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Whenever we hear about any high profile designation, For example CEO, MD, Founder or Director. All these designations seem very attractive to humans. But do you know all these designations can also be added to your name. Absolutely Yes, for this you just have to incorporate a Private Limited Company. This is the most widely used strategy start of any business. But you don’t know how to create a private limited business.Don’t worry CharteredHelp provides Company Registration Service in Noida Sector – 18. We will get you the company ready as soon as possible. Here’s all you need to know about setting up a company in our national capital.
Private limited companies have several benefits over other kinds of business structures. Private Limited Companies incorporation are not only easy and affordable, but also carry credibility as legally incorporated entities. Besides, they are exempted from several mandatory legal compliances under the Companies Act 2013. As a legal entity, they also have the power to sue third parties in court. Furthermore, features such as limited liability for owners, complete separation between ownership, business and management and no minimum requirement of authorized capital to set up a business, make Private Limited Companies an economical and profitable way to set up and operate. Create enterprises.
1. Limited Liability:
The first of many advantages of private limited firms is restricted liability, differently from proprietorships, and partnerships, private limited companies are distinct legal entities that are independent of their stockholders. The shareholders are not responsible for all of the company’s losses, nor are they liable for all the losses of the company. The income and liabilities of the company are distributed among all the shareholders according to a predetermined ratio with the unanimous consent of all the shareholders before the incorporation of the company. Limited liabilities to shareholders are not only an attractive feature for investors but also a feature that provides them immunity against financial destitution in times of crisis. Therefore, this becomes one of the best advantages of Private Limited Company in India.
2. Attractive to Investors:
Private limited companies are attractive to investors due to their high growth potential and historical record of success in the Indian market.. A Private Limited business also sounds more credible to entrepreneurs hoping to succeed in their particular industries because it is a well-known name in both the local and Indian markets. Private limited companies include some of the major commercial brands and industrial monopolies, such as Microsoft, Tata, Reliance, Audi, Mc Donald Similar examples abound in both Indian and international markets. For this reason alone, a private limited company is regarded as the ideal corporate form for new ventures.
3. Low Income Tax:
The Income Tax Act’s Section 80IAC offers shareholders of startups established as either private limited companies or limited liability partnerships (LLPs) three consecutive financial years of tax holidays. One of the biggest advantages of a private limited company is the less financial burden of tax and legal compliances.
4. Low minimum and High maximum limit of shareholders:
In India, registering and initiating activities of a private limited corporation just requires two shareholders. Smaller businesses benefit from this. they often have a harder time attracting investors, particularly in the early stages of their existence. Furthermore, because there is no upper limit on the number of shareholders (200), companies will have the option of garnering huge investments in the later stages of their business.
5. Power to Sue:
Private limited businesses are legally incorporated entities that have the ability to sue third parties in a court of law to settle disagreements about a wide range of issues. All company-agreed papers, such as contracts, agreements, and memoranda, will be admissible in court. Because it does not have this privilege, an unregistered entity is unable to defend its interests in the event of a dispute with third parties.
6. Perpetual Existence:
In contrast to business entities such as proprietorships or partnerships, where the business and its owner are considered to be one and the same under the law, a private limited company has this feature. When a partner or owner passes away, their respective enterprises must dissolve right away. Furthermore, a firm’s partnership deed immediately ends upon the death of a partner. This benefit, which is one of Pvt Ltd company’s many advantages, guarantees the company’s perpetual existence.
Process for Registering a Company in India
- A Company can have a minimum two and a maximum of 200 shareholders, also known as members.
- Minimum two and maximum 15 directors can be appointed. However, in 99% of private companies in India, the shareholders and directors are the same person.
- ₹1 lakh can be used as startup capital for the company and you can invest more capital than this, there is no maximum limit.
- MOA and AOA are required.
- Registered Office The registered office of a company does not have to be a commercial space. Even a rented home can be the registered office, so long as a NOC is obtained from the landlord.
Checklist for Registering a Company in India
Company registration in India benefits startups as it gives them an advantage over those who have not registered.The process of registering your company is complex and involves many compliances.However, as long as you have CharteredHelp, you don’t have to worry as our team can help you at every step of the private limited company registration process.
Step 1: Obtain Digital signature Certificate.
Step 2: Application to find company name availability.
Step 3: Filing application for private limited company registration.
Step 4: ROC issues a certificate of incorporation with a PAN and TAN.
Documents required for Online Company Registration
Company Registration in India cannot be done without proper identity and address proof. Listed below are the documents/information accepted by the MCA for the online company registration process:
Director's Documents
1. Photo
2. Copy of PAN
3. Copy of Aadhar Card (Must be linked with Mobile No)
4. Latest Bank Statement/Utility Bill, Any One (Address Proof)
5. Voter ID/Passport/Driving License (Any One)
6. Mobile No
7. Email Id
8. Highest Qualification
9. Place of Birth
10. Duration of Residence
11. Signature
12. DIN, If an
Registered Office Documents
1. Rent Agreement
2. Electricity Bill
3. NOC
Other Information
1. Pvt Ltd Co Name
2. List of Business Activities.
3. Share Capital.
4. Shareholding Ratio
Conclusion:-
Startups often face many dilemmas when deciding whether they should start their business or not. This is mainly due to the huge costs involved in the process of incorporation and related compliances, which startups struggle to bear in the early stages of their business. However, they often fail to realize that the disadvantages and penalties of not incorporating far outweigh the costs of incorporation. Regarding legal status, startups are allowed to establish solely as partnership firms, limited liability companies, or private limited companies. A private limited corporation is the most practical choice among these.