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- A Private Company is a Company which does not have any support of Government i.e., a non-governmental Organization.
- Small number of Shareholders/Members of Company can also own the Private Limited Company.
- A Private Limited Company are not allowed to sell their shares to the general public.
- Company Limited by Shares: In these types of Companies, Shareholders are liable for any loss only up to the Extent of their Investment in the Company i.e., shareholders are not required to pay any amount more than the amount they invested in the company.
- Company Limited by Guarantee: In these types of Companies, Shareholders are liable to the extent of Guarantee each shareholder agree to provide in the Memorandum of Association. This Liability arises in case of winding up of Companies only.
- Unlimited Companies: In these types of Companies, there is no limit on Members Liability. In this case Members may be Liable over and above shareholding they have in the company to set off all losses. In case of Winding up of Companies, Creditors can impose the Liability on the members to set off Company debts and Liabilities.
Step 1: Digital Signature Certificate (DSC)
Firstly, it is mandatory for all the directors and the person who is authorised to sign the important documents of the company to get his Digital Signature Certificate online. Digital signatures are mandatory to file the forms on the MCA portal.
Step 2: Director Identification Number (DIN)
Every Person who wants himself to be a Director in the Company must obtain the DIN. At the time of doing Company Registration DIN of the director is compulsory to be given along with his address proof.
Step 3: Registration on the MCA Portal
After getting DSC and DIN the next step is to fill the SPICe+ form and submit it on the MCA portal. In order to fill the SPICe+ form and submit documents, the Director of the company has to register on the MCA portal.
Step 4: Certificate of Incorporation
Once, the registration process is completed that is application is filled and submitted along with the required documents, the Registrar of Companies will examine the application. Upon examining of the application, he will issue the Certificate of Incorporation to the Company.
- The number of members in a Private Limited Company must be between 2-200.
- There must be at least two directors and two shareholders.
- Each director must have a Directors Identification Number (DIN).
Documents required to form a Private Limited Company.
Documents from Directors and Shareholders
A. Identity Proof
1) Permanent Account Number (PAN) Card
2) Aadhaar Card / Passport / Driving License / Voter Identity Card
B. Address Proof
1) Telephone Bill / Mobile Bill
2) Electricity Bill / Water Bill
3) Bank Statement /Bank Passbook with latest period transaction.
(Out of the above any one document can be provided not older than 2 month)
C. Passport size Photographs of all Directors and Shareholders.
- Documents stated above must be Self Attested by the Applicant.
- Telephone Bill / Mobile Bill/Electricity Bill / Bank Account Statement must be in the name of applicant and should be latest i.e., not older than 2 months.
Additional Documents required in case of Rented Premises
A. In Case Company Formation is on Rented Property, following additional documents required:
1) No-Objection letter from the Owner of Property to use his Property for Company Formation.
2) For Address Proof of Owner
- Electricity Bill, Telephone Bill (Fixed Line Only), Gas Bill or Water Bill (Not older than 2 months); – must be in the name of Owner and must be attested by him as well.
- No Minimum Capital
In order to form a Private Limited Company no minimum capital is required. A Private Limited Company can be registered with a minimum sum of Rs. 10,000 as total Authorized Share capital.
Separate Legal Entity
A Private Limited Company is a separate legal identity in the court of the law, meaning assets and liabilities of the business as well as assets and liabilities of the directors would be count differently. It means in case of any Loss property of business and the directors will be used differently. A Private Limited Company separates Management and Ownership and thus, managers are responsible for the company’s success as well as answerable for the company’s loss.
- Limited Liability
If the company undergoes financial distress due to any reasons, the personal assets of members will not be used to pay the debts of the Company as the liability of the person is limited i.e. up to the amount of investment they have made in the company.
For e.g. If a Private Limited Company takes any loan and is unable to pay off, the members are responsible to pay only that unpaid amount which they own towards their own shareholding i.e., the unpaid share value. Which means, if you have no balance payable towards the amount of shares you hold, you are not liable towards any debt to be paid by the company whatever may be situation.
- Fund Raising
As Private Limited Company cannot raise money from general public, therefore certain Private Equity Investors known as Venture Capitalist / Angel Investors provide fund to Private Limited Company.
- Free & Easy transfer of shares
Every member of a private limited company can easily transfer their shares to to another person. Transfer of shares in private limited company is very easy as compared to proprietary concern or a partnership firm. By Filing and signing a share transfer form and handing over to the buyer of the shares makes share transfer very easy.
- Uninterrupted existence
Perpetual Succession’ is one of the most important characteristics of a company, which means company existence is not get affected by the death, absence of member or resigning from the company by a member. Its business gets continued whatever may be the situation. However, in case where the company get legal notice to be dissolved its business existence is over.
- Capacity to sue and be sued
As we said earlier, Company and Members both have separate identity. Therefore, legal proceedings can be done in the name of Company or in the name of Member whoever is liable for the same.
- Builds Credibility
It is important for the company to keep its credibility strong, therefore all the details of company must store in a public database so it become easy for the public to see the company details.
First Board Meeting
The first Board Meeting of Directors must be held within 30 days from the date of incorporation of Company.
Subsequent Board Meeting
In a Calendra Year minimum four Board meetings should be held and not more than 120 days gap should be there between two meetings.
In case of Small Company, there must be minimum two meetings in a calendar year with at least one meeting in each half of calendar year and gap between two meetings should be at least 90 days.
First Annual General Meeting
Within a period of Nine months from the date of closing of the first financial year of the Company
Subsequent Annual General Meeting
Within a period of six months from the end of the financial year
There must be a gap of at least fifteen months between the first AGM and next AGM;
Disclosures of Interest by Directors/Declaration
Every Director shall in the first Board meeting of every financial year disclose his interest in form MBP-1 and declaration in form DIR-8
Appointment of First Auditor
In the Board meeting within 30 days of incorporation
Appointment of Subsequent Auditor
Every Auditor Will be appointed for 5 years in AGM
Subsequent Auditor will be appointed within 15 days from the date of appointment in Annual General Meeting
Filing of form ADT-1
After appointment of Auditor, Form ADT-1 should be filed within 15 days from the date of appointment of Auditor.
Filing of Financial Statements i.e., form AOC-4
Form AOC-4 must be filed within thirty days of Annual General Meeting
Filing of Annual Return i.e., form MGT-7
Form MGT-7 must be filed within sixty days of Annual General Meeting
Statutory Audit of Accounts
Must be done by a Chartered Accountant
Filing of Income Tax Return of Company
ITR of Company must be filed on 30th of September every year
Maintenance of Statutory Registers, Minutes books and records
All the Companies are required to maintain certain statutory registers in the prescribed format such as register of members, register of charges, register of directors and Key Manager Person, register of loan and guarantee etc.
Minutes of Board meeting and general meeting, Attendance Register, Books of Accounts etc. are also to be maintained.
Proof of circulation of Notice, Draft and Signed Minutes
It Should be maintained for a period of three years from the date of meeting.
30th of September
In case if any amount is due to be paid by the company to micro and small enterprises and in case the payment of the same is pending over and above 45 days, then the Company has to furnish details as per the following timeline:
For April to September by 31st October.
For October to March by 30th April.
Every company having any outstanding loan/amount as on 31st March of every financial year has to furnish details and bifurcation of such outstanding amount irrespective of the fact whether such amount is falling under the definition of deposit or not by 30th June
*The Compliance due dates provided above in respect of form DPT-3 and Directors KYC are based on the last year, however in respect of this notifications/circular issued by Hon’ble Ministry of Corporate Affairs.
Frequently Asked Questions on Company Registration
At MCA by submitting the application to Ministry of Corporate affairs online. For registration, remember you must have Digital Signature Certificate (DSC), and Director Identity Number (DIN) along with other documents.
At the time of making Application, one has to access the directory that could be found on The Ministry of Corporate Affairs (MCA site) that maintains a record of already registered company names. If the company name appears in the company Registration directory, you’ll have to register your company with another name. If you have already made an application, you’ll have to make another application with different name.
Yes, as per the Indian company law, a foreign national can be a director of a company provided he must be registered in India and fulfil all the criteria laid down in the Companies Act. The most important thing to remember that foreign national must be in possession of DIN. Any person, including a foreign national, appointed as a director cannot act in the capacity of a director unless he/she gives it consent in writing to act as a director of the company. This can be done by filing Form DIR-2 within 30 days from the date of being appointed as the director.
As per the new changes brought about by the MCA it become very easy to register companies of any nature with the government. Provided you have all your documents with you. Registration process will take around 7-10 days for completion.
The entire process of registration of company is Online, so one doesn’t have to be present at any particular place for registration. All the necessary documents for registration can be send with the help of mail and then can be submitted online. Finally, the Certificate of Incorporation can be received from MCA website.
You can check the status of the company registration online with the help of MCA website. Following need to be done to check the status of your company, you need to go to the ‘MCA Services’ tab and select the ‘View Company/LLP Master Data’ from the drop-down list. Then company’s CIN need to be entered and then click ‘Submit’. The exact status of your company will be displayed.
Yes, the company registration is completely online. A company or an LLP can be registered only with the help of MCA portal. All the necessary documents for registration can be send with the help of mail and then can be submitted online. Further they are processed at the Central Registration Centre (CRC). Upon completion of registration, Finally, the Certificate of Incorporation can be received from MCA website.
Yes, any address can be provided as the registered address, provided the company must have the address proof for the same. The Ministry of Corporate Affairs (MCA) allows a residential address to be used as the company’s registered address.