Whether you want to register a private limited company or are looking for information on how to create one, this article is for you. In this article we will discuss how to register your private limited company and what documents are required. You'll also learn how to choose the right name and form of company.
Name of Company:
The name of a company is one of the most critical decisions that you'll make when you registered your company at Private Limited Company Registration in Bangalore. This is because the name is the first thing that consumers and investors will see, so it has to be unique, attractive, and original. The process of choosing a company name is not as simple as it seems, and there are some things that you should keep in mind before making this big decision.
The name of the company must not be too similar to another company's name in the same industry. Changing the tense or number of a word does not qualify. For example, XYZ Steels Private Limited cannot become XYZ's Steels Private Limited. In addition, a name must not contain offensive words and it has to be clearly displayed on all signs and stationery that the company uses. Although this is not necessary if the company's address is a private residential one, the name of the company must be clearly displayed.
The name of the company should be unique and describe its purpose. It should not be similar to the name of another company or be too similar to an existing trademark. Also, the name cannot violate any of the provisions regarding emblems and names under the Prevention of Improper Use Act, 1950. To ensure that the name you choose is available, you should check the availability of the name on a trademark search portal.
Once you have the name for the company, you must submit it to the registrar of companies. The registrar must approve five or six names before you can actually register the company. Make sure that none of the five names have a high similarity to another company. The registrar will also need your company's registered office address. This is where your company will conduct its major affairs and store documents.
Form of Company:
While setting up a private limited company can be a time-consuming process, the advantages are clear. For one thing, a private limited company can protect the owner's personal assets from being used for business debts. Another advantage is that a limited company has a perpetual existence. The company also enjoys improved borrowing capabilities, since it can issue debentures and accept public deposits. Many banking institutions prefer lending to private limited companies over other types of businesses. You can take of MIBook who offers services for pvt ltd registration Bangalore.
Another advantage to setting up a private limited company is that it does not need to have a public register of its members. In contrast, a public company must publish an index of members. Additionally, private companies can begin operations with only two directors and a minimum paid-up capital of Rs 1 lakh.
OPCs are a unique type of Private Limited Company. They are formed by a single person, and the sole member of the company must be a citizen of India. As such, they must have an underlying purpose that benefits the public. A private limited company is a separate legal entity, and the members of it can have certain rights, including the ability to enter into contracts, sue, and be sued, and own property. An OPC has all these benefits, and it can be an excellent choice for many businesses.
The private limited company is governed by law, and changes are brought to the company through an Ordinance. It is important to note that any changes must be approved by Parliament before they take effect. The government may also bring changes to the company by introducing a Bill to the Parliament. The incorporation of a private limited company involves professional fees. These include printing costs for documents and fees paid to the ROC.
Required Documents:
Before you can start registering your private limited company, you must have the following documents in place. These documents will serve as proof of identity and address of the company's directors, shareholders, and registered office address. These documents must be notarized and signed by the promoters.
PAN card - This is an important document that needs to match with other documents in order to be accepted for incorporation. If the PAN card doesn't match the rest of the documents, the entire process of company incorporation may be delayed or even fail. To avoid this, make sure you provide an updated copy of your PAN card and all other relevant documents.
Nationality proof - In the case of foreign nationals, they must submit a copy of their passports, which must be translated and submitted in English. Other documents that need to be submitted are passport-size photographs and documents pertaining to the company's registered office. The company must also provide proof of its registered address, such as utility bills, which have been in effect for at least two months.
Register of members - In addition to the registered office address, the company needs a Register of Members. This document lists all the shareholders of the company, and it must be kept updated at its registered office. Small private companies can use a loose-leaf or bound book for this purpose. Accounting documents - The company must keep records of its business activities and expenses every financial year. If its revenue exceeds a certain threshold, it must register for VAT.
Listed address - In India, the registered office address must match with the company's address. It must be in the same state as the registered office. A website address must also be listed with the registrar. This address is the place where the company's main documents and affairs are kept.
Cost of Registering a Company:
The cost of registering a private limited company varies in India depending on the type of company you wish to register. The amount will depend on the number of directors and members as well as the amount of authorized share capital. In addition, you will have to pay government fees and professional fees, which can run into the thousands of rupees.
The first step in registering a limited company is to choose a registered name for your company. The name you choose must not be offensive. It is best to opt for a trading name that does not contain the word 'limited'. In the case of a private limited company, you can change the name by filing a request online or by post at Companies House. Both methods require payment in the form of a cheque.
To register a private limited company in India, you need to fill in the necessary forms and pay the prescribed fee. You should have a minimum of two shareholders and a maximum of three directors. In addition, all directors must have a Digital Signature Certificate. You can also have foreign nationals and NRIs as directors. Moreover, you can also choose the same person as a director and shareholder. So you can take to help of Best Chartered Accountant Firms in Bangalore.
The registration fee of a limited liability company is around $315. There are other fees involved as well, such as the business name registration. The ACRA also charges post-registration fees. You will be liable for paying taxes on the business in the state you have formed it in. However, the fees charged by the state may vary from state to state.
The company registration process is fairly simple. You will need to file the necessary documents with the government. However, there are some expenses associated with drafting corporate resolutions. The company secretary, who will be responsible for the company's affairs, will charge around $600-700 per year.
As we see, if a company has a plan on their audit, it will be well that could become a parcel and part of the company’s pattern and could guide the company to improve both operationally and financially.
With this section, we focus to guide you through your annual term procedure which is amendable with all the auditing requirements.
In Pvt ltd registration consultants in Bangalore, it will Help the Auditor: Auditors should be knowing about the company’s business with the last detail.
These includeCorporate Structure: Market Share, History of the company.Operational details such as Products, Services, Marketing and ProcessingProcessing: Shares, stocks, Liquidity, Accounts, and Financial Statement Schedule the Audit routine: The Audit is not digital work it is a paperwork in-depth process and could become less time-consuming.
Maintain a routine with a catalog of tasks to be done and documents should be arranged along with individuals responsible for making documents said documentation.
These auditors will receive a letter about the management representatives involved earlier and it will be nice for them to be in touch with all mentioned individuals.The main sector around which the Audit process works are as follows.
