A private Limited Company is owned by a group of promoters. A company is called a private company when all its shares are in private hands and with the limited liabilities.
If you are planning to take your business at a global level, then Private Limited Company is the only form which permits 100% Foreign Direct Investment, without any prior approval of government.
1. Company Name
The name of the corporate is its trade name or brand name and is identified by the name i.e. approve and registered by the Ministry of Corporate Affairs. A due care should be taken while choosing the name it should not resembles the name of any existing LLP, any registered private company or trademark
2. Object of the Company
Before incorporating the company it is necessary to set the objective or the main purpose that the company will run. Along with the main purpose the ancillary objectives are also to be marked that will help in running the main objective of the company.
3. Company Address
‘Company Address’ is the address of the Registered Office of the proposed company for all useful communications. A temporary address is required, at the time of registration, which could be the address of any of the including Directors. Applicant has to provide the permanent business address of the registered office with all the documentary proofs of address, ownership.
4. To appoint at least two directors
At least 2 Directors are required to manage the affairs of the company who can be same as shareholders out of which at least one director has to be Resident in India. Also, one must have a DIN to be the director of the company.
5. DIN & DSC of each Director
DIN is an eight digit number allotted to every director. It is mandatory to have DIN to be the director of the company. No person can become a director without having DIN. It is a unique identification number for an existing director or a person intending to become one, and it is allotted by the Ministry of Corporate Affairs (MCA).
Digital Signature Certificate (DSC) is a digital signature which can be attached to an electronic document to verify the applicant’s identity.
6. Atleast two shareholders
Shareholders are the owners of the Company. Minimum 2 shareholders and Maximum of 200 shareholders are required in a company limited by shares. Members can be either Natural or Artificial Persons such as registered companies or LLP. A shareholder can be same as the director of the company, and they have certain rights as shareholders need to vote for appointing directors and agree on changes to the company.
7. Memorandum of Association (MOA) & Articles of Association (AOA)
8. File INC 32 under SPICe Scheme to register the Private Limited with MCA
INC 32 is recently being introduced under SPICe Scheme i.e. Simplified Proforma for Incorporating Company Electronically. The process is influenced with the digitization followed with a less paper work. The addition made in simplified integrated process for incorporating a company in E-form INC-32 along with Memorandum of Association in E-form 33 and Articles of Association in E-form INC-34. It’s a fast track mode to get the company incorporated in the expedited manner.
9. Obtain Certificate of Incorporation
Certificate of Incorporation is a certificate issued by the Ministry of corporate affairs/Registrar of companies for the commencement of business; it is a confirmation of and conclusive evidence of incorporating a company.
Documents required for registering a Private Limited Company
1. Memorandum of Association
Steps to get Process. We'll email you at different points in the process or you can check the status of your order anytime in our Online Status Centre.
INC-32 must be accompanied by supporting documents including details of Directors & Subscribers, affidavits, declaration, MOA, AOA, identity proof, address proof etc.
The MOA and AOA are provided differently in electronic form e-form INC-33 and INC-34 respectively. In INC-33 you have to mention the object of the company and in INC-34 you have to provide for pre-drafted clauses of AOA.
The subscribers and the witness of MOA and AOA will affix their Digital Signature on the e-form INC-33 and INC-34. Also, the date of signing the MOA & AOA will be the date of affixing the DSC.
Under this process, even if you have applied the name in form INC – 1, still can incorporate a company through e-form SPICe INC-32.