A Private Limited Company is a separate legal entity in the eyes of law formed by two or more persons, having a separate existence from its Owners (commonly known as Shareholders or Members) with a blend of Limited Liability of members and ability to hold assets and operate the business in its own name with an additional advantage of enjoying good credibility before the financial institutions.
Due to this credibility feature, it’s easier for a Private Limited company to raise funds from financial institutions which will be a lag in the case of Limited Liability Partnership.
New Company Registration Online – Anywhere in India
For a new company registration online, minimum two persons are required who will be the Shareholders as well as Directors of the company and a simplified process prescribed under the Companies Act, 2013 is to be followed which will be discussed further in this article.
It must also be noted that where it is desired that the two persons who will become shareholders shall not be appointed as Directors of the proposed company then two more individuals shall be required for the incorporation of Private Limited Company.
Step by Step procedure for New Company Registration Online
Step 1: An application for reserving the Name shall be made to Ministry of Corporate Affairs (herein referred to as ‘MCA’) for which maximum 2 names can be proposed in one application. It should be noted that the Names so proposed shall be approved as per the MCA Rules.
Step 2: After reservation of Name in Step-2, an application for obtaining Digital Signature Certificates (DSC) for all the Shareholders and Directors will be made.
Step 3: Meanwhile, draft declarations and other documents DIR2, INC9, NOC and so on and on being finalised, the same shall be signed by the Shareholders and Directors.
Step 4: At last, application for incorporation shall be filed with MCA which are comprehensive forms for Company Registration in India, PAN and TAN Allotment and registration under EPFO, ESIC, Opening of Bank Account and Professional Tax (in case of Maharashtra). Application for GSTIN may also be made using the same application form.
Step 5: Relevant fee and stamp duty as per your state of Registered Office needs to be paid at the time of filing application. Also, it needs to be digitally signed by a CA/CS in practise.
Step 6: Certificate of Incorporation (COI) will be issued by MCA and company gets incorporated.
Step 7: Registration under PF, ESIC, Professional Tax, GST and Bank Account normally takes 10-15 working days after incorporation.
Documents and Information required
- 1 Passport Size Photograph;
- Identity Proof (Voter ID/Driving License/Passport);
- Address Proof (Bank Statement/Electricity Bill/Telephone Bill not older than two months);
- E-mail ID and Mobile Number of every Shareholder and Director; and
- Educational Qualification and Place of Birth of every Shareholder and Director.
Advantages of Private Limited Company:
Following are the benefits of a Private Limited Company which will drive the entrepreneurs to go for it:
- Corporate Personality:
A Private Limited company has corporate personality it means that in the eyes of law, it has an identity of its own different from its members which helps in brand building of the business.
- Limited Liability:
The Liability of Shareholders in a private limited company is limited to that extent up to which they have undertaken to contribute to the capital of the company.
- Uninterrupted Presence:
A company has ‘perpetual succession’, meaning uninterrupted existence until it is legally dissolved. A company being a separate legal person, is unaffected by the death or other departure of any member and continues to be in existence irrespective of the changes in ownership.
- Separate Property:
Being a separate legal entity, a company can acquire, own, enjoy and alienate, property in its own name and no shareholder can claim property of the company as his own as long as company is a going concern.
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