Procedure for Company Registration
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What is Private limited company?
In India, the prevailing “legal structure” most commonly adopted is that of a private limited company. Governed by the Ministry of Corporate Affairs and established under the Companies Act of 2013, Private Limited Company Registration in India ensures legal separation from its owners, offering advantages such as limited liability to its directors. Establishing a business in India requires a proper business entity, and the Private Limited Company is widely regarded as the most favorable option by individuals ranging from seasoned professionals to aspiring entrepreneurs across the country. Utilize our services for seamless registration of your Private Limited Company; we have catered to clients from major cities nationwide. The LegalsExpert team comprises adept professionals ready to assist you at every step of the Private Limited Company formation process. As a leading business startup consultant in India, LegalsExpert provides comprehensive company registration services to meet your needs.
Everyone, from veterans to novices, from budding start-ups to established entrepreneurs, and from north to south India, regard it as the best business entity. You can use our services to register your Private Limited Company. We have served clients from major cities throughout India for Private Limited Company Registration.
LegalsExpert team of knowledgeable and efficient experts is always available to help and advise you on the process of forming a Private Limited Company. LegalsExpert is a leading business startup consultant in India, offering a wide range of company registration services.
Documents Required For Company Registration
Self-attested PAN card from each prospective partner is required for the Private Limited Company Registration Process.
Self-attested passports, election cards or voter identification, Aadhaar cards, or any other form of identity verification acceptable for Indian citizens and required for Private Limited Company Registration Documentation.
The most recent electricity or telephone or gas or mobile or other utility bills from the company’s location that are less than two months old can be used as proof of the registered office address.
Also included are the most recent two passport-size photos.
All directors and members must submit two months’ worth of bank statements.
Private Limited Companies Registration Process
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Registration Criteria for Private Limited Companies
- For a private limited company, there must be at least two shareholders and two directors.
- A private limited company must have two directors, at least one of whom must be an Indian citizen.
- In India, there is no minimum capital requirement for forming a private limited company.
- Your company’s name is crucial because it creates the first impression in the minds of your buyers, suppliers, and stakeholders. So the factors to consider when choosing a name are that it should be short yet simple, meaningful, not illegal or offensive, unique, and end with the suffix “Private Ltd.”
What is included in LegalsExpert Private Limited Company Registration package?
- For a private limited company, there must be at least two shareholders and two directors.
- A private limited company must have two directors, at least one of whom must be an Indian citizen.
- In India, there is no minimum capital requirement for forming a private limited company.
- Your company’s name is crucial because it creates the first impression in the minds of your buyers, suppliers, and stakeholders. So the factors to consider when choosing a name are that it should be short yet simple, meaningful, not illegal or offensive, unique, and end with the suffix “Private Ltd.”
Comparison of Different Types of Business Requirements
Factors To Be Considered | Private Limited Company | One Person Company | Sole proprietorship | Limited Liability Partnership | Partnership Firm |
|---|---|---|---|---|---|
| Applicable Law | Companies Act, 2013 | Companies Act, 2013 | Companies Act, 2013 | Limited Liability Partnership Act,2008 | Companies Act, 2013 |
| Ideal For | It is ideal for Startup and growing Companies. | It is ideal for Single promoters. | It is ideal for Small Traders and Manufacturers. | It is ideal for Professional. | It is ideal for Small business & Home Business. |
| Minimum Number of Members | A minimum of atleast two shareholders and two directors are required to start a Private Limited Company. | A minimum of one persons are required to start a One Person Company. | Proprietorship can have only one person as member. | LLP can have minimum of two persons are required to start a LLP. | A minimum of two people are required to start a Partnership. |
| Initial Investment | No minimum requirement | No minimum requirement, but if capital exceeds 50 lakh , OPC gets converted into Private Limited | No minimum requirement | No minimum requirement | No minimum requirement |
| Tax Advantages | Profits from Private Limited Companies are taxed at a rate of 30% plus a surcharge and receive fewer tax breaks. | Profits from a one-person business are taxed at a rate of 30%, plus any relevant surcharges and cess, and with fewer tax breaks. | Taxed as an individual, with little tax benefits, and based on the proprietor’s entire income. | LLP profits are taxed at a rate of 30%, plus a surcharge, and with other tax advantages. | Profits from partnerships are taxed at a rate of 30% plus a surcharge, with few tax advantages. |
| Annual Filings | Each year, Private Limited Companies are required to submit Income Tax Returns, Annual Returns, and Annual Accounts to the Registrar of Companies. | Each year, it must submit Income Tax Returns, Annual Accounts, and Annual Returns to the Registrar of Companies. | The Registrar of Companies is not required to receive an annual report. Based on the profits of the proprietorship, an income tax return must be filed. | Each year, LLP must submit an Income Tax Return, an Annual Statement of Accounts & Solvency, and an Annual Return to the Registrar. | The Registrar of Companies is not required to receive an annual report. The Partnership must file an income tax return. |
| Compliances | High | High | Minimal | Low | Minimal |
| Member(s) Liability | The responsibility of shareholders is restricted to the amount of their share capital. | The responsibility of a director or nominee is restricted to the amount of their share capital. | The proprietor is liable for all obligations of the proprietorship and has unrestricted liability. | Partners only have limited liability and are held accountable for their portion of the LLP’s contributions. | Partners are liable for all Partnership liabilities and have limitless liability. |
| Transferability | Share transfers are one way to transfer ownership. | It’s possible to transfer ownership. | Cannot be transferred. | It’s possible to transfer ownership. | Cannot be transferred. |
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