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Private Limited Company Registration

Summary Documents Procedures Characteristics

Summary

We at VGC can help you register your company.

It is highly recommended to start a business is by way of setting up a Private Limited Company. Whether it is consumer, banker, Government, Investors, or Public at large they all recognize Private Limited Company easily with its name ending with Pvt. Ltd. Or Private Limited or (P) Ltd. Private Limited Company Registration is considered the most suitable and desirable form of starting any business. Private limited company is most common type of legal entity that is preferred by millions of Indian entrepreneurs and popular startup in India.

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Documents

Documents Required for Private Limited Company Registration

Private limited company is registered under companies Act 2013 In India and regulated by ministry of corporate affairs. Private limited company registration requires certain set off documents. List of documents required as below:

A. IDENTITY PROOF AND ADDRESS PROOF

Identity Proof and Address proof is required for all the proposed shareholders and directors. Identity proof will be pan card in case of Indian nationals and passport in case of foreign nationals with voter id, passport, driving license. One address proof is required from following latest bank statement, telephone or mobile bill electricity or gas bill.

B. PHOTO

Latest passport size photograph of directors/ shareholders required.

C. CONTACT DETAILS

E-mail id and mobile number are required of proposed company. Further, mobile no. and e-mail id are also required of all proposed directors. The mobile no. and e-mail id of directors should be their personal mail and mobile number.

D. REGISTERED OFFICE

No Objection Certificate (NOC) from the owner, Utility bill (should not be older than two months) and Notarized Rent agreement (in case of rented property)/ Registry Proof or House Tax Receipt (in case of owned property).

E. DRAFT DOCUMENTS FOR INCORPORATION

Finally, based on the above documents provided we prepares the drafts documents which are required to be submitted to MCA. You are not required to visit any place and we will complete the company registration procedure at the comfort of your home as the process is completely online. We make it as simple Company Registration process for you.

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Procedures

Procedure for incorporation of Private Limited

We at VGC, having dedicated team for registration of companies anywhere in India. Recently, the MCA changed the Incorporation procedure to include DIN allotment, Issuance of PAN, TAN, GST, EPFO, ESIC, Profession Tax (only in Maharashtra). Further, for incorporation of company it requires legal procedure and legal knowledge as it also require attestation by a Professional who must be either Company Secretary or Chartered Accountant or Cost Accountant. The registration is done through Spice+ which has basically two parts:

PART A

Name Reservation

PART B

Company incorporation
PAN Application
TAN Application
GSTIN Application
Application for DIN
EPFO Registration
ESIC Registration

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Characteristics

BENEFITS AND CHARACTERISTICS

BENEFITS AND CHARACTERISTICS OF PRIVATE LIMITED COMPANY

1. Limited Liability

The most significant advantage of a private limited company is that the owners have limited liability. This can be a significant advantage for new businesses as it protects their assets from potential business failures. One of the key benefits of setting up as a private limited company is limited liability. The members are liable to pay the debts only to the extent of how much they own towards their shareholding, i.e. the unpaid share value.

2. Perpetual Existence

A private limited company has a perpetual succession, which means it has a continued or uninterrupted existence until it is legally dissolved. Members may come and go company goes on forever. The death of the founders, directors or members does not affect its existence.

3. Separate Property/ Separate Legal Entity

The existence of a company is distinct and separate from that of its members. It can own property, bank accounts, raise loans, incur liabilities and enter into contracts. According to Law, it is altogether different from the subscribers to the Memorandum of Association. It can sue and be sued in its own name, i.e. company name. There is a separation of management and ownership. Thus, the managers are responsible and answerable for the companyâ€™s loss.

4. Attractive to Investors

Private Limited Companies are attractive for investors owing to its high potential for growth and historical records of success in the Indian market. Further, a Private Limited company is a popular name in the domestic as well as Indian market, and sounds more convincing to entrepreneurs looking forward to making it big in their respective industries.

5. Free and easy transferability of shares

Shares of a company limited by shares are transferable by a shareholder to any other person. The transfer is easy as compared to the transfer of an interest in a business run as a proprietary concern or a partnership. If all or any of the shareholders wish to exit from the company, they can do so by simply transferring their shares

6. Low Income Tax

Section 80IAC of the Income Tax Act offers 3 consecutive financial years as tax holidays for shareholders of startups registered either as a private limited company or an LLP. A low cost burden of legal and tax compliances is one of the most significant benefits of Private Limited Company

7. Fund Raising

A Private Limited Company in India is the only form of business except for Public Limited Companies that can raise funds from Venture Capitalists or Angel investors. A company enjoys better avenues for borrowing of funds. It can issue debentures, secured as well as unsecured and can also accept deposits from the public, etc. Even banking and financial institutions prefer to render large financial assistance to a company rather than partnership firms or proprietary concerns.

8. Professional Image

A private limited company gives a professional image to businesses, which can be important when attracting new customers or investors. It also shows that the industry is established and has longevity. This is because private limited companies are more credible and established than sole traders or partnerships. In addition, private limited companies often have their website and letterhead, giving customers and suppliers a sense of trust in the business.

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