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A Step-by-step Guide To Company Registration Process In India
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Introduction
Starting a business in India can be a rewarding venture, but it requires navigating through the Company registration process. Company registration is a vital legal requirement that provides your business with a distinct legal identity and protects it from potential liabilities. This article aims to serve as a comprehensive guide for aspiring entrepreneurs on the company registration process in India, highlighting the steps involved, essential documents, and important considerations.
1. Choose the Right Business Structure
The first step in the company registration process is to determine the most suitable business structure for your venture. India offers several options, such as:
a) Sole Proprietorship: Suitable for small-scale businesses, this structure offers simplicity and requires minimal legal formalities. However, the sole proprietor is personally liable for all business debts.
b) Partnership Firm: This structure is ideal for businesses operated by two or more partners. The partners share the profits, losses, and responsibilities according to the partnership deed.
c) ...
... Limited Liability Partnership (LLP): Combining elements of a partnership and a company, an LLP offers limited liability to its partners. It is well-suited for small and medium-sized businesses.
d) Private Limited Company: The most popular choice for startups and growing businesses, a private limited company provides limited liability to its shareholders and has a separate legal entity.
e) Public Limited Company: Suited for larger businesses planning to raise capital from the public through the stock market, a public limited company has more stringent regulatory requirements.
2. Obtain Digital Signature Certificate (DSC) and Director Identification Number (DIN)
Once you've chosen the business structure, the next step is to obtain Digital Signature Certificates (DSC) for the proposed directors of the company. DSC is essential for electronically signing the registration documents. Additionally, you need to apply for Director Identification Number (DIN) for all the directors, which is issued by the Ministry of Corporate Affairs (MCA).
3. Choose a Unique Company Name
Selecting a unique and suitable name for your company is crucial. The name must comply with the naming guidelines laid down by the MCA. Before finalizing the name, check its availability on the MCA website or through a trademark search. Name is filed under Spice Part A of the MCA regime.
4. File for Company Registration
To initiate the registration process, you need to submit the required documents to the Registrar of Companies (ROC) online through the MCA portal. The documents include:
a) Memorandum of Association (MOA): It contains the company's main objectives and powers.
b) Articles of Association (AOA): It outlines the rules and regulations for the company's internal management.
c) Form INC-32 (SPICe): Simplified Proforma for Incorporating Company Electronically (SPICe) is a single application for obtaining DIN, company incorporation, and TAN/PAN.
d) Form INC-33 (eMOA) and Form INC-34 (eAOA): These are electronic versions of MOA and AOA.
e) Address proof, identity proof, and passport-sized photographs of the directors.
5. Pay the Requisite Fees
Along with the registration documents, you must pay the prescribed registration fees, which vary depending on the company's authorized capital. The fees can be paid online through the MCA portal. It is important to note that every state have got their different fees structure when it comes to paying the stamp duty.
6. Obtain Certificate of Incorporation
Once the ROC verifies and approves the submitted documents, they issue the Certificate of Incorporation (COI). This document serves as proof of your company's existence and includes the Corporate Identity Number (CIN).
7. PAN, TAN, and Bank Account
After receiving the COI, the promoters receive that the company's Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) from the Income Tax Department on their official email address as showing on the registered mail ID on the company master data. Additionally, open a bank account in the company's name.
8. Filing of INC-20A (Declaration for commencement of business)
It is mandatory to file INC-20A within 180 days of the incorporation and attach bank statement showing that MOA first subscribers have deposited their money along with office photographs.
Conclusion
Registering a company in India is a crucial step towards establishing a legal and legitimate business entity. The process might seem daunting, but by following this step-by-step guide, you can navigate the intricacies and successfully register your company. Remember to comply with all legal requirements and seek professional assistance if needed. Starting your business on the right foot through proper registration sets the stage for long-term success and growth. This article has been written by Compliance Calendar LLP; a legal, tax and compliance firm in India which provider Company Registration Services across India. For any help, feel free to connect at info@ccoffice.in or WhatsApp us at 9988424211.
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