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How to Incorporate a New Company | Step by step Procedure

How to Incorporate a New Company | Step by step Procedure

 

 

 

 

 

The company incorporation in India is presently simple. In 2018, through a series of changes, India jumped into the 100th position in the World Bank’s Ease of Doing Business rankings, bouncing 30 scores. Through the different activities, the Government has diminished the bottlenecks, consolidated structures, and worked on techniques. The Registrar of Companies (ROC) is an office under the Indian Ministry of Corporate Affairs. It for the most part manages the organization of the Companies Act, 2013. The Registrar of Company deals with the organization enlistment measure (otherwise called consolidation) in India.

In this company incorporation, the total revealing and guideline of organizations and their chiefs and investors and furthermore manages government detailing of different issue including the yearly recording of different archives. A foreign company is any organization that is joined outside of India and has a position of business that is working in India, regardless of whether without anyone else or through specialists, actually or through an electronic mode.

Private limited company incorporation

Private Limited Company registration in chennai are reasonable for independent ventures that require enrollment as a private substance. In this kind of organization, a gathering of investors disperses the risk among themselves to help secure their own resources. The absolute capital of such business types is the complete of the multitude of offers held by every individual from the organization.

Procedure / Steps

  1. Obtain Digital Signature Certificate.

As indicated by, The Information Technology Act, 2000 has arrangements for utilization of Digital Signatures on the reports submitted in electronic structure to guarantee the security.

  1. Filing MOA, AOA, SPICe INC-32
  2. Issue company Incorporation certificate

When MOA and AOA are affirmed, you will get fuse endorsement which will incorporate the date of consolidation and PAN number of the organization.

  1. PAN and TAN application

When you get certificate of company incorporation, you will get PAN and TAN application by MCA.

Merits of pvt ltd company

  • The Private limited company has limited liability
  • It has many tax benefits
  • It gains the profession reputation.

One Person Company incorporation

The most up to date section into the various kinds of organization enrollment permitted in India, One person company registration in chennai are extraordinary for independent ventures. Furthermore, it turned into a piece of the Companies Act 2013, to help business visionaries who wish to maintain a business without any assistance. Since a firm kind has separate lawful status, business people get the advantage of risk security without cooperating with any other individual. Moreover, since they include just a single individual, this kind of company registration is not difficult to incorporate and control.

Procedure / Steps

  1. One investor is required. One Director (investor can be director). One Nominee is required and Candidate assent
  2. Apply for DIN
  3. Get computerized signature testament. The DSCs are regularly given with one year legitimacy and long term legitimacy. These are inexhaustible on expiry of the time of beginning issue.

4. To begin one individual organization least capital required is one lakh Indian rupees.

5.One you have picked the name for your business. OPC will be added after the name so your association name       would be unique in relation to different organizations.

  1. Last advance is Obtaining Certificate of Incorporation. It’s an authoritative report which conveys data about your organization. Administration of India gives affirmation of Incorporation.

Merits of OPC

  • One individual organization comprises just a single part who is investor/Directory.
  • Simple to begin the business and funs are effectively accessible.
  • Whole business would be overseen by one individual in particular and make it very simple to deal with all business related issues.

Partnership Company

In such business substances, the treatment of the tasks is taken care of by accomplices, who have consented to their job and offer in benefits. Thus, the capacities, obligations, powers, and number of offers held are on the whole plainly characterized in a verbal agreement known as the Partnership Deed. Moreover, these organizations fall under the domain of the Indian Partnership Act, 1932.

Procedure / Steps

  1. Make decision about the partners.

There are a few choices you should make about the jobs, obligations, and installments in regards to these individuals.

  1. Make decision on partnership

Few varieties of association types that might be accessible in your state. Now, you should check with your state’s business division to perceive what kinds of organizations are accessible.

  1. Decide on partnership name
  2. Register partnership with state
  3. Get an employee ID number
  4. Get license and permits

Advantages of partnership firm registration

  • Power to file case against third parties in the court.
  • Power to claim the set-off

Limited Liability Partnership

Famously called a LLP, Limited Liability Partnerships are additionally another kind of organization in India. Besides, it appreciates a different legitimate status, recognizing individual and business resources, and conceding the business people restricted risk assurance. In such firm sorts, the risk of each accomplice relies upon the quantity of offer capital, giving more assurance than a Sole Proprietorship.

Procedure / Steps

  1. Procure DSC

Each application is recorded online with the MCA, which needs to be marked carefully by the candidates and accomplices of the LLP. Consequently, the DSC with legitimacy of 2 years is obtained for the Designated Partners of the Limited Liability Partnership.

  1. Reserve LLP Name

The new cycle requires the candidates to record the web structure named RUN-LLP (Reserve Unique Name – Limited Liability Partnership).

  1. Apply for the incorporation
  2. Get PAN
  3. Get TAN
  4. LLP Agreement

The subsequent stage will be to draft LLP Agreement cautiously and dependent on the accomplices’ necessities. Step-4 and Step-5 both can be handled at the same time, in any case, this progression would take somewhat more to finish than basically making the application.

Merits of Limited liability Partnership

  • Limited Liability shields the part’s very own resources from the liabilities of the business registration in chennai. LLP’s are a different legitimate element to the individuals.
  • The activity of the organization and circulation of benefits is controlled by composed arrangement between the individuals. This may take into account more noteworthy adaptability in the administration of the business.
  • The LLP is considered to be a lawful individual. It can purchase, lease, rent, own property, utilize staff, go into contracts, and be considered responsible if important.
  • Corporate proprietorship. LLP’s can choose two organizations as individuals from the LLP. In a LTD organization at any rate one chief should be a genuine individual. To know more about company incorporation in chennai, click here.
company registration in chennai- shoplegal

Company registration in Chennai- Guindy

                               

 

                                                         

                                             

 

Company registration in  chennai- guindy is made very simple in this era. An organization is a legal entity formed by a group of people engaged in business activities to get profit. The business range chosen by the company determines the type of entity the business chooses. Company registration in guindy Chennai is the registration of a company under the jurisdiction in which they operate. Depending on the nature of your business, your company may be owned by a single person or group of individuals. If you run an unrecognized business, you are more likely to lose the unique name of your company to someone who has already registered his company. You cannot legally sue the person for this action. Company registration avoids such situations and can also serve as authentic proof of your business.

Types of Companies

Company registration in Chennai states about the types of Companies. They are:

  1. Private limited Company registration
  2. Public limited Company registration
  3. One Person Company registration
  4. Limited Liability Partnership Company registration

Private limited company registration

Private limited company registration means it is incorporated as private company as per the section 2 (68) of the company’s act 2013.More than 2 persons can join and can be treated as single member. The private limited company requires to add private limited. The private limited Company is restricted to transfer the shares as per the pre-emption clause. It has the limited liability structure. Companies offer certain key advantages.

Features of private limited company

Making Money:

Making money out of a small business and being the sole owner or partner is difficult. Under the Companies Act 2013, a company can sell shares to the public and therefore raise money more easily than other types of business structure. There are a number of methods of financing business conducted by the company.

Selling business:

Company registration in Chennai implies that it is much easier to sell a business to a company than any other form of business. The value of the business corporation depends on the business,  so it makes it easier to sell the company.

Good governance:

Companies are governed by the Companies Act, 2013 and must comply with a number of other regulatory policies governed by it, as well as the strict disclosure regulations that they authorize, which allow for better governance for employers.

Multiple relationship with directors:

Company registration in Chennai states that any director in a private limited company can handle multiple relationships. The former private limited company can create a contract with its own director of credit debit or transactions.

Permanent Inheritance:

The Company registration in Chennai is done for a private limited company is constantly inherited. Permanent inheritance means that the company exists even if the member dies or ceases to exist. Changes in management do not affect the identity of the company, the company has the same powers, immunity, estates and assets. The company will exist until the injury in accordance with the provisions of the relevant law.

Public limited Company registration

The public limited company is administered by the ROC. It can be formed with minimum of 7 members and three directors. Mostly the companies that require huge amount of capital as investment prefer to have public limited company. Company registration in Chennai states that the shares of the company is easily transferable. The board of Directors cannot impose the restrictions. They can issue shares subject to regulation of SEBI. The public limited company is said to form under New Companies Act 2013.

Features of Public limited company

Minimum number of shareholders – You need at least 7 members to join a public company.

Company Name – Every public company must have the word “Limited” at the end of the company name.

Liability – The liability of each member of a public company shall not exceed the amount invested in the shares of the member. This limit is non-extendable.

Issuance of Securities – There is no limit on the issuance of securities to the public. The company may issue a bonus issue through an initial public offer (IPO) or through a private placement. Also, the securities must be issued by the Company in a dematerialized format.

One person Company registration

OPC Company registration in Chennai states that One Person Company (OPC) concept is new in India and is very popular abroad, including in Singapore, USA and Europe. Currently, this is a grey area, only time will tell how far it will work in India.

Features of One person Company

  1. OPC Company registration in Chennai states that company may be a One Person Company (OPC), which requires only one person as a subscriber to set up a company and such a company is legally considered a private company.
  2. An individual, if an individual registers a company, is not eligible to join the company of more than one person
  3. The memorandum of the OPC must specify the name of a person (other than the subscriber) who, with his prior written consent, becomes a member of the OPC when the subscriber dies or fails to contract.
  4. An individual nominee for a company memorandum is not eligible to become a nominee for more than one such company.

Limited Liability Partnership

LLP Company registration in Chennai states that Limited liability partnership is a combination of both partnership and corporation. It has the feature of these two forms. As the name implies, the partners in the company have limited liability, meaning that the personal assets of the partners are not used to pay off the company’s debts.

Company registration in Chennai states the Features of LLP

LLP is a body corporate

LLP is a body corporate, formed and it is a legal entity and it is separate from its partners.

Permanent legacy

Unlike a general partnership, a limited liability partnership can continue to exist even after retirement, insanity, bankruptcy, or the death of one or more partners. Furthermore, it enters into contracts and holds property in its name.

Separate the Legal Entity

Like a corporation or organization, it is a separate legal entity. Furthermore, it is fully responsible for its assets. Also, the partners’ liability to the LLP has some limitations on their contribution. Therefore, the creditors of the LLP are not the creditors of the individual partners.

Mutual agency

Another difference between an LLP and a partner company is that a partner’s independent or informal actions do not hold other partners accountable. All partners are agents of the LLP and the actions of one partner do not bind others.