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Private Limited Company Registration
What is a Private Limited Company?
A Private Limited Company (Pvt Ltd) is a type of business entity registered under the Companies Act, 2013 in India. It offers limited liability protection to its shareholders, restricts the transfer of shares, and limits the number of shareholders to 200. This structure is preferred by startups, small, and medium-sized businesses due to its credibility, legal protection, and ease of raising funds.
Prerequisites and Eligibility Conditions
Minimum Two Directors: At least two directors are required, with at least one being an Indian resident.
Minimum Two Shareholders: The company must have a minimum of two shareholders (directors can also be shareholders).
Registered Office Address: Proof of the company’s registered office address in India.
Capital Requirement: No minimum paid-up capital requirement; it can be as low as INR 1.
Unique Company Name: The proposed name must be unique and not similar to any existing company or trademark.
Types of Private Limited Companies
Company Limited by Shares: The liability of members is limited to the unpaid amount on their shares. This is the most common type of private limited company.
Company Limited by Guarantee: Members’ liability is limited to the amount they agree to contribute in case of company liquidation. This type is often used by non-profit organizations.
Unlimited Company: Members have unlimited liability, meaning personal assets can be used to cover business debts if necessary. This type is rare due to higher risk.
Key Benefits of Private Limited Company Registration
Limited Liability Protection: Shareholders’ personal assets are protected from business liabilities.
Separate Legal Entity: The company has its own legal identity, separate from its owners.
Easy Fundraising: Attracts investors, venture capitalists, and banks due to its structured framework.
Perpetual Succession: The company continues to exist even if shareholders change or pass away.
Enhanced Credibility: Registered companies gain higher trust among clients, suppliers, and investors.
Ownership Flexibility: Easy transfer of ownership through share transfers.
Tax Benefits: Eligible for various tax deductions and exemptions under the Income Tax Act.
Disadvantages of a Private Limited Company
Regulatory Compliance: Requires strict adherence to legal compliances, including annual filings, audits, and board meetings.
Higher Costs: Incorporation, compliance, and administrative costs are higher than sole proprietorships or partnerships.
Restricted Share Transfers: Shares cannot be freely transferred without the consent of other shareholders.
Disclosure Requirements: Mandatory to file financial statements and annual returns with the Registrar of Companies (ROC).
Private Limited Company Registration Procedure
Step 1: Obtain Digital Signature Certificate (DSC): Required for the proposed directors to sign electronic documents.
Step 2: Apply for Director Identification Number (DIN): A unique identification number for each director.
Step 3: Name Approval: Reserve your company name through the RUN (Reserve Unique Name) service on the MCA portal.
Step 4: Draft Incorporation Documents: Prepare the Memorandum of Association (MOA) and Articles of Association (AOA) that define the company’s objectives and rules.
Step 5: File Incorporation Forms: Submit the SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) form along with supporting documents.
Step 6: Certificate of Incorporation: Upon verification, the Registrar issues the Certificate of Incorporation, confirming the company’s legal existence.
Step 7: Apply for PAN & TAN: Obtain the company’s Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).
Step 8: Open a Bank Account: Open a current account in the company’s name for business transactions.
Step 9: Post-Incorporation Compliance: Apply for GST registration, shops & establishment license, MSME registration, etc., as required.
Why Choose Humsabka Advisor for Private Limited Company Registration?
Expert Guidance: End-to-end assistance from name approval to post-incorporation compliance.
Quick Processing: Hassle-free documentation and swift company registration within the shortest time frame.
Affordable Packages: Cost-effective solutions tailored to meet startup and SME needs.
Legal Compliance Support: Assistance with mandatory ROC filings, annual compliance, and legal advisory.
Transparent Process: Clear communication and regular updates throughout the registration process.
Get your Private Limited Company registered effortlessly with Humsabka Advisor. Contact us today for expert assistance!
Documents & Information required for Private Limited Company
- PAN Card of Directors & Subscribers
- Aadhar Card of Directors & Subscribers
- Bank Details of Directors & Subscribers
- Address Proof (Like Rent Agreement)
- Directors Declarations
- Mobile No. of Directors & Subscribers
- Email id of Directors & Subscribers
- Photo of Directors & Subscribers
- Utility Bill (like Electricity Bill)
- Director Consents
Comparison: Sole Proprietorship vs Partnership vs LLP vs Company
Private Limited Company Registration FAQ’s
What is the minimum number of directors required to register a Private Limited Company?
A minimum of two directors is required, with at least one director being an Indian resident.
Is there any minimum capital requirement to start a Private Limited Company?
No, there is no minimum paid-up capital requirement. You can start with as low as INR 1.
How long does it take to register a Private Limited Company?
The registration process typically takes 10-15 business days, depending on the approval timelines from the Ministry of Corporate Affairs (MCA).
Can a foreign national become a director in a Private Limited Company in India?
Yes, a foreign national can be a director, provided there is at least one Indian resident director.
What is the difference between a Private Limited Company and a Limited Liability Partnership (LLP)?
While both offer limited liability protection, a Private Limited Company has stricter compliance requirements and is preferred for businesses looking to raise equity funding.
Do I need a physical office to register a Private Limited Company?
Yes, a registered office address in India is mandatory, but it can be a residential or commercial property.
What are the annual compliance requirements for a Private Limited Company?
You need to file annual returns, financial statements, conduct board meetings, and maintain statutory registers as per the Companies Act, 2013.
Can a Private Limited Company be converted into a Public Limited Company?
Yes, a Private Limited Company can be converted into a Public Limited Company by complying with the required legal procedures.
Is GST registration mandatory for a Private Limited Company?
GST registration is mandatory if the company’s turnover exceeds the threshold limit specified under GST law or if engaged in interstate transactions.
Why should I choose Humsabka Advisor for company registration?
We offer expert guidance, quick processing, affordable packages, and comprehensive legal compliance support to make your company registration hassle-free.