Online company registrationin India, Economically!
Posted: Mar 08, 2020
Benefits of Company Registration in India
India is counted among the countries with high number of businesses. Once your plan to start your own business, it is essential to get the business registered. The registration of the business signifies a genuine and authentic organization. Some advantages of Private Limited Company Registration in India are:
- It has limited liability; hence the personal assets are not impacted in case of loss or any form of risk.
- With the registration, it appears authentic, which attracts more customers.
- It creates reliability and goodwill.
- The registration also offers protection for the assets.
- It contributes to more funding, hence more capital generation.
- It provides better stability.
- It provides an opportunity to grow and expand further.
- It has the advantage of continued existence unlike in OPC. It can only cease to exist on the condition of non-compliance or failure to comply with rules and regulations.
- The registration of the company obtains a separate identity as an individual.
- In the PLC the ownership is represented in terms of shares, hence the ownership can be transferred to another legal entity or a person, who is resident of India or abroad.
Requirements for company registration:
There are certain criteria that the company has to fulfil in order to get the registration. The Company Act, 2003, state the following requirements:
- The PLC should have a minimum 2 directors and at the most, there can be 15. Among all the directors, it is mandatory for one of them to be Indian.
- The name should be unique and creative. It should not be similar to any existing company name or trademark in India.
- There is no minimum capital amount requirement to constitute it.
- The registered office for the carrying out the operation does have to be a commercial place. It can be a rented house also, but it is essential to obtain a NoC from the house owners.
Process of Company Registration
With multiple advantages of the registration, it is very beneficial in giving a boost to the start-ups in the country. The registered companies enjoys more benefits than an unregistered firm. The ministry of corporate affairs has laid down the following process for the registration:
Step 1: The members of the business have to apply for a DSC (Digital Signature Certificate).
- Step 2: All the directors of the firm need to obtain a DIN (Director Identification Number)
- Step 3: Find or think of a unique and creative name. Then apply for the name availability by filling an application form.
- Step 4: File the MoA and AOA for the registration of the private limited company.
- Step 5: Apply for the PAN and TAN.
- Step 6: Create a new user account on the firm on the online web portal of MCA and fill the form along with the required documents.
- Step 7: Then the certificate of incorporation is issued by RoC, along with PAN and TAN
- Step 7: The firm has to open a current bank account on its name.
Kavita is working as a consultant at a legal services in India. She is also an experienced and passionate writer who has been written many Blog and websites' content about Company registration and Trademark registration in India.