How Do I Start Private Limited Company

Private Limited Company is the most prevalent and popular type of corporate legal entity in India. The private Limited company is the most popular corporate entity amongst small, medium and large businesses in India due to various advantages. Private Limited Company has a minimum of 2 member and maximum 50 Member. A type of company that offers limited Liability, or legal protection for its shareholders but that places certain restrictions on its ownership.

We are delighted to inform you that with effect from 26 January 2018 the cost of company registration in India has been reduced drastically. Get your company registered as soon as possible to avail the exclusive benefit.

Now Company Registration Just Rs 14,999/- Fast Track

• 2 Digital Signature
• DIN of 2 Directors
• 5 Lac Authorized Capital 
• Certificate of Incorporation
• MOA & AOA
• PAN & TAN
• MSME Registration
• 21 Legal Documents 

 Price are higher for Punjab & MP

Time Duration: 7 Working Days

Advantages of a Private Limited Company

• Separate Legal Entity
• Uninterrupted existence
• Limited Liability
• Free & Easy transferability of shares
• Owning Property
• Capacity to sue and be sued
• Borrowing Capacity

Documents Required for Company Registration

TO BE SUBMITTED BY DIRECTORS & SHAREHOLDERS

• Scanned copy of Pan Card
• Scanned copy of Adhar Card/Passport/Driver’s License
• Scanned passport-sized photograph.

FOR THE REGISTERED OFFICE

• Scanned copy of Notarized Rental Agreement in English
• Scanned copy of No-objection Certificate from property owner
• Scanned copy of Sale Deed/Property Deed in English (in case of owned property)

Private Limited Company Registration Process

2 WORKING DAYS

Director must apply for the Digital Signature Certificate (DSC), which is necessary to file the company registration documents. For this, you will only need to provide a few scanned documents and details; our representatives will fill the form and submit it online.

5 WORKING DAYS

As soon as we apply for the DSC, we will ask you to pick a name for your company, and send us some scanned documents regarding it and its directors. These will be used to file INC-I and the Memorandum of Association (MoA) and Articles of Association (AoA). The Certificate of Incorporation will be approved at the end of this process.

WHY CHOOSE ONLINE FILING?

• Save Time, No more Travel, No more waiting.
• The entire registration process online and no physical presence required.
• Our Team consist 500+ experienced Professionals
• Easy access to your request 24×7 regular update will be sent via e-mail till the process ends.
• 100% Customer Satisfaction Guaranteed.
• We meet strict deadline.

How to Conduct the First Board Meeting

HOW TO CONDUCT THE FIRST BOARD MEETING

After Incorporation of Private Limited Company, the first board meeting must be held within 30 (THIRTY DAYS), Prior to conduction the first board meeting, notice of board meeting must be provided to the Directors of the company. The notice issued to directors must mention that it is the first board meeting of the company.

Read: What is ROC Compliance for Private Limited Company

Agenda in First Board Meeting

The following business must be transacted in the first board meeting of the company:

Appointment of Chairman

The registered office of the Company

Company MOA and AOA

Incorporation Certificate

Company PAN and TAN

Appointment of First Auditor

Remuneration of First Auditor

Duty and Responsibilities of Director

Remuneration of the Directors

Director Disclosure in MBP-1

Consider and approve the preliminary expenses incurred in connection with the Incorporation of the Company.

The opening of Current account of the Company

Allotment of Share Certificate

Board may take up any other matter with the permission of the Chairman.

All the above-mentioned details are also required to be printed on the company’s business letters and on all documents (official) and publications going through the company.

Having PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) is mandatory requirement, even on opening Bank Account is basic requirement and in order to deduct TDS you required TAN Number.

Read: How to deduct TDS and File Return

Still have query Chat with us on WhatsApp Business number +91-9699627700 Or Click here to chat 

Let’s start with some of the basic mandatory compliances which are required immediately after forming your Company.

Mandatory Compliance –  within 30 Days.

1. Appointment of First Auditor.
2. Preparing and printing Share certificates
3. Holding the First Board Meeting
4. Drafting the notice of Board Meeting
5. Preparing minutes thereof
6. Preparation of attendance sheets of the board meetings,
7. Preparing the directors’ disclosures of interest in other concerns.

How to Change Registered Office – Companies Act 2013

As Per Section 12(1) of Companies Act 2013 – A Company shall, on and from the fifteenth day of its incorporation and at all times thereafter, have a Registered Office capable of receiving and acknowledging all communications and notices as may be addressed to it

Registered office place to maintain the Annual Returns of the Companies, maintain books of accounts of Annual General Meeting and place to maintain Books of Accounts. Sometimes business required to change the Registered office, this could be within the same state or different state.

Read:Mandatory Compliance checklist for Private Limited

Change of Registered office within same State;

Board Resolution – Board Of Directors

Special Resolution – Shareholder Approval

INC 22  need to file within 15 Day to concern ROC (Copy of Rent Agreement, Electricity Bill, NOC from owner would be Required to file INC 22)

Change of Registered office within same State; but different ROC

Incase the company wants to change the registered office from within same State; but different ROC, company has to approach concern Regional Director  (RD) under prescribe format (INC 23).

The ROC shall confirm the change of the address within 30 days of the filing.

Publish at least once in a daily newspaper published in English and in the principal language of that district in which the registered office is situated and circulating it in that district.

Serve individual notice on each debenture holder, depositor and creditor of the company.

Change of Registered office Another State

Changing of Registered office from one state to another is the changing jurisdiction of the court, hence this process required approval from Central Govt.

• File an application to seek approval from the Central Government (INC 23)
• Alternation to Company Memorandum of Association (MOA)
• File special Resolution with Roc (MGT 14)
• Publish at least once in a daily newspaper published in English and in the principal language

The Central Government shall dispose of the application under sub-section (4) for a change of registered office outside the state within a period of sixty days and before passing its order may satisfy itself that the alteration has the consent of the creditors, debenture-holders and other persons concerned with the company.

The approval of the Central Govt shall be filed with the Registrars of both the states in which the old and the new registered office of the company are situated.

Registrar of the State where the registered office is being shifted to, shall register the change, and shall issue a fresh certificate of incorporation indicating the alteration.

Professional Tax Registration and Compliance

What is Professional Tax?

Profession Tax is a state-level tax that applies to salaried employees and professionals, including chartered accountants, lawyers, and doctors. 

The following states impose this tax: Karnataka, West Bengal, Andhra Pradesh, Maharashtra, Tamil Nadu, Gujarat, Assam, Chhattisgarh, Kerala, Meghalaya, Orissa, Tripura, and Madhya Pradesh. Registration is mandatory within 30 days of employing staff in a business or, in the case of professionals, 30 days from the start of the practice. This tax needs to be deducted from the salary or wages paid; the amount varies by state and amount but is capped at Rs. 2500 per annum.

Professional Tax Registration and Returns

The professional tax registration application must be to the State’s tax department within 30 days of employing staff in the business. If there is more than one place of work, the application must be made separately to each authority as regards the place of work coming under the jurisdiction of that authority.

Application for the Registration Certificate should be made to the assessee’s state tax department within 30 days of employing staff for his business. If the assessee has more than one place of work, then an application should be made separately to each authority with respect to the place of work under the jurisdiction of that authority.

If an employer has employed more than 20 employees, he is required to make the payment within 15 days from the end of the month. However, if an employer has less than 20 employees, he is required to pay quarterly (i.e. by the 15th of next month from the end of the quarter)

Who is Responsible for Deducting Professional Tax?

An employer is the person responsible to deduct and pay professional tax to the State Government subject to monetary threshold if any provided by respective State’s legislation employer needs to register and obtain both professional tax registration certificate to be able to pay professional tax on his trade/profession and professional tax enrolment certificate to be able to deduct the tax from his employees and pay. Further, separate registration may be required for each office depending on the respective State’s legislation.

Consequences

Fails to Get Registration

Will be liable to a penalty for the period during which he remains unregistered.

Fails to Deposit to the Government/ Late Deposition

Will be liable to a penalty for the period during which he remains unregistered.

Non-Deposition of Amount.
The officials have power to recover such amount along with applicable penalty and interest from the assets of such defaulter. Moreover, they can attach his bank account also. In serious cases, prosecution case also can be filed.