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Register your Pvt. Limited Comany 

Want to start a company for business you have always dreamed of but at the same time don’t want to be held liable if the company under-performs?

A private limited company is the right fit. It is established by way of  private ownership with minimum capital and the directors are not bound by the legal obligations of the Company securing the personal assets of the directors from the liabilities of the director.

This form of business structure is benefited and widely incorporated by small companies, entrepreneurs, start- ups etc.

Also Learn: A Quick Guide to GST Registration Number: Benefits and Compliances

What Is A Pvt Limited Company In India?

A private limited company is a type of business where it is a privately owned entity. It is a corporate structure where the company has a separate legal identity and the shareholders liability is only limited to the amount of capital they have invested in the company which are protected in case the company faces insolvency.

Unlike, a public limited company, A private company is distinct as the right to transfer their share is restricted and bars the public from subscribing any securities of the company.

It is incorporated under the provisions of the Companies Act, 2013 and the members of the company are limited to 200 with atleast 2 directors.

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What Are Different Types Of Pvt Limited Company In INDIA?

As per section 3(2) of the Companies Act, 2013 there are three types of Pvt Limited companies in India: 

• A Company limited by shares:

This type Private limited company gives the company the complete autonomy to act on its own since it can exist independently. The share holder are only obligated to the memorandum of amount on the shares held by them thus making them solely liable as per the value of the share held by them.

• A Company Limited by guarantee:

In this structure the company’s memorandum limits the shareholders of the private limited company to guarantee such amount towards the assets of the company in case of debt or winding up.

• An Unlimited Company:

The members of the company enjoys unlimited liability from the company.

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What Are The Documents Required For The Incorporation Of A Pvt Limited Company In INDIA?

The documents required for incorporation of a pvt limited company are as follows:
1. Digital Signature (DSC) of at least one director and Director Identification Number of all the directors.
2. The Memorandum of Article of Association(MOA) and Article of Association(AOA) signed by all the subscribers as prescribed.
3. Legal requirements like affidavit duly stamped of all the directors/subscriber expressing their willingness to join/become a shareholder of the company.
4. The address of the registered office of the company along with the ownership proof for rented premises a NOC from owner and the Rental agreement.
5. The particulars of the directors and the shareholder, their proof of identity and residential address (Aadhar, PAN, Passport, Voters Card, Bank passbook etc).
6. Trademark certificate: if the proposed name of the company is trademarked.
7. Employees Provident Fund organization(EPFO) and Employees State Insurance Corporation (ESIC) registration certificate mandatory for all new companies incorporated.
8. Company’s Bank Account: After 15th February 2020 the MCA has made it mandatory to open company’s Bank account through the AGILE-PRO linked web form.

What Are The Benefits Of Incorporating A Pvt Limited Company In INDIA?

Also Learn: What is a Limited Liability Partnership or LLP

What Is The Step-By-Step Process To Incorporate A Pvt Limited Company In INDIA?

With the introduction of the SPICe+ form by the Ministry of Corporate Affairs, the registration process has been effectively simplified. The said form comprises two parts Part A and Part B and can be filled in combination or simultaneously. The necessary steps for registration are as follows:

Step 1:Obtain Digital Signature Certificate (DSC).

The initial step before registering a private company is to acquire a Digital Signature Certificate (DSC) for the proposed Directors of the company. A DSC is an electronic signature that secures and authenticates documents. This can be issued by authorities certificated by the Government and the validity of the DSC is one- two years.

Step 2: Obtain Director Identification Number (DIN) 

The next necessary step is to acquire a Director Identification Number (DIN). A DIN is a unique identification which all directors of companies registered in India must obtain.

Step 3: Register in SPICe + Web form;

Login to https://www.mca.gov.in > MCA Services > Company e-filing> incorporation & Change Service > SPICe+ and register yourself.

Step 4: SPICe+ Form. Part A (Name Reservation)

Fill the SPICe+ PART A first or both Parts can be filed in combination or simultaneously. Access Part A of the form and enter the necessary details of the proposed company like type, class, category, proposed name etc of the company. It is recommended to submit two uncommon names that is unique for higher chances of approval. 

The Part B of the SPICe+ form stipulates various services for registration of the private limited company. The services include: 

Incorporation, DIN allotment, issuance of PAN and TAN number, issuance of EPFO and ESIC registration certificates, Issuance of Professional Tax registration( if registering in Maharashtra), Company’s bank account and GSTIN allotment (if applied )

Step 5: Part B of SPICe+ Form (Incorporation applications)

After the reservation of the company name, you can proceed with the incorporation as stipulated in part B of the SPICe+ form. The approved company name and the details of the company would be submitted automatically as it was used while filling Part A.

Step 6: Scurtiny check.

Process the pre- scrutiny check and click on submit.

Step 7: Fill the linked forms.

The forms that are linked are:

e MOA > e AOA> URC-1>AGILE-PRO>INC-9

• eMOA: the company has to submit Memorandum of Association in PDF attachment.
• eAOA: the company has to submit the Article of Association in PDF attachment.
• URC -1 form: This is an application form to register a business entity that is mandated by the Companies Act, 2013.
• AGILE PRO form - It is a mandatory requirement to open the company bank account through AGILE -Pro linked web form. 
• INC-9 : Declaration of first directors and all subscribers. This form shall be auto-generated in PDF and should be submitted in electronic form except if the director or subscribers are more than 20 or any of the directors or subscribers have neither DIN nor PAN.

Step 8: PAN and TAN Application.

It is a mandatory requirement to acquire a PAN Number and Tax Deduction and Collection Number (TAN) of the company. The required fees are for PAN-Rs.66 and TAN - Rs 65.

Step 9: Affix DSC and upload all digitally signed documents.

Download the PDF once the form B is submitted successfully. Then proceed to affix the Digital signature and the digitally signed application along with the linked forms.

Step 9: Payment and registration.

The charges for the registration is as per the authorized capital of the company. On successful payment a service request number(SRN) is generated for incorporation of the company. A certificate of incorporation would be issued by Registrar in the prescribed form to the effect that the proposed company is incorporated under the Act.

Also Learn: An Ultimate Guide to OPC (One Person Company)

How Many Days It Take To Incorporate A Pvt Limited Company In INDIA?

The MCA by introducing the SPICe+ form has made the application process very time effective., It takes 10-12 working days provided that there is no difficulties faced by the website. Also ensure all the documents are well checked before proceeding.

Frequently asked questions (“FAQs”) On Pvt Limited Company

Companies that limits the liability of its members and restrict the rights to transfer shares and prohibits the public to subscribe its shares are deemed to be private companies in India. Some private companies in India are, Imagine Marketing Services Pvt. Ltd., OYO Hotels and Homes Pvt Ltd etc.

2. Can we have more than one Pvt Limited Company in my name?

Yes, you can have more than one private limited company under your name.

3. What does incorporation of private limited company mean?

It means legal establishment of a Private Limited company according to the rules and procedures stipulated under the Companies Act, 2013.