List of information document Requirements for New Company Registration/Incorporation

COMPANY FORMATION IN INDIA

Company incorporation

• A company is generally formed through a process known as incorporation of company. When a company is incorporated legally, it becomes a separate entity from those who invest their capital and labour to run it. 
• The legal process of forming a corporate entity or a company is referred to as company incorporation. An incorporated company is a legal entity in its own right that is recognized by the law.
• These corporations are distinguished by terms such as 'Inc.' or 'Limited' in their names. It becomes a separate legal entity distinct from its owners.
• Nowadays, private limited companies are attaining greater attention due to ease in business and increased aid by the government. By looking at such a trend, many Startups are taking up registration under the Start-up India registration scheme to reap a lot of benefits stored for them.
• In India, company registration is governed by the rules & regulations specified under the Companies Act, 2013. Thus, any foreign entity looking to expand their business venture in India or a new entity looking for a Start-up India registration needs to comply with the same guidelines and procedures as prescribed for an Indian entity.
• The most suitable and opted business structure of company registration in India is a Private limited company. Talking on the timeline, it usually takes 7-10 days for a private limited company to get registration in India.

India's Comparative Business registration requirements  

List of information Requirements for New Company Registration/Incorporation

MINIMUM REQUIREMENT

• Minimum two people - self and wife
• Minimum Capital shall be Rs. 100,000
• DIN for the two-person
• Digital Signature for all directors
• Consent From the subscriber or director

The procedure for registering a company has been very straightforward and inexpensive in the last few years. With the advent of the digital signature and the adoption of INC-29, the registration of a company can now be done from the comfort of home within 10 days. Nevertheless, unlike the buying of a drug, the registration of a company requires the promoters to comply with certain conditions and to submit certain paperwork for the incorporation of a company. In this article, we look at the criteria for the establishment of companies in India.

Minimum Shareholders

A private limited corporation must have at least two owners at all times. A private limited company will have a cap of 200 shareholders; on the other hand, a public limited company will have unlimited shareholders. The owner in a corporation can be an individual or a corporate entity. The stock in an Indian corporation may be owned by Indian nationals or Indian Body Corporates or Foreign Citizens and Foreign Body Corporates. Shares of an Indian Company can be owned by foreigners subject to the FDI norms. There is no provision for an Indian Business member to have a communications office or address in India.

Minimum Directors

Directors A Director is the individual who manages regulates and performs the activities of the company. The directors of a corporation shall be chosen or named by the owners of the company. A private limited corporation must have at least two directors at all times. The maximum number of directors permitted in a corporation is 15, which can be further expanded by a special resolution.

The directors of a corporation should only be people (living persons) who are over 18 years of age. As a result, a corporate body can not be named as the director of a corporation. The owner of an Indian corporation can be an Indian citizen or a foreign citizen. However, all companies in India must have at least one director who remained in India for a cumulative period of not less than one hundred and eighty-two days in the corresponding calendar year. There is also no provision for a foreign director to provide an address for the establishment of a company in India.

Registered Office Premises

All businesses operating in India must have a principal place of operation, called their operating office. The jurisdiction of the court, the tax office, and other administrative matters shall be decided on the grounds of the State and the location of the company's registered office. In turn, the registered office will function as a location where all of the company's internal documents are stored and where any member of the public may access the company or receive legal notices. The company's registered office will be maintained throughout the life of the company. In the event of any alteration to the registered office premises, the Ministry of Corporate Affairs must be notified.

When incorporating a new entity, the condition of incorporation must first be decided by the promoters to apply for the name of the company. After the name has been acquired, the organization can file for incorporation and be registered without providing the address of the registration office. However, upon registering, an address for communications must be given and the registered office will be registered within 15 days of the date of incorporation. Upon establishment of the registration office, the ROC must be notified of the incorporation of the registration post office within 30 days.

DOCUMENTS REQUIRED NEW PRIVATE LIMITED COMPANY REGISTRATION:-

• 3 Colour Passport size Photograph
• PAN Card – Self Attested
• Identity Proof – Any One Self Attested (Driving License / Passport / Aadhar Card / Voter ID Card) foreign nationals would need them notarized by the Indian embassy, too (if they belong to countries, not in the commonwealth, they would also need to be apostilled).
• Address Proof – Any One Self Attested (Latest Bank Statement / Electricity Bill / Telephone Bill / Mobile bill). 
• NOC from Landlord in case rented property, 
• Main objects of the Proposed
• Signature on Affidavit for DIN
• Signature on the Consent form
• Signature on Subscriber Sheet(required of Signing if subscription sheet is later part after DIN and DSC and name approval)

STEP BY STEP PROCESS COMPANY REGISTRATION IN INDIA

1. DIGITAL SIGNATURE CERTIFICATE – The company is required to register on the MCA portal and fill the form for obtaining the DSC since the same is mandatorily required for all the subscribers of MOA and AOA to have DSC.
2. DIRECTOR IDENTIFICATION NUMBER – Once the DSC is obtained, all the directors providing their name in MOA should be in receipt of DIN. Any director not in receipt of DIN at the time of registration is required to apply for the same by providing ID and address proof.
3. NAME RESERVATION – After successful registration into the MCA portal, the company is required to go on the SPICE platform and fill the RUN form. They are required to provide at least 6 names for their company, in order of priority. The name provided should not be similar or identical to the name of any existing company. The name allotted by the Registrar will be reserved for a period of 30 days.
4. PREPARATION OF DOCUMENTS – The company then needs to formulate MOA, AOA of the company. These documents are accompanied by the declaration of Directors and the details and proof of registered office.
5. AUTHENTICATION AND FILING OF CHARTER DOCUMENTS – Once the above documents are ready, the directors are required to stamp them properly with the common seal of the company and upload the same on the SPICE portal.
6. FILLING THE DETAILS OF MEMBERS – The company is required to file the information regarding their directors along with their DIN number and of members who subscribe to the MOA and AOA along with their membership number.
7. FEE PAYMENT – After providing all the information in the SPICE portal, the company needs to recheck its details and confirm the same. After confirming, they will be directed to the payment gateway, where they are required to pay requisite fees applicable either by debit or credit card, or net banking, or UPI.
8. SCRUTINIZATION OF DOCUMENTS – After receiving the application, the Registrar will scrutinize the documents to check the correctness and fairness of the documents submitted.
9. ISSUE OF CERTIFICATE OF INCORPORATION – Once the Registrar is satisfied with the authentication of the application and the documents, the company is notified about the same, and a Certificate of Incorporation is issued by post to the registered office of the company.
10.  REGISTRATION OF BANK ACCOUNT DETAILS – Once the entity receives the certificate of incorporation, they can open a bank account in the name of their firm, using MOA, AOA, and the PAN card details.

Compulsory Yearly Filling to ROC for a Private Limited Company 

• Preparation & Filing of Form ADT - 01 (Auditor Appointment)
• Commencement of Business Form 20A
• Assistance & Documents Preparation for Bank Account Opening
• Preparation of Balance Sheet, P & L Accounts, Audit Report, Director's Report, Extract of Annual Returns & Financial Statements
• Preparation & Filing of Form AOC 04 (Financials Related Annual Return)
• Preparation & Filing of Form MGT 07 (Management Related Annual Return)
• Use of DSC of Auditor in Form AOC - 04
• Preparation of 04 Minutes of Board Meeting
• Preparation of Minutes of AGM
• Income Tax Returns (Company)
• Income Tax Returns(Directors)
• Share Certificate
• Preparation of 07 Registers
• Preparation of MPB-01 (Disclosure of Interest by Directors)
• Preparation of DIR - 08 (Disclosure of Non-Disqualification by Directors)
• DIR 3 e-KYC Filing

Listed above are mandatory Compliance criteria for a Private Limited Company, for the complete checklist of LLP, Trust, Nidhi Company, and all other entities registered under Companies Act 2013

Non-Compliant Businesses are severely penalized by the Ministry of Corporate Affairs. Directors have recommended a careful approach to operate the business or can lead to litigation as well as monetary retribution.

How can we support in the Establishment of a New Company Registration?

We, Rajput Jain and Associates is providing the online CA services for start-up registration or say online company registration in India via professional like Chartered Accountant’s, company secretary & Lawyers as a 1 stop solution for Pre and Post incorporation compliances & licensing needs. Company registration process is cumbersome which involves legal obligation & can be made properly with the supports of Qualified Professionals. Opportunely, we are providing best company Registration Consultants in India who can help you in the proprietorship firm registration, online firm registration process in India, start-up registration, Company Incorporation, online company registration in India, etc.

Post by Rajput Jain & Associates

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480