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Private Limited Company Registration

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A private limited company is a privately held business entity held by private stakeholders. They are smaller companies as compared to public limited companies. It is a very suitable form for carrying on the small business of family and small concerns as the minimum number of members required for a private limited company is only two. These companies do not seek funds from the public rather they operate on their own financial resources. Minimum paid up capital required for the set up of a private limited company is Rs. 100000 or higher according to the requirement of the company. Shareholders could operate the business by themselves or hire directors for the management of their company. It is very beneficial in terms of flexibility , enhanced abilities , etc. It is the most renowned type of company among all others in India. According to the Companies Act , 2013 you need a minimum of two shareholders and two directors for the registration of a private limited company. Value of the registration for private limited company varies from INR 6000/- to INR 30000/-

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PRIVATE LIMITED COMPANY REGISTRATION • Overview
    3-Step Process
  • Call us to Register your company directors with the MCA (Ministry of Corporate Affairs) Standards.
  • Get LegalRaho.com's guidance to choose right name for your Company.
  • Draft constitution of your company by Legal Professionals.

    A Standard

    Improve your business identity and reputation by registering for Private Limited Company, Get benefits of being in MCA standard. It will help your business to get financial support, tax benefits and legal support. Get all required information from LegalRaho.com Call us now.


    Legal Protection

    For protecting your brand name and uniqueness, you need a Trademark which cannot be copied by someone else and if someone try to copy your brand's uniqueness, you can easily sue them, if you have a registered trademark.


    MERITS OF PRIVATE LIMITED COMPANY
    Bounded Liabilities

    The most essential benefit in a private limited company is that it gives you very limited liability and keeps the assets of shareholders protected. The owners are only responsible for the amount they have invested in any state of financial risk faced by the company. The advantage of controlled liability gives the company more liberty to take risks for their growth and expansion. This also means that the properties of the owner are kept safe if the company goes into the process of winding up. Therefore, this benefit is considered the key benefit of private limited companies.


    Reduction of Tax

    The most effective benefit provided in private limited companies is tax reduction. It gets cut upto 25-30% and opens the door to more tax-deductible costs and allowances redeemable against profits. The private limited company can get a deduction on expenses.


    Distinct Legal Body

    This feature gives the private limited company its own existence . It makes the company a separate entity from its shareholders and directors which means that the burden of debts and credits lies on the company. Creditors are not liable to the owner's personal assets. It gives the company a real existence and therefore is not liable to any such debts faced by the company.


    Reputation

    Funding is the most important factor for any business to start. To raise the money for any type of business can be troublesome and a private limited company has become renowned as the company attracts the investors due to the reputation and credibility of the company. This creates a better professional image to businesses , which may be vital while attracting new clients or investors. Thus this feature also indicates the longevity of the enterprise due to the fact that personal restrained organizations are more credible and installed than sole proprietorship or partnerships.


    Power to Sue

    For now we have incorporated the different features of private limited companies but the main benefit shared by this enterprise is the ability to sue and be sued. If we wish to sue someone or vice versa.


    Documents Required
    Documents Required for Registration of Private Limited Company:
  • Bank Statement
  • Id proofs (voters’ id / passport/ drivers’ license)
  • Mobile or gas or electricity bills
  • PAN Card
  • Specimen signature - Director’s signature on a blank document.
  • Passport size photos
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STEPS FOR THE REGISTRATION OF PVT LTD COMPANY

  • STEP 1: Apply for DSC
    The step for registering a pvt ltd is procurement of DSC (Digital Signature Certificate) which is a secure digital key containing the user's name, pincode, country, email address, name of the certifying authority. For the application of DSC, owners of the company have to show their PAN card, identity proof,passport size photo and address proof. These documents are filled online.
  • STEP 2: Apply for DIN
    After the formation of a digital signature certificate DIN number of the designated partners are registered. DIN stands for Director Identification Number which is a unique 8 digit number required for any present or future director of a company. The address on the adhaar card and bank account should be the same for the registration of the DIN number.
  • STEP 3: Apply for the name approval
    Private limited companies have to give 3-4 names for approval. The name of the brand and company can be different as there is no such restriction on that. One can also run multiple businesses in one company. The authority checks if the name under which you want to register is available and later reserves it for the enterprise.
  • STEP 4: Certificate of MOA and AOA
    MOA stands for Memorandum of Association which is a legal document prepared for the registration of a company. AOA stands for Articles of Association is also a legal document with the specification of the company's purposes.
  • STEP 5: PAN and TAN
    Application for PAN and TAN PAN stands for Permanent Account Number. TAN stands for Tax Deduction and Collection Account Number.
  • STEP 6: Registrar of Company provides the incorporation certificate

MANDATORY AGREEMENTS THAT THE PVT LTD MUST ENSURE:

  • AUDITOR
    An auditor must be appointed by the registered company within 30 days and if the company fails to do so they will be charged a penalty of Rs.300 per month. Therefore , it is a mandatory step for the continuity of business.
  • BOARD MEETING
    The first board meeting need to be held with the directors of the company within the time period of 30 days of incorporation of the company. Notice for the meeting needs to be sent to the directors of the company 7 days before.
  • AGM
    AGM stands for Annual General Meeting which clearly means that every company has to organize an annual general meeting every year during the working hours of the company. It is a mandatory step for the private limited companies and it should be held within 6 months from the closing of the financial year.
  • FORM MGT 7
    In annual return it requires all the dates of the Board meetings, all the directors that were present in the meeting, and name of the directors that were also present in AGM (Annual General Meeting). This needs to be filled within 60 days of the AGM held. If your company fails to do so you will be charged a fine of Rs 100 per day.
  • FORM AOC-4
    AOC-4 XBRL form has to be filled by the company whose paid up capital is more than Rs. 5 crore or the turnover is more than Rs. 100 crore. This form needs to be filled within 30 days of the AGM being organized. The AOC form has to be attached with a profit and loss statement, balance sheet, cash flow statement, reports of director and auditor report.
  • FORM ADT-1
    This form needs to be filled within 15 days of auditor appointment intimated to the Registrar Of Companies (ROC). Usually the auditor is appointed in the AGM. The auditor is appointed for a time period of 5 years. In case of resignation the auditor needs to file form ADT-3.
  • STATUTORY REGISTERS
    Companies need to maintain some mandatory registers such as registers of director, register of members, registers of transfer, etc.
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