Formation of a private limited company comes with several questions, out of all, the most essential is – How to complete the private limited company registration process seamlessly or whether a private limited company registration is required.
To make our point we will start with, in 2020, India had a total of 122 thousand private limited companies with total capital authorization of over rupees 2.2 trillion. Interestingly, out of 122 thousand private limited companies, 120 thousand companies were registered.
The data signifies that the registration of private limited companies holds some benefits, it could be growth and diversification. Another reason could be easy access to loans from banks and financial institutions.
Now, let’s discuss one of the essential questions – whether a private limited company registration is required or not, before diving into the private limited company registration process.
Well, YES registration of a private limited company is necessary. As mentioned, a private limited company offers several benefits such as building credibility, trustworthiness, filing government tenders, and more. The mentioned benefits make registration worthwhile, thus, making registration essential.
Hope you are aware of why you should register your private limited company – now, let’s see some of its features.
Features of a Private Limited Company
- A minimum of two members are required to form a private limited company, which could extend up to 200.
- Earlier paid-up capital to establish a private limited company was Rs 1 lakh, however, now it is abolished.
- At the end of the name of the private limited, add “private company,” and Pvt Ltd.” as a suffix.
- Transfer of shares in a private limited company can be done freely.
Understanding the features of a private limited company is important before incorporating a private limited company. Let’s see, what are the requirements to complete before the incorporation of a private limited company.
Requirements to Establish a Private Limited Company
- Require at least two members and two directors to establish a private limited company.
- The directors and members in a private limited company can be the same.
- To establish a private limited company, at least one director must be an Indian resident.
- No obligation has been imposed on the required minimum capital.
- For two promoters, you need a Digital Signature Certificate (DSC) with a witness.
- For each director, you need a Director Identification Pin (DIN).
Fulfilling the above-mentioned requirements is the first and basic step towards – a private limited company registration process. Once these requirements are fulfilled, document submission during registration will be done to establish the authenticity and credibility that the information provided is correct and accurate.
Here, let’s finally check a private limited company registration process –
Private Limited Company Registration Process
Step 1 – Check the availability of the name of the company.
Step 2 – Once the company’s name is finalized, an application will be duly filed for DSC and DIN.
Step 3 – Thereafter, an application will be filed for a Memorandum of Association (MoA) and Article of Association (AoA).
Step 4 – Then, a company’s PAN and TAN need to be obtained.
Step 5 – Along with PAN and TAN, a certificate for incorporation will be issued.
Step 6 – The company’s bank account will be opened.
Step 7 – At last, submit the application form with the required documents.
NOTE – Depending on the activities a company is engaged in, you might be required to obtain an EPR approval and DPCC approval.
As we can see, the private limited company registration process includes obtaining several documents like DSC, DIN, TAN, PAN, and any other requirements which makes it quite challenging, especially for a layman.
No worries, JR Compliance has got you covered. Let’s see, how JR Compliance makes the private limited company registration process hassle-free.
How We Will Help in the Formation of a Private Limited Company?
- We are equipped with all the necessary resources to handle each aspect of private limited company registration.
- Our consultants will provide you with complete assistance in the documentation.
- Our expert team of professionals will guide you through the registration process.
- If required, we will provide you with technical support in opening a bank account.
- We will invest our time and efforts and guarantee to provide you with DIN and DSC which plays an important role in private limited company registration.
- We directly coordinate with officials to meet their startled requirements and to ensure proper follow-ups.
- We will be available 24*7 to solve any query you may have.
Conclusion
JR Compliance – an award-winning corporate compliance service provider guarantees to maintain a proper track of application by ensuring that you possess all the documents required, including coordinating with the Corporate ministry to ensure compliance with standards. Above all, we have completed 5000+ private limited company registrations and definitely.
For us, your success is our success, that’s why we invest our time and resources to meet the client’s expectations. Contact our corporate compliance team and incorporate your private limited company seamlessly.
