One of the highly recommended approaches to initiate a business in India involves establishing a private limited company, which grants limited liability to its shareholders and imposes specific ownership restrictions. In the case of an LLP, the management is handled by the partners. Conversely, a private limited company allows for a separation between directors and shareholders.
MYFINTAX, serving as your reliable legal advisor, offers a cost-effective service to register your company in India. We take care of all the legal procedures and ensure compliance with the regulations established by the Ministry of Corporate Affairs (MCA). Upon successfully completing the registration process for a private company, we provide you with an Incorporation Certificate (CoI), along with PAN and TAN documents. Equipped with these documents, you can easily open a business bank account and commence your operations.
Operating a company through a bank account allows it to own assets, enter contracts, and potentially sue third parties for defaults.
Private limited company is a well-known business structure preferred by corporate customers, vendors & government agencies over any other structure.
Directors of a company are not personally liable for the company's obligations or debts. Their liability is limited only to the capital subscribed by them.
Private Ltd. is easy to wind up in case of loss or insolvency due to its fast-track exit route, minimal documentation and cost.
Pvt. Ltd. company enjoys wide options to raise funds through bank loans, Angel Investors, Venture Capitalists, in comparison to LLPs and OPCs.
Pvt. Ltd. Company can avail Startup India benefits like Income tax exemption for 3 Years, Self certification facility, Seed Funding support & many other benefits
Startups in India can gain a competitive advantage over non-registered competitors by registering their company. Although the registration process may seem complicated and involve various compliance requirements, MYFINTAX is here to provide comprehensive assistance at every step. Our team of professionals specializes in private company registration and can guide you through the process smoothly.
Step 1: RUN Name Approval
The first step is to register your desired company name. You can submit a name approval request to the Ministry of Corporate Affairs (MCA), providing one or two potential names and a description of your business objectives. If your first choice is not approved, you can suggest alternative names. Typically, the MCA approves name requests within five business days. With our expertise, we can help you choose an ideal name and navigate the government registration process seamlessly.
Step 2: Directors' Digital Signature Certificate (DSC)
For all MCA filings, digital signatures certified by an Indian authority are mandatory. Our team will assist in obtaining a digital signature certificate (DSC) for the directors through a recognized certification entity. Directors need to provide identification documents and undergo a video KYC process. Foreign nationals should have their passport and other documents apostilled by the nearest embassy for company registration.
Step 3: Submission of Incorporation Application
Once the digital signatures are in place, submit the incorporation application in SPICe form to the MCA, along with all required attachments such as the Memorandum of Association (MOA) and Articles of Association (AOA). Upon receiving a complete and acceptable application, the MCA issues the Incorporation certificate and PAN. Typically, the MCA approves all incorporation applications within five business days.
At MYFINTAX, we simplify the company registration process and ensure compliance with legal requirements. Trust our expertise to help you establish your private limited company efficiently and effectively.
Please reach us at support@myfintax.in or +917694-000-940 if you cannot find an answer to your question.
A private limited company is a type of business entity that is privately owned and limited by shares. It offers limited liability protection to its shareholders and is governed by the Companies Act, 2013 in India.
Yes, the company can be registered at the owner's home address. You have to submit a copy of the utility bill like Electricity Bill/Telephone Bill/Gas Bill etc and it should be in the Owner's name.
There is no minimum capital required for starting a private limited company.
It is possible for a salaried individual to hold the position of director in a private limited, LLP, or OPC private limited company. However, it is important to review the employment agreement to ensure that it permits such arrangements. In many cases, employers are comfortable with their employees assuming a directorship role in another company.
Yes, a foreign national can be a director in an Indian private limited company. However, at least one director must be an Indian resident as per the Companies Act, 2013.
All directors must provide identity and address proof, as well as a copy of the PAN card (for Indian nationals) and passport (for foreign nationals). The owner of the registered office premises should submit the no-objection certificate.
Yes, it is possible to register family members as directors in a company. In many cases, family members may be involved in a business together and hold directorial positions to manage and operate the company.
At MYFINTAX, we can assist in incorporating a private limited company within 14-15 days. The actual timeframe depends on the submission of necessary documents by the applicant and the speed of government approvals. To expedite the registration process, it is advisable to choose a unique name for the proposed company and ensure that all required documents are ready before initiating the registration.
Yes, private limited companies are required to comply with various post-registration compliances, including filing annual financial statements, conducting annual general meetings, maintaining statutory registers, and complying with tax and regulatory requirements.
At MYFINTAX, we can assist in incorporating a private limited company within 14-15 days. The actual timeframe depends on the submission of necessary documents by the applicant and the speed of government approvals. To expedite the registration process, it is advisable to choose a unique name for the proposed company and ensure that all required documents are ready before initiating the registration.
Yes, a minimum of two directors are needed for a private limited company. The maximum members can be 200. You can register as a one person company, if you want to start solely.
No, company formation in India is a fully online process. You can fill all documents electronically, and you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
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