Private Limited Company Registration – Process & Documents Required.
Private Limited Company is the most prevalent and popular type of corporate legal entity in India. Private limited company registration is governed by the Companies Act, 2013 and the Companies Incorporation Rules, 2014. To register a private limited company, a minimum of two shareholders and two directors are required. MCA has recently implemented major changes to the process and made it very simple to incorporate a company. In this article, we look at the private limited company registration process and documents required in detail.
To register a private limited company, a minimum of two adult persons are required to act as Directors of the company. A private limited company must have a minimum of 2 Directors and can have a maximum of 15 directors. One of the Director of a private limited company has to be an Indian Citizen and Indian Resident. The other director(s) can be a Foreign National.
Two persons are also required to act as shareholder of a company. The shareholders can be natural persons or an artificial legal entity. Hence, a company can be owned by two corporate, which are domiciled in India or abroad.
First name approval is obtained for the proposed company names from the Ministry of Corporate Affairs. Upto 2 names can be provided. In case of rejection of both names, an opportunity is provided for resubmission of the form with 2 more names. The name must be acceptable to the MCA as per the Companies Act 2013.
Digital signature must be obtained for the proposed Directors of the Company. Digital signature is required for signing of the incorporation application. However, digital signature is not required for obtaining name approval. Hence, this process of obtaining Digital signature can run parallel to the name approval process.
On obtaining the Digital Signature, the incorporation application can be submitted in SPICe Form with the MCA. There is no requirement for obtaining RUN Name Approval for submission of SPICe Form. Hence, if RUN name approval was not obtained, if the name is available, the company would be incorporated. In case of non-availability of name, the incorporation documents must be resubmitted. Hence, its advisable to obtain RUN name approval before submission of SPICe Form.
On submission of the incorporation application, private limited company incorporation certificate along with PAN and TAN is provided within 1-2 business days by the MCA. An illustration of the incorporation process is reproduced below for reference.
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