Private limited businesses and public limited corporations are both legal business structures that can be registered in India. There is also the possibility of registering them as limited liability partnerships or sole proprietorships. Creating a private limited company in India is largely considered to be one of the most effective ways to launch a new venture there.
When you’ve made the decision to launch a company, the first and most essential thing you’ll need to do is select a legal structure that’s appropriate for company registration. The structure that you select will have an effect on a number of aspects of your company, including the name of your company, your obligations to other businesses, and the manner in which you file your taxes and statutory fees.Â
Advantages of Getting Your Company Registered in Chennai
We could launch our company from anywhere in the nation. On the other hand, the procedure for submitting an application to register a private or public limited company in India is exactly the same throughout the entire country. To submit an application for company registration, one must fill out the SPICE+ form, which can be found on the MCA website.
Numerous benefits come with registering a company in Chennai, such as the formation of a firm. The following are some of the ways in which it can benefit your company:
- It is going to be handled as if it were its own independent legal body.
- A larger number of customers might be enticed to work with the company;Â
- The business will work to raise consumers’ knowledge of its brand;Â
- Body structure of the corporation could be utilised to expand operations internationally.
- Dealing more effectively with manufacturers, industries, vendors, and customers;
- A company can file claims in its own name and can even be sued in its own capacity. The name of the business owner will not be mentioned.
- When one enters a commercial setting, it becomes much simpler to differentiate oneself from the other people there.
- Ensures a better level of both the contribution of capital and the stability of the organisation.
- It makes it simpler to acquire bank funding and investment from respectable investors.
- Â It expands the range of possibilities for development and expansion.
In order to register a private limited company in Chennai, there are certain requirements that must be met.
There must be a minimum of two participants
In order for a private limited corporation to function, there must be at least two members and directors.
Company must be registered in India, and there can be a maximum of 15 directors for a single company. If the shareholders are foreign nationals , then they are needed to submit their passports along with other forms of identification. Nevertheless, if the shareholders at a company’s annual meeting approve of a special resolution, the board of directors can vote to increase the number of directors to more than 15.
Unique Appellation
The suggested name for the company should not be the same as or too similar to the name of any other firm that is already operating, and the business’s name should be unique. You need to examine the trademark registration as well to make sure that the name is not identical to any trademark that is already registered or that is in the process of being registered in India.
The name of the company must not infringe against any provision of any intellectual property law that is currently in effect in India. It is imperative that the name not go against India’s Copyright Act or Trade Marks Law in any way. It is also important to remember that the name complies with the Emblems and Names (Prevention of Improper Use) Act of 1950. This is something that should be kept in mind at all times.
Investment in Fixed Assets
There is no required minimum amount of capital establishing a corporation, and costs should be evaluated according to the requirements of the firm. However, the amount of the company’s authorised capital that was mentioned during the time it was incorporated is used to calculate the fees that must be paid to the government.
Location Of Registration
For the purpose of the registered office, a commercial space is not required. Even property that is rented out might serve as a registered office if authorization is obtained from the landlord.
Process of Registering a Company
Approval of the Company Name
The submission of an application for a name reservation is the initial step towards registering a corporation. One must submit an application for a name reservation through the SPICE PART A in order to have their request considered. When applying for a name reservation, an individual is required to ensure that the proposed name does not sound similar to that of any already-established businesses. In addition, the proposed name shouldn’t have any trademarks or naming rights registered for it. Checking whether or not a company’s desired name is available can be done on the MCA website.
Submit An Application For A Certificate Of Digital Signature
The next step in the process of registering a corporation with the Digital Signature Commission (DSC) is to submit an application for a digital signature certificate. A digital signature certificate, often known as a DSC, is a document that may be used to validate data and is legally binding. The digital signature certificate is typically utilised in order to put one’s signature on electronic documents. In light of this, do not forget to make an application for a Digital Signature Certificate from a certifying body that is registered.
The Submission of the MOA and AOA
The applicant for business registration is required to submit both the memorandum of association and the articles of association through an online filing system. The submission of these documents will bring about legal certainty on the establishment of the company. In order to successfully complete this procedure, you will need to access the Ministry of Corporate Affairs Portal.
Applications for both PAN and TANÂ
After the applicant has finished filling out all of the necessary documents, they should think about applying for a PAN and TAN number.
Certificate of Incorporation Â
Following the completion of the processes that came before it, the MCA and ROC will conduct an evaluation of the application. The applicant will be granted a certificate of incorporation if there are no issues discovered during the review process. The corporation receives its legal standing from the government through a document called the certificate of incorporation.
Documents That Need To Be Provided In Order To Register A CompanyÂ
- Directors’ PAN cards or passport copies (for NRIs and foreign nationals)
- 2 photographs of the directors of the company in passport format ID evidence for the directors, such as Aadhaar cards or voter identification cards.
- A copy of the lease or any relevant papers regarding the property, along with proof of address.
- NOC from the landlord regarding the company’s electricity or water bill in the event that the office is rented
- When dealing with personal property, a copy of the property deed or the sale document is required.
- It is necessary for foreign nationals to produce a copy of their passport that has been notarized.Â
- It is imperative that only valid papers be presented. The documentation that serves as proof of residency, such as a bank statement or an electric bill, can’t be older than two months at the very most.
- Evidence of the Registered OfficeÂ
The process of registering a company in India is critical for the success of any kind of business, whether it be a limited private company or a public limited company. Additionally, it fulfils the same function in LLPs and one-person firms. Customers of Kompany services are provided with the option to register any form of company at a fee that is within their budget.
The professionals at Kompany services are available around the clock to provide their clients with the highest quality assistance. Under the guidance of competent legal counsel, you are able to register your business. You will have access to the finest services at your beck and call.
In India, one of the most common kinds of corporate registration is for a private limited company, which is also one of the most common kinds of legal structure for businesses. Private limited companies are the most common entity choice for registration among new firms and prospective enterprises. Because it makes it simpler to secure funding from outside sources.
