Private Limited Company Registration
A Private Limited Company Registration Online is a small business that is maintained privately, it is one of the highly recommended businesses in India especially for startups. The registration of the private limited company is governed by The Companies Act 2013 in India.
According to the Companies Act, 2013, a minimum of 2 shareholders is needed to begin a private company, while a maximum of 200 members. In case a private limited company undergoes any financial risk, the personal assets of members or shareholders are not subject to sell, i.e. they ought to have limited liability.
There must be a minimum of 2 directors and a maximum of 15 directors are required for online company registration. The suggested director must be 18 or crossed 18 years of age. The proposed director of a private limited company in India can also be a foreign national
No minimum paid-up capital investment is required for the registration of the private limited company. And importantly every private limited company must include "Pvt. Ltd." after their company name
A private limited company is a never-ending business as it can hold its existence even after the death or bankruptcy or failure of its Members.
This type of company does not have any relationship with the public is not allowed to ask for any validatory from the public or from any of the public sectors. People are not ennobled to transfer shares in a private limited company, as it protects takeovers of private limited companies from big companies.
Benefits of PVT. LTD. Registration
Limited Liability Protection to Directors personal assets
Many times startups need to borrow money and take things on credit. In the case of normal Partnerships, the Partner's personal savings and property would be at risk in case the business is not able to repay its loans. In a private limited company, only investment in the business is lost, personal assets of the directors are safe.
Better image and credibility in Market
A private limited company is a popular and well-known business structure. Corporate Customers, Vendors, and Govt. Agencies like it better to affect Private Ltd. rather than proprietorship or normal partnerships.
Easy to raise funds and loans
Pvt. Ltd. company enjoys wide options to raise funds through bank loans, Angel Investors, Venture Capitalists, in comparison to LLPs and OPCs.
Favorite Business structure for Investors
Investors like to invest privately Limited companies because it is well structured and fewer strings attached. Most important it's very easy to exit from a personal Ltd.
Easy to attract Employees
For startups putting together a team and keeping them for a long time is a challenge, due to confidence attached to the private limited structure, it is easy to hire people also motivate them with corporate designations and stock options.
Easy to Sell
Private Ltd. is easy to sell, with little or no documentation and therefore the cost is involved in selling a Pvt. Ltd. company.
Documents Required
- PAN Card of shareholders and Directors. A valid passport is a must for foreign nationals.
- Identity Proof of Shareholders and Directors, such as radar card and Voter ID/ Passport/ Driving License.
- Director’s Address Proof of Shareholders and Directors, such as the latest Telephone Bill /Electricity Bill/ Bank Account Statement.
- Latest Passport size photograph of Shareholders and Directors.
- Business Address Proofs such as latest Electricity Bill/ Telephone Bill of the registered office address
- NOC or No Objection Certificate to be obtained from the owner(s) of registered office
- A rent agreement is needed if the registered office is a rented place.
- Attention
- In the case of Foreign National or NRI, documents of the director (s) must be apostilled or notarized.
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The members of the company can remove a director at any time during the tenure of the company.
The procedure to remove a director is completely online there is no need to visit any office or place.
After the removal of the director, the minimum number of directors should be 2 in the case of private limited, 1 in OPC and 3 in public limited.
Once the MCA approve the application for removal of director then his name will be removed from the list of director of the company and from the MCA as a director.
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