Private Limited Company Requirements for Company Registration

Requirements for Company Registration

Registering a Company in India was a cumbersome process that took quite long during the yester years. Today, thanks to the efforts taken by the Ministry of Commerce, the INC-29 Form and Digital Signature system introduced has made Company Registration an easy process. The process has become such an easy one that anyone who wants to register their Company can do so sitting at their comfortable place and logging in at their comfortable time. However, some basic requirements have been stipulated to be met for registering one’s Company. Let us have a look at these requirements in brief.

Meet These Requirements and Register The Company

Requirements pertaining to Shareholders

  • If the Company you are planning to register is a Private Limited Company, ensure there are at least two share holders at all points of time
  • The maximum number of shareholders in a Private Limited Company can be 200
  • There is no ceiling on the number of shareholders a Public Limited Company can have
  • Any individual or a Corporate is permitted to be a Shareholder
  • As far as the ownership of shares is concerned the following entities are eligible for the same
  • Anyone who is a Citizen of India
  • Any Indian Corporate
  • Anyone who belongs to another country
  • Any foreign Corporate
  • Any foreign national is permitted to hold the share of an Indian Company provided norms laid down by FDI are followed
  • No shareholder is liable to provide any address for correspondence as far as India is concerned

Requirements pertaining to Directors

  • The person who is nominated to administer, control and manage the whole of the Company is eligible to be a Director
  • Shareholders select or appoint the Directors of the Company
  • In the case of Private Limited Company, minimum two Directors are expected to be on the roles at all points of time
  • By default 15 people can be the Director of a Company and this number may be increased by passing a resolution in the board
  • Only people who are alive can be considered as a Director. This is to insist that no Corporate will be considered as an individual entity to be deemed as a Director
  • All Directors must above 18 years of age
  • Among the two Directors, at least one Director must have lived in India for hundred and eighty two days continuously during the previous calendar year.
  • If one of the Directors is in a Foreign country, it is not a compulsion that he must have an address for correspondence in India

Requirements pertaining to Office Premises

  • Any Company that is supposed to be a registered one in India must have a office address in India and this premises will be called the Registered Office
  • All legal and statutory matters pertaining to the Company will be handled as per the jurisdiction control under which the Company premises is located
  • This registered office will remain the place where all documents pertaining to the Company’s business will be stored. This will also be the address of contact for public and for the issue of legal notices at any point of time
  • This will permenantly remain the registered office of the Company as long as the Company exists. If incase a change of location is a must during any point of time, the same can be done by intimating and getting permission from the Ministry of Corporate Affairs

Key points to note while registering a New Company

  • Before registering a Company the promoters must intimate the state of incorporation of the same to so they can apply for the name of the Company
  • After the name is obtained, the Company can get incorporated and go in for Registration
  • While during registration the registered office address need not be provided, the same needs to be mandatorily provided within 15 days from the date of Registration of the Company
  • Once the office is set up after providing all the details asked for, it is the responsibility of the Directors to keep the ROC intimated within 30 about the incorporation of the Company 

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