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What is Private limited company?
First, let us understand what a private limited company is? A private limited company has limited members; they can have a minimum of two members and a maximum of 200 members, the liabilities of members are limited to its creditors. By this means that the creditors can only have access to the company’s assets and not the personal assets of the company member.
It is essential to register your company as it has many advantages from starting a company to ending it.
The private limited company registration is a legal process for a business, and in India, it can be done in many cities like Delhi, Mumbai, Chennai and other cities. There is some procedure for a company to be registered.
What Is Included In Our Package of Company Registration in India?
- DIN for 2 Directors
- DSC for 2 Directors
- ROC Fees & Pan card
- Name search & approval
- Free Accounting Software & GST filing
Procedure For Pvt Ltd Company Registration in India
- Firstly you need to fill a form from whomever company you are registering with
- Then you have to obtain DSC and DPIN. All the associates of the company have to apply for the DPIN and digital signature. The DPIN is the director’s PIN that MCA issues.
- You have to get verification and approval of the name, and for this, you have to give three unique and different name options to the MCA according to your business and which suits your business type.
- Then you have to submit all the required documents and the submission of MOA and AOA with the MCA.
- If all the above process has been done successfully, you will get the incorporation certificate, it will take 15 to 25 days to get the incorporation certificate, and it is valid proof of your company has been successfully created and registered.
- In the last steps, you have to apply for PAN, TAN, and bank account.
Mandatory Documentation at the time of PVT LTD Registration Process in India:
- A copy of the pan card of directors of the company
- The passport size photograph of the directors
- Copy of voter ID, Aadhaar card of directors
- Photo Copy of the rent agreement, If you have one
- The copy of electricity and water bill of business place
- The copy of property papers of owned property
- The last landlord NOC
Top Benefits to get a private limited company in India
- A private limited company has limited liability, and it is flexible
- There is a possibility to expand the company and achieve growth
- It also provides you with good capital contribution and the stability of the company
- Private Limited company is easy to register and run the company
- The dissolving process of the company is comparatively easy.
- A private limited company can have 200 members maximum.
In India, the bare minimum criteria for forming a private limited company are as follows:
- Minimum 2 shareholders are required
- Minimum two directors are required to open a private limited company
- The Capital of one lakh rupees Is the minimum Capital required
- It is must that one director supposed to be of Indian Nationality
- DINs are needed for each and every director.
Selecting a business name requires numerous factors to consider:
You need to select a unique and innovative company name, as it is the first impression for your customers, suppliers and shareholders. The name should be attractive, and before you select a name, you should consider some essential factors:
The company name should be acceptable, and it consists of three parts name part, the object part, and the Constitution part.
Name part: the company’s name must be different and unique, and this name cannot be similar to any existing company or LLP or a company that has a trademark in the same field, so similar names are not allowed or not acceptable in the same field.
Object part: The object part states or clarifies the nature of the business, whether it is a private limited company or a one-person company. The object part must be included in the company’s name; if there is a similar name, but the object is different, the name can’t be allowed.
Then comes the Constitution part: this clearly explains the type of entity the company’s name represents. The private limited company is represented by a private limited company or Private Limited and PVT.OPC represents LTD and one-person companies, and limited companies are represented by a limited or limited company or LTD company.
Minimum authorised Capital for certain words
There are different amounts for some different words to be added to the company, and this list starts from a minimum capital requirement of five lakh rupees to 5,00,00,000 rupees; for example, if you want to add India in your company name, then you have to pay five lakh authorised Capital, and there are many more words which have a different sum of amount.
Availability of online checking the name
If you are starting a company, you can now check online the existing company’s name; you have to go to the site of MCA’ MCA name availability, and when you search, you will find a different name of the companies that are in existence, and you can search your company name if the similar company name is in existence or not. If your search shows no results found, then there is no similar name of the company in existence. So it will be helpful for you to choose a unique name that is not similar to any other existing company name in the same industry.
Online checking trademark existence
The above process is for checking the online trademark existence; you have to go to trademark search India official website. Then you have to enter your proposed name and then click on search; in the list, it will be shown to you the existing trademark and the similar trademarks to your proposed name if the research shows no results found, then there are no similar trademarks in existence to your proposed name.