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Private Limited Company

Simplest and a very popular form of Company Registration in India. Prices Starting from INR 17,999/- only.

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Private Limited Company Registration

All you need to know

 

What is a Private Limited Company?

A private limited company is a company privately held for small businesses. This type of business entity limits owner liability to their shareholdings, the number of shareholders to 200, and restricts shareholders from publicly trading shares.

What are the advantages of Private Limited  Company Registration in India?

1. Limited risk to personal assets – The shareholders of a private limited company have limited liability. This means that as a shareholder you will be liable to pay for company’s liability only to the extent of the contribution made by you. The shareholders do not have any personal liability and hence need not pay for the company’s liability out of their own assets. 

2. Legal Entity – A PLC has a separate legal entity different from you. This means that the Company is responsible for the management of its assets and liabilities, debtors and creditors. You will not be held responsible for the losses of the company. So, the creditors cannot proceed against you to recover the money.

3. Raising Capital – Even though registering a PLC comes with compliance requirements, it is preferred by entrepreneurs as it helps them raise funds through equity, expand and at the same time limits the liability.

4. Trustworthiness – Companies in India are registered with the Registrar of companies(ROC) under the Companies Act 2013. Anyone can check the details of the company through the Ministry of Corporate Affairs (MCA) portal. Also, details of all the directors are provided while the formation of the company. Hence a PLC form of business structure is trusted more.

5. Continue Existence – A company has ‘perpetual succession’, i.e. continue or uninterrupted existence until it is legally dissolved. A company, being a separate legal person, is unaffected by the death or cessation of any member but continues to be in existence irrespective of the changes in membership.

The liability of the members of a Private Limited Company (PLC) is limited to the number of shares held by them. A Private Limited Company in India can begin with operations after getting the Certificate of Incorporation. A PLC can be incorporated within 5 working days. 

How to start / form / make a Private Limited Company?

Steps to be taken to get a new company incorporated:

  • Selection of a suitable name
  • Application to concerned ROC
  • MOA & AOA
  • Filing of the Forms & Documents

Registration of a Pvt Ltd Company in India is complete an online process. Recently the MCA has replaced the earlier SPICe form with a new web form called SPICe+ (SPICe Plus). Hence, Incorporating a Private Limited Company is even easier now .

Do not miss about filing Form INC 20A once you start your company.

Suggested Read:  Mandatory Compliances for a Private Limited Company in India

Thinkbizfilings is an eminent business platform and a progressive concept. It helps in end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. The process of Private Limited Company incorporation & registration is easy, cheap and quick at Thinkbizfilings.

Thinkbizfilings also provides Partnership RegistrationHUFLLP Inco

rporation and One Person Company registration and Secretarial Compliance ServicesYou may get in touch with our compliance manager on 09704561215or email info@Thinkbizfilings.com for free consultation.

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Compliance required by a Private Limited Company

All you should know about necessary compliances

GST Registration

Every Private Limited Company is required to get their GST Registration within 30 days of Business Incorporation in India. GST Registration is needed when the turnover is more than INR 40 lakhs or INR 20 lakhs in Special category states or If the business supplies goods intra-state or Provides goods and services online.

GST Return

Once a Private Limited Company gets registered under GST, it becomes necessary to file GST returns for Private Limited Company. As filing of GST returns is mandatory for all the registered Taxpayers including companies. GST returns can be filed monthly, quarterly or yearly depending upon the types of GST returns form you are filing.

Accounting

Every Pvt Ltd Co. shall maintain proper books of accounts which shall represent an accurate and fair view of the state of affairs of the company. Accounting is necessary for the statutory audit, Annual filing and IT return filing which is mandatory. These books of accounts shall be audited by the auditor appointed by the company.

Statutory Audit

Every Private Limited Company registered under the Companies Act irrespective of its sales turnover or nature of business or capital must have its book of accounts audited each financial year. Thus, the Board of Directors of a Private Limited Company are required by law to appoint an Auditor within 30 days of incorporation and thereafter conduct an audit of its financial statements each financial year.

MAT Audit

It is mandatory for the Pvt Ltd Co. to get their accounts audited under MAT i.e. Minimum Alternate Tax. The objective of the introduction of MAT was to bring into the tax net “zero tax companies” which in spite of having earned substantial book profits and having paid handsome dividends, do not pay any tax due to various tax concessions and incentives provided under the Income-tax Law.

Income Tax Audit

Every Private Limited Company requires to get the tax audits under section 44AB done. The Tax audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-Tax Law. The tax audit limit under section 44AB is INR 1 Crores. (5 crores where at least 95 percent turnover is made on digital transactions.)

ROC Annual filing

A Private Limited Company is mandatorily required to file 3 forms every year. Filing has to be done regarding submission of documents of financial statement, i.e. balance sheet, P&L account in form AOC 4 and annual return in form MGT-7. Company report about auditor’s appointment to ROC in Form ADT 1. Know more: ROC annual filing.

IEC Registration

All the Private Limited Company which are engaged in Import and Export of goods require to register the Import Export Code. IE code has lifetime validity. Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.

TM Registration

Registering a Private Limited Company with a name does not provide complete protection to the name or brand name. Ultimate protection for a business name is secured only by Trademark Registration of same. By trademark registration, you may get the ownership of your Pvt Ltd Co. name or brand name or logo etc.

Documents Required for Private Limited Company registration

Specific Requirements

A Company must have a registered office in India. Documents like bank statement or electricity bill should not be older than 2 months. Along with that utility bill, rent agreement or sale deed and a No Objection Letter (NOC) from the landlord with his/her consent to use the office as a registered office of a company must be submitted.

Quick Checklist

  • Photograph of all the Directors and shareholders
  • PAN Card of all the Directors and shareholders
  • Self-Attested ID Proof of all the Directors (Driving License/Passport/Voter ID)
  • Electricity Bill or any other utility bill for the address proof of the Registered Office

Quick Checklist

  • Photograph of all the Directors and shareholders
  • PAN Card of all the Directors and shareholders
  • Self-Attested ID Proof of all the Directors (Driving License/Passport/Voter ID)
  • Electricity Bill or any other utility bill for the address proof of the Registered Office

Advantages of a Private Limited Company

Points to make your decision easy

No Minimum Capital

No minimum capital is required to form a Private Limited Company. A Private Limited Company can be registered with a mere sum of Rs. 10,000 as total Authorized Share capital.

Separate Legal Entity

A Pvt Ltd Co. is a separate legal identity in the court of the law, meaning assets and liabilities of the business are not same as the assets and liabilities of the directors. Both are counted as different.

Limited Liability

If the company undergoes financial distress because of whatsoever reasons, the personal assets of members will not be used to pay the debts of the Company as the Liability of the person is limited.

Fund Raising

A Private Limited Company in India is the only form of business except Public Limited Companies that can raise funds from the Venture Capitalists or Angel investors.

FDI Allowed

In private Limited Company, 100% Foreign Direct Investment is allowed that means any foreign entity or foreign person can directly invest in a Private Limited Company.

Builds Credibility

The particulars of the company are available on a public database. Which improves the credibility of the company as it makes it easy to authenticate the details.

How to start E-commerce business in India

How to Incorporate Private Limited Company

Fill Simple Checklist

All you need is Aadhar and PAN card to get started. You can choose any name of your choice. However, this should not be an existing name in the Trademark Registry. Based on your documents and discussion with you, our experts will guide you as to what registrations to obtain.

Name Approval

We will draft the MOA (Memorandum of association) and AOA (Articles of association). We will file the incorporation documents with MCA through in part B of a form called “SPICe Plus (SPICe +)” along with the subscription statement. Usually, MCA approves the forms within 4-5 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.

Registration

We will draft the MOA (Memorandum of association) and AOA (Articles of association). We will file the incorporation documents with MCA through in part B of a form called “SPICe Plus (SPICe +)” along with the subscription statement. Usually, MCA approves the forms within 4-5 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.
FAQs On Sole Proprietorship Firm Registration
Get answers to all your queries
  • A Private Limited Company must have a minimum of two Directors and can have up to a maximum of fifteen Directors. But if you are a sole owner, you can incorporate an OPC as well.
  • Pvt. Ltd. Co. and LLP have a lot of similarities yet they both are different in many of its characteristics and structures. When you wish to start your business, there are many factors that one needs to think upon before selecting any business structures. However, before selecting any business structure, you may refer LLP vs Pvt Ltd- A comparison between two important forms of organisation in India
  • It generally takes 8-10 working days to register Private Limited Company in India. The time taken for registration totally depends on the submission of relevant documents by the client and the speed of Government Approvals. To ensure quick and speedy registration, choose a unique name for your Company. The registration fees for the incorporation is inclusive in the package offered to you.
  • There exists no bar on turnover or capital in private Limited Company unlike One person Company.
  • Incorporating a company through Simplified Proforma for Incorporating Company electronically (SPICe plus), with eMoA (INC-33), eAOA (INC-34), is the default option and most companies are required to be incorporated through SPICe only.
  • Minimum two directors are required to incorporate a private limited company. Companies Act, 2013, has introduced the concept of One Person Company (OPC) private limited, in which a single individual can start a private limited company. Thus, if you plan to incorporate OPC, you can incorporate it with only one director.
  • The Ministry of Corporate Affairs (MCA) mandates that the Directors sign some application documents using their Digital Signature. Hence, a Digital Signature is required for all Directors of the proposed Company. Digital Signature application is to be filed to get a DSC.
  • Yes, a Foreign National or an NRI can become a Director of a Private Limited Company in India after obtaining Director Identification Number (DIN). However, it may be noted that at least one Director on the Board of Directors must be a Resident India.
  • Thinkbizfilings provides Proprietorship Registration all across India. You can obtain Proprietorship registration in Hyderabad, Vijayawada,Pune, Bangalore, Chennai, Delhi, Kolkata, or any other cities easily with us.
  • Don’t worry!! Our expert will help you to choose the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@thinkbizfiling.com or call us @+91 970 456 1215
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