Private Limited Company
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Company is always the first word which generally pop up in our minds, when it comes to decide...

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Private Limited Company

Company is always the first word which generally pop up in our minds, when it comes to decide about the form of business. Private Limited Company is the most popular form of business entity.

Incorporation of a private company limited by shares is a quite easy and simple process. Minimum two persons requires to form a private company limited by shares (Except One Person Company). The name of the Companies limited by shares, end with the word “Limited”, which refer that the liabilities of the members of company is limited to the extent of amount unpaid on shares.

Section 2(68) of Companies Act 2013, defines Private Company means a company which requires only two persons as a member. A private limited company can be incorporated as Private Company limited by Share Capital, Company Limited Guarantee, Private unlimited company.

Advantages for registering a Private Limited Company:
  • No requirement of minimum Authorized and Paid up Share Capital.
  • The liabilities of the members of the company is limited to the extent of amount unpaid on shares.
  • Easy incorporation process.
  • Minimum two shareholder and two directors require for incorporation of company; the same person can hold both the positions.
  • Less legal compliance.
  • Minimum Filings with the Registrar of Companies.
  • Perpetual Succession.
  • The members of the private limited company are well known to each other; Therefore, the control of the company is in the hands of the owner of the capital.
  • Funding can be raised in the private limited company.
  • Non-Resident Indian (NRI) can also incorporate a private limited in India without obtaining any prior approval from government or RBI.
  • Transparency
Disadvantages for registering a Private Limited Company:
  • Restricted Transferability of securities.
  • Suitable for Small Scale Business, Because the Private Company cannot issue its securities to general public.
  • The number of members in a private company cannot exceed 200, the limit of 200 members shall not be included the persons who are in the employment of the company or persons who, having been formerly in the employment of the company, were members of the company while in that employment and have continued to be members after the employment ceased.
  • Tax Liability.
  • The securities of the private company cannot be listed on any stock exchange in India.
  • The annual returns, accounts and other documents filed with the Registrar of the company are made available to the public by way of inspection.
  • Annual General meeting of members of the company is mandatory.
  • Appointment of statutory auditor is mandatory
  • Filling of annual return and accounts of the company to the registrar of company mandatory every year.
  • High Compliance Cost.

You may reach us at 0124 2201040 for any concerns before reaching out to any conclusion. We are there to assist you.

Things to keep in mind:

Where the subscriber to the memorandum is a body corporate, the memorandum and articles of association shall be signed by director, officer or employee of the body corporate duly authorized in this behalf by a resolution of the board of directors of the body corporate and where the subscriber is a Limited Liability Partnership, it shall be signed by a partner of the Limited Liability Partnership, duly authorized by a resolution approved by all the partners of the Limited Liability Partnership:

  1. Where subscriber to the memorandum is a foreign national residing outside India-
a)In a country in any part of the Commonwealth, his signatures and address on the memorandum and articles of association and proof of identity shall be notarized by a Notary (Public) in that part of the Commonwealth.


b) In a country which is a party to the Hague Apostille Convention, 1961, his signatures and address on the memorandum and articles of association and proof of identity shall be notarized before the Notary (Public) of the country of his origin and be duly apostillised in accordance with the said Hague Convention.


c)in a country outside the Commonwealth and which is not a party to the Hague Apostille Convention, 1961, his signatures and address on the memorandum and articles of association and proof of identity, shall be notarized before the Notary (Public) of such country and the certificate of the Notary (Public) shall be authenticated by a Diplomatic or Consular Officer empowered in this behalf under section 3 of the Diplomatic and Consular Officers (Oaths and Fees) Act, 1948 (40 of 1948) or, where there is no such officer by any of the officials mentioned in section 6 of the Commissioners of Oaths Act, 1889 (52 and 53 Vic.C.10), or in any Act amending the same.


d) visited in India and intended to incorporate a company, in such case the incorporation shall be allowed if, he/she is having a valid Business Visa.

Explanation. - For the purposes of this clause, it is hereby clarified that, in case of Person is of Indian Origin or Overseas Citizen of India, requirement of business Visa shall not be applicable.

Fee

Private Company Registration Fee: Rs. [?] (Exclusive of GST)
*Stamp Duty on MoA & AoA shall not be included in above fees.

What we will do for you:

  • Consultancy Services.
  • Company Name Search in MCA & Trademark portal.
  • Digital Signature.
  • Director Identification Number.
  • Name Reservation.
  • Drafting of MoA & AoA.
  • Private Company Incorporation/Registration
  • PAN & TAN Application.
  • Assisting in opening bank account.

Once the Private Company is registered, we will handover to you/courier you the following:

  • A copy of all forms filed for incorporating the Private Company alongwith the certificate of Incorporation.
  • Share certificates
  • Statutory Registers.
  • Common Seal.

Complete incorporation shall take approximately 10-15 days.

Required Documents for Private Limited Company

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FREQUENTLY ASKED QUESTIONS

Private Company means a company in which minimum 2 members and 2 directors required, the same person can hold both shareholder and director position.

Any Individual or body corporate or even any foreign nation can incorporate a private limited Company.

  • The private company after incorporation should paint or affix its name, and the address of its registered office, and keep the same painted or affixed, on the outside of every office or place in which its business is carried on, in a conspicuous position, in legible letters. Also, if the characters employed therefore are not those of the language or of one of the languages in general use in that locality, also in the characters of that language or of one of those languages.

    For example, you are opening your branch office in Assam, the same name should also be written in Assamese language prominently used in that locality.
  • The private company after incorporation should get its name, address of its registered office and the Corporate Identity Number along with telephone number, fax number, if any, e-mail and website addresses, if any, printed in all its business letters, billheads, letter papers and in all its notices and other official publication.
  • Statutory Auditor must be appointed within thirty (30) days of incorporation of the Private Company.
  • Commencement of Business: In case the Private Company incorporated is limited by share capital, the company cannot commence its business or exercise its borrowing powers until, the agreed subscription money is not been deposited in the bank account. There is a time limit of 180 days to commence the business from the date of incorporation.
  • Share Certificate to be issued within 60 days of incorporation of the private company.
  • Preparation of Financial Statements- The Private Company should prepare the following financial statements at the end of every financial year and get it audited from Statutory Auditors of the company
    a)Balance Sheet.
    b)Profit & Loss Account.
    c)Statement of Changes in Equity, if applicable.
    d)Cash Flow Statements.
    e)Notes to Accounts.
  • Private company is required to hold first annual general meeting within 9 months from the date of the incorporation of the company, the second or subsequent annual general meeting of the must be held within 6 months from the date of the incorporation. The gap between two annual general meeting should not be more than 15 months.
  • A Private company should hold first meeting of Board of Directors within 30 days from the date of the incorporation. The company should hold atleast 4 board meeting in a financial year and the gap between the two meetings is not more than 120 days.

There is no minimum requirement of paid up capital in a Private Limited Company. You can start the Private Company with as much minimum contribution.

No, Registered office of the company must be situated in India only.

In sectors, where 100% FDI is allowed, there is no requirement of any approval from RBI, but company is required to make necessary reporting to RBI through Authorized Dealer Bank.

Yes, after incorporation a private company may convert itself into any other types of business entity subject to provision in Memorandum and Article of Association and with approval of members.

Yes, Company can increase its authorized share capital by alteration in MoA and AoA and Subject to approval of Members.


Yes, a minimum of 2 Shareholders is required to incorporate a private company and private company can have maximum of 200 shareholder.

Yes, any two-body corporates can incorporate a private limited company by subscribing the Memorandum through its authorized representative.

Yes, any two-body corporates can incorporate a private limited company by subscribing the Memorandum through its authorized representative.

Yes, there is no such legal restriction to use the subscriber premises as the registered office of the company, But the company is required to obtain No Objection Certificate (NOC) from the Subscriber for use the premises as the registered office of the company.

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