Private Limited Company
Our Price
Market Price : INR 15,500
Our Price : INR 3,999 Only
Savings : INR 15,500
Govt Fees : Inclusive in the price
Time for Registration : 15 to 20 Working Days
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Private limited compnay is a company registered in India under Companies Act, 2013. Private limited company is a registered company which limits the liability of the owner to the contibution made by them and compliances are less here. For small business starting with small capitals, it is one of the best business format. Private limited compnay is closely held company and mostly known as family business company.
Section 2(68) of Companies Act ,2013 defines private companies. According to this section private companies are those companies which has the minimum paid up share capital as may be prescribed And whose article of associations(AOA) restrict the following:-
(a) Restrict the right to transferability of shares
(b) Limit the number of members to 200 except in the case of one person company
(c) prohibits any invitation to the public at large to subscribe any of its securities of the company.
Elegibility
1. Minimum Number of Persons:
At least two Persons are required to form any Company. So in the Company also, at least two persons are required .
2. Residential Status:
Any person can be Subscriber in the Pvt Ltd Company either resident, non resident, Indian National, or Foreign National. It is also not mandatory that the subscriber should be Individual, it could either be Individual or Body Corporate.
Whereas, only Individual could be Director in the Pvt Ltd Company.
3. Capital Requirement:
Companiies Act, 2013 does not discloses any amount of minimum capital, hence no limit has been imposed on capital.
4. Purpose of Pvt Ltd Company Formation:
Pvt Ltd Company can be formed for runninng the business or for charitable purpose also.
5. Compulsory Clause:
At least one director and subscriber in the Pvt Ltd Company should be Indian Resident who is responsible for the operation of the Company.
Documents for Pvt Ltd Registration
Documents and Details Required for Company Registration
(Scanned Copy of Self Attested Documents are required)
Documents Required of Proposed Directors and Promoters:
- Copy of PAN Card of the Proposed Promoters.
- Copy of ID Proof of the Proposed Promoters(VoterID/Passport/Driving License/Aadhar Card).
- Copy of Residential Proof of the Proposed Promoters(BankStatement/Electricity Bill/Telephone Bill/Mobilebill).
- Passport Size Photographs of the Proposed Promoters.
Documents For Registered Office
- Electricity Bill/ Water Bill in the Name of Office Owner
- Rent Agreement & NOC (if office is on rent)
- NOC (If office is self-owned or owned by parents)
Information Required Except Documents:
- Proposed names of the company (Maximum 4 Names).
- Main objects of the proposed company(Brief write-up).
- Designation Description of of the Proposed Promoters.
- Authorised Share Capital of the Company and Paid up capital of the Company.
- Educational qualification, Place of Birth of the Proposed Promoters.
- E-mail ID, Mobile Number and Occupation of the Proposed Promoters.
- Please provide Director Identification Number (DIN) of of the Proposed Promoters, if obtained already. If not, then DIN will be allotted only at the time of Incorporation of Company.
- Digital Signature Certificate (DSC) of of the Proposed Promoters, if available.
Procedure of Pvt Ltd Registration
The process for incorporation of a Pvt Ltd can be divided into following steps:
Digital Signature
Digital signature certificate must be created and approved by the licensed companies in India, e.g Vsign, Emudhra, Sify, etc. It is mandatory for the acting director and for nominee both. Application for DSC would require passport size photos of the applicant, identity proof and address proof.
Name Availability
Application for name reservation can be submitted to the MCA. Upto 2 names at a time can be applied which further could be rectified one again if not approved I the first time. The name should comply the norms for name approval guidelines.
Incorporation
After obtaining name approval, incorporation application is required to be filed to the ROC on mca.gov.in. I requires multiple details and documents e.g Spice Part B, Memorandum of Association (MOA), Articles of Association (AOA), INC-9, Agile Form. Further, the identity proof, address proof and residence proof of the member and nominee would be required. In addition to the MOA, AOA, identity proof, address proof, other incorporation documents like affidavits and declaration of the sole promoter must be submitted.
On filing for incorporation, approval is granted by the Registrar of Companies (ROC). In case there are any issues with the documents submitted, the application for incorporation can be resubmitted.
Benefits of Pvt Ltd Registration
Advantages of a Private Limited Company
A private limited company (pvt ltd company) is the most common vehicle to carry on business for an entity intending to make a profit and enjoy the benefits of an incorporated entity, particularly limited liability. Besides, limited liability and minimal statutory compliances, pvt ltd companies offer the following advantages:
Separate Legal Entity
An entity means something which has a real existence; a thing with distinct existence. A company is a legal entity and a juristic person established under the Act. A juristic person is a person who is not a natural person or human being. Therefore a company form of organization has wide legal capacity and can own property and also incur debts. The members (Shareholders/Directors) of a company have no liability to the creditors of a company for such debts. Hence, a pvt ltd company is a legal entity separate from that of its members.
Perpetual Succession
A company has ‘perpetual succession’, that is continued or uninterrupted existence until it is legally dissolved. A company, being a separate legal person, is unaffected by the death or other departure of any member but continues to be in existence irrespective of the changes in membership. Perpetual succession is one of the most important characteristics of a company.
Limited Liability
Limited Liability means the status of being legally responsible only to a limited amount for debts of a company. Unlike proprietorships and partnerships, in a limited liability company the liability of the members in respect of the company’s debts is limited. In other words, the liability of the members of a company is limited only to the extent of the face value of shares taken up by them. Therefore, where a company is limited by shares, the liability of the members on a winding-up is limited to the amount unpaid on their shares.
Owning Property
A company being a juristic person, can acquire, own, enjoy and alienate, property in its own name. No shareholder can make any claim upon the property of the company so long as the company is a going concern. The shareholders are not the owners of the company’s property. The company itself is the true owner.
Capacity to sue and be sued
To sue means to institute legal proceedings against or to bring a suit in a court of law. Just as one person can bring a legal action in his/her own name against another in that person’s name, a company being an independent legal entity can sue and also be sued in its own name.
Frequently Asked Question
Any person or company from India or outside India can register Private Limited Company in India
E MOA is memorandum of association of the Company i.e. charter document in which Clauses regarding
1. Name of the Company
2. Address of the Company
3. Object of the Company
4. Liability of Company
5. Capital of the Company
DIN is Director Identification Number mandatory required to obtain to become Director of any become, DIN is allotted only once in lifetime, Person who does not hold DIN will get it automatically once he registers his first Company
What is the Tentative Time-period Lapsed in the Incorporation of a Private Limited Company in India?
Based on the requirement of obtaining diverse requisite documents, authenticity of the documents submitted by the directors/shareholders, the speed of processing and filing forms & documents, and the briskness of the proceeding performed by the concerned government authorities, the approximate time taken by the entire procedure for incorporation may range from One to Two Weeks.