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Company Registration in India
If you’re running a business without an identity to it then there is a high chance of losing the unique name to a person who has already registered his company with the same name and selling the same product or service, and you cannot even legally sue the person for this act. Company Registration will avoid such situations and is also an authentic proof for your business.
The first responsibility of every entrepreneur before starting off his new venture or operations is to get the Company Registration done. Like how a new born kid gets its identity from its parents, similarly Incorporation gives a legal identity to your company. Company Formation in India is done by getting it registered with the Registrar of Companies. As per the rules and regulations of the Companies Act 1956, every business which comes under the ambit of Company Registration is bound to reap the benefits coming under this law else wise the businesses cannot run their operations legally. Incorporation makes a business completely different from its owners in terms of finances, assets, liabilities, contractual agreements, etc. There are various business structures and selecting the right one for your company is an important decision. List of Company formats available are
PRIVATE LIMITED COMPANY
This type of company is run by private persons and shareholders are restricted from publicly trading the shares
ONE PERSON COMPANY
One of the simple business formats which has been started recently with lesser compliances and a single owner runs the operations.
LIMITED LIABILITY PARTNERSHIP
In this kind of business entity the liability is limited to few or all of the partners.
PUBLIC LIMITED COMPANY
This is a limited liability business structure where in permission from the government is granted to issue registered securities or shares to the general public.
ADVANTAGES OF INCORPORATING A BUSINESS
To legally run the business operations smoothly we need to take the first step of getting a company registered. An Incorporation Certificate is an authentic proof and also adds on certain benefits to you as an owner and your business:
Once the company is registered it is a separate and independent organisation and the members will not be held liable for the acts of the company though he holds majority of the company shares.Safeguarding the owners’ personal assets
Post Incorporation a business becomes a separate entity from its owners and hence is responsible for its own debts. Creditors for the company can claim only form the organization assets and not from the owners of the company. Effectively, the owners need not risk their personal assets for repaying off the debts.Timeless existence
There is no exit for a company once registered even if there is demise or sudden exit of the owners. It can forever be continued. Though the membership of a company changes regularly, but will not affect the existence of the company. Until and unless circumstantially the company needs to be closed it should be done as per the terms and conditions of the Companies Act 2013.
A registered company can maintain the anonymity of the owners by not disclosing their involvement to the public in terms of business.Improve business credibility
Incorporation is not only beneficial in terms of finances, but also boosts the credibility of the company in the eyes of suppliers and customers who have more belief in companies which are incorporated. The term “Inc.” or “Corp.” next to your business name imparts permanence, credibility, and stability, communicating your commitment to the success of your business venture.Better Capital Avenues
Incorporation is the best source to avail the required capital for your business through the issuance of shares and stocks. Also Companies incorporated have an upper hand in raising loans for their business due to their credibility.COMPANY REGISTRATION PROCESS IN INDIA
In India with various business structures available, you need to understand carefully as what to choose from LLP, Private ltd company, Public limited company, One Person Company before getting the company registration done.
Process for how Company Registration is done
Directors are the backbone for any company. For a company to get its identity the person who wants to initiate it is very important and so his identification number is the first step to be done. As per the amendment act 2006, acquiring a DIN is compulsory for every director i.e. as such every existing and intending director have to obtain their DIN by filing an e Form DIN-1.Obtain Digital Signature Certificate (DSC)
Digital Signature Certificate is one of the essential and legitimate document that needs to be filed electronically. This certificate mandatorily needs to be obtained by proven agencies appointed by the controller of certification agencies (CCA). Unapproved and others Digital Signature Certificate if used will be considered illegal.
This is about having a registered user account on MCA Portal for filing an e Form, for online fee payment, for different transactions as registered and business user. Creating an account is totally free of cost.Getting the name approval done
Name approval is one of the most important steps to be performed. You need to submit unique names without any trademark issues. If there is a little mismatch of applying for names with the rules and regulations laid down by the MCA then the chances of getting the name approved ejected is higher.Apply for the company to be registered.
This is the final major step in a registration of your company which includes incorporating company name, Registering the office address or notice of situation of office and notice for appointment of company directors, manager and secretary. And also regarding the take and pay for their qualification shares.
COMPANY REGISTRATION WITH AAVANA
Aavana is one among the prestigious company offering Company Registration in Bangalore. We first understand what kind of business structure you need whether it’s a Private ltd company, LLP, Partnership, One Person Company or any other. Then based on the number of partners, nature of business, investment structure we offer suggestions on which business set up is suitable and guide you in the entire process smoothly.
- Collect all the necessary documents
- Apply for the name approval process
- Get your Digital Signature Certificate verification done
- Prepare MOA, AOA and various legal documents
- Apply for the DIN
- File the incorporation documents with ROC
- Obtain your Incorporation Certificate
What we say we do it! At Aavana we assure that all your documents are safeguarded and we build a rapport with our clients by delivering the best.
You can select the best from our range of packages with the best pricing and uncompromising on the quality of the work delivered
Talk to our team who understand what you need and get professional guidance on any service pertaining to financial and business consultation
It’s not that we serve you only with your requirement, but offer support in whatever is required to run your business effectively throughout the year.
ON TIME DELIVERY
Time is precious is what we believe! Our ultimate goal is to see that our clients get quality services on time.
SERVICES UNDER A SINGLE ROOF
From business registrations, to tax registrations, to accounting services and payroll services we offer all under one roof which saves time and better execution of work.
Many businesses let their compliance requirements pile up, even though taking care of it involves much less effort than is often imagined. Staying disciplined from the initial days will be hugely helpful when looking for investment or a bank loan, as both would want to ensure that your business is in compliance with the MCA’s requirements.
Having a company secretary on call throughout the year is essential in ensuring that your business is run in accordance with the laws in force. Our team would keep you up-to-date with all the changes made by the MCA throughout the year.
When a Limited Liability Partnership (LLP) In case of One Person Company, only an individual who is an Indian citizen and resident in India can become the shareholder. In case of Private Limited Company and Public Limited Company, shareholders could be Individuals, Companies or LLPs, but only individuals can become directors of the company.
Incorporating a company through Simplified Proforma for Incorporating Company electronically (SPICe -INC-32), with eMoA (INC-33), eAOA (INC-34), is the default option and most companies are required to be incorporated through SPICe only.
Objects are the proposed business of the company. The objects can be any business that is legal. It is advisable to identify the main objects of the company in a particular line of business. The name of the company must be in line with the main objects of the company. If the name of the company is not describing a particular object, then the company can have multifaceted objects. The objects are described under a Clause in Memorandum of Association of the Company.
Any foreign company can establish its place of business in India by filing e Form FC-1 (Information to be filed by foreign company). Note: The e Form needs to be digitally signed by authorized representative of the foreign company. There is no need to apply and obtain DIN for Directors of a foreign company. However, it is mandatory to register the DSC of the authorized representative of the foreign company via associate DSC service available at MCA portal.
A company must have a unique Name. The approval of Company Names is subject to Company Name Guidelines issued by MCA. The name of the company should end with the words 'Private Limited (OPC)' or 'Private Limited' or 'Limited' as the case may be. The name of a company should not be identical with or nearly resembling with the name of a company in existence and such a name is already approved by the Registrar of Companies or The name of a Limited Liability Partnership (LLP) in existence or a name already approved by Registrar of LLPs; or A registered trade mark or a trade mark for which an application is filed under the Trade Marks Act, 1999.
The name approval is the most time consuming process. If you do not have a unique name to your business, Registrar of companies may reject the names, which are similar to existing company names phonetically or in spelling. You may get a rejection if there are resembling trademarks or the name applied is generic in nature.
Authorised Capital or Registered Capital of a company is the upper limit of capital that a company can issue shares and collect money from shareholders. There is no Minimum Authorised Capital for registering an OPC, Private Limited Company or public limited company. Paid up capital of a company refers to the amount of capital actually brought in by the shareholders to the company.