complex legal formalities and compliance requirements. It is important to carefully consider these factors before deciding on this form of business organization.

Steps for Company Registration

Startups in India can obtain a competitive advantage over non-registered rivals by registering their business. While the registration process is becoming increasingly complex and involves numerous compliance requirements, you need not fret because Vakilsearch is here to assist you at every stage. Our team of experts can provide comprehensive assistance with private company registration.

Step 1: Name Approval The first stage in incorporating a business is registering the desired name. To reserve a company name, you must first submit a name confirmation request to the Ministry of Corporate Affairs (MCA). In your application for name approval, you may include one or two potential names along with a description of your business objectives. You may submit one or two alternate names for consideration if your first choice is not accepted. Typically, MCA name requests are approved within five business days. Our team of professionals can assist you in selecting the ideal company name and navigating the government registration process.

Step 2: Digital Signature Certificate (DSC) for Directors. In India, the MCA does not accept traditional signatures. Instead, all MCA filings must be accompanied by a digital signature that has been validated by an Indian certification authority. Therefore, directors must possess digital signatures prior to the company's incorporation. Bizzcorp will acquire a digital signature certificate (DSC) for each director from a reputable certification authority. Directors must provide a copy of their identification documents and effectively complete a video KYC process in order to obtain a digital signature. If a director is a foreign national, their passport and other documents for company registration must be apostilled by the nearest embassy.

Step 3: Submitting the Application for Company Incorporation After obtaining the required digital signatures, submit the incorporation application in SPICe format to the MCA along with all pertinent attachments. The application for incorporation comprises the company's Articles of Association and Memorandum of Association. The company can obtain the Incorporation certificate and PAN if the MCA deems the incorporation application comprehensive and acceptable. The MCA authorises incorporation applications within few business days.

Compliance with Private Limited Company Registration Requirements
In order to avoid potential fines and legal repercussions, it is necessary to adhere to numerous compliance regulations following company registration in India. Among the most important post-registration requirements are:

Every Indian company must appoint a practising, certified, and registered Chartered Accountant(CA) within 30 days of incorporation.

Director DIN KYC: Individuals with a Director Identification Number (DIN) must endure a DIN KYC procedure annually. During the incorporation procedure, the DIN can be obtained. This allows the MCA to authenticate the phone number and email address on file.

The shareholders must deposit the subscription amount specified in the MOA within 180 days of the company's incorporation, and the business must open a bank current account. In order to obtain a certificate of incorporation, the proprietors of a company established with 1 lakh of paid-up capital must deposit 1 lakh into the company's bank account. Additionally, they must submit a copy of the bank statement to the MCA.

MCA Annual Filings: Each company registered in India must provide the MCA with a copy of its financial statements annually. A corporation that incorporates between January and March has the option of submitting its first MCA annual return with its annual report for the subsequent fiscal year. Forms MGT-7 and AOC-4 are included in the MCA annual return. Both of these documents must be digitally signed by the Directors and a practising professional.

Filing Income Tax Returns: Each fiscal year, businesses must file a return using Form ITR-6. Regardless of the date of incorporation, the business must submit its income tax return by the deadline for each fiscal year. The director's digital signature must be digitally affixed to the company's income tax return.

Documents Required for Online Company Registration

The MCA requires proper identity and address proof for private limited company registration in India. The following documents are the requirements for registering a company in India:

Identity and Address Proof

Scanned copy of PAN card or passport (foreign nationals & NRIs)
Scanned copy of voter ID/passport/driving license/aadhar
Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
Scanned passport-sized photograph specimen signature (blank document with signature [directors only)

Registered Office Proof

Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
Scanned copy of rental agreement in English
Scanned copy of no-objection certificate from the property owner
Scanned copy of sale deed/property deed in English (in case of owned property)

Note: Your registered office need not be a commercial space; it can be your residence too.

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