Private Limited Company Registration

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What is Private Limited Company?

A Private Limited Company (PLC) is considered as the most common and accepted corporate legal entity in India. No less than two shareholders and two directors are required to register a Private Limited Company.

If we take the current scenario, Start-ups and small businesses are increasingly choosing Private Limited Companies for doing businesses as it becomes easy for them to raise the funds from outside and at the same time it also limits the liabilities of its shareholders. It enables owners to provide employees with the option to own shares while reserves the right to hire and retain the best talent. Foreign nationals, foreign corporate entities or even NRIs can be Directors as well as Shareholders of a Private Limited Company via Foreign Direct Investment, making it the preferred choice of entity for foreign promoters.

Why Private Limited Company?

Protection Of Personal Assets of the Directors
A Private Limited Company is Separate Legal Entity in the Eyes Of The Law
You Can Raise Capital Easily
It Comes With The Benefit Of Continuous Existence
Attract more customers
Procure bank credits and good investment from reliable investors with ease
Increases the potential to grow big and expand
It is very easy to sell a Private Limited Company, as there is very little documentation required and the cost involved.
Only corporation tax is charged (which is usually lower than other forms of taxes)

Minimum Requirements For Company Registration

A minimum of 2 Shareholders must be present, during the whole process.
There should not be less than two directors, as it is a compulsory requirement.
Share Capital of Rs 1 Lakh is the pre-determined minimal amount.
DPIN for all the directors.
At least one designated director should be an Indian Resident.
The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India.

Registration that can be taken byPrivate Limited Company:

PAN/TAN Registration
MSME/SSI Registration
ESI Registration
PF Registration
DSC Registration
Import Export Code Registration
ISO Registration
GST Registration
Start Up India Registration

Documents required for Private Limited Company

PAN Card of all the directors.
Passport size photographs of the same must be shown
Either the “Aadhaar Card or the Voter identity card”, has to be presented during the process.
One of these two:- Electricity/ Water bill but any of them must be of the business place only
Property papers (owned)
Landlord NOC (Format will be provided)

Concerns Related To Private Limited Company

A “Private limited company registration cost” requires a few more ROC compliance and mandatory companies audit, which then results in an additional compliance cost
The minimum capital amount required is Rs. 1 Lakh
A private limited company can have a maximum of 200 members.

Still, all the aspiring entrepreneurs prefer the tag of a “Private Limited Company” for obtaining certain benefits such as “ease in transfer of shares and a significant potential for future growth”.

Frequently Asked Questions (FAQ’s)

How can one get their “Private Company Registered”?

You can go through the “Private limited company registration process” using our expert services. This whole process usually takes 10-15 days to complete. You are only required to fill out a 10-minute questionnaire. After the consultation, we will help you with “Private limited company registration documents”, which are required to complete the “Private limited company registration process in India”.

What is Company Registration Certificate?

Once the filing of the documents is through, the ROC calls the attorney on a specific date for scrutiny and makes the necessary changes in the MoA and AoA, which have been filed. After this is done, the Certificate of Incorporation is granted to the company. Upon successful completion of the registration process, you will receive Private limited company registration certificate”

Do I need to have a proper office address for the registration of a “Private limited company”?

No, there is no such requirement. Any person can start a business at their “Place of residence or any other place”. Though you will incur “Private limited company registration cost”.

Is there any additional form of payment required after I pay for the incorporation before I receive the Incorporation Certificate?

There are no hidden fees or charges with us. Our system is entirely open to the public. Following your payment, we will send you an all-inclusive invoice with no hidden fees. Our team will provide you with all of the assistance you require until you receive your LLP bank account.

What are the different types of Private Limited Companies?

• A company limited by shares
• Unlimited company
• A company limited by guarantee.

What is the minimum capital needed to form a Private Limited Company?

You need to have a minimum capital of Rs.1,00,000 to start a private limited company. You need not have this amount in hand or your bank account. You can show this amount as the pre-incorporation expense of the start-up. Also, you can show the capital as infused in the assets.

Can a Private Limited Company own and carry out multiple businesses?

In case it has been mentioned in the “MoA” and approved by the registrar of the company, then only it is possible to carry out multiple businesses. The businesses could be in the same field or different.

Can anyone be a director?

There are only 2 conditions for anyone to be a director of the Private Limited Company. These are:
• He/she should be 18 years or older
• He/she require a DIN (Director Identification Number)

How many directors are necessary for a Private Limited Company Registration?

Yes, a minimum of two directors are needed for a private limited company. The maximum members can be 200. You can register as a one person company, if you are the sole owner of the company.

Can a Salaried person become the director of a company?

Yes, for sure. You can become the director of any type of company. But you need to go through the employment rules and make sure they allow you to do so.

What is meant by Limited Liability protection?

You are only responsible for the extent of your investment in the company. Personal assets are not procured in the case of bankruptcy.

Is Private Limited Company eligible to make FDI (Foreign Direct Investment) in India?

Of course. A private Limited Company is eligible to make FDIs in India.

Are there any annual compliances which must be fulfilled by a Private Limited Company?

Multiple compliances need to be fulfilled by a private company and these are:
• The company must appoint an auditor.
• The company should conduct at least one AGM (Annual General Meeting) and at least 4 board meetings (one in each quarter).
• An auditor must audit the books of the company
• Furthermore, a company shall fill the form AOC-4 and MGT-7 as a part of annual compliance within the specified time frame.
• There should be the annual filing of the ITR and registrar of the companies

Is it necessary to have a company’s books audited?

Yes, a Private Limited Company must hire an auditor, no matter what its revenues. In fact, an auditor must be appointed within 30 days of incorporation. Compliance is important with a private limited company, given that penalties for non-compliance can run into lakhs of rupees and even lead to the blacklisting of directors.

What are articles of association and memorandum of association?

These documents contain the rules, vision and mission of your organisation, and define, among other things, the exact business and the roles and responsibilities of shareholders and directors.

Can NRIs/foreign nationals become directors in a Private Limited Company?

Yes, a NRI or a foreign national can become a director of a private limited company. He or she must obtain a DIN from the Indian RoC. They can also hold a controlling stake in the company. As long as at least one director on the board of directors is an Indian resident.

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