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Company Incorporation Services In India

What is the procedure for Incorporation of Company in India? Know the Step by Step Process

Under the New Companies Act 2013, the Ministry of Corporate Affairs has mandated the procedure for the incorporation of company in India.

In this article, we will discuss the step-by-step process and required documents for the incorporation of company in India.

There are two sectors of companies i.e. Public and Private.

In this article, we will emphasis on private company incorporation, as per the new Companies Act 2013.

Besides the required documents, we will also discuss about private limited company registration fees and director’s identification number meaning, which is baffling for new business owners.

Step by Step Process for Incorporation of Company in India

Step 1: Reservation of Company’s Name Under RUN or Spice

The initial and prime footstep in the company registration process is preserving the name of the company.

There are two methods to do this: RUN and Spice. RUN or Reserve Unique Name is a online form on the website of the Ministry of Corporate Affairs, wherein aspirants can checked if their new company name is existing or not and then can apply for a required name for the company.

The aspirants must provide two names in privileged order and then must follow all the norms of the naming convention.

Once MCA approves a company name, it’s reserved for 20 days within which the applicant must complete all the residual steps vital for company registration. You may visit the RUN web service by the Ministry of Corporate Affairs.

Ministry of Corporate Affairs checks three major factors while approving the company name:

1. The name should be exclusive, and no another company whether public or private should be using that name.

2. The name should not be violent.

3. The name should not give an imprint that it’s linked with the government.

By filling of the Spice-32 form is another way to settle the name, but you can opt only one option and if, it’s rejected, you will need to do again all documentation.

The applicant must also decide the names of the Directors of the company. In a private limited company, at least two names of the Directors are to be provided.

Step 2: Procuring Digital Signature Certificate

After the company name has been approved by Ministry of Corporate Affairs and registered, then the next step is procuring a Digital Signature Certificate of your private limited company.

Digital Signature Certificate is a arrangement of a digital key, which contains all the vital information about the registered signatory like authorized person name, address, email, phone number, and the authority which has provided the certificate.

Digital Signature for a registered company permits the authorized signatory to prove its identity and sign the documents electronically. For E-Filing, Digital Signature’s Certificate is a mandatory prerequisite.

Step 3: Applying for Director Identification Number or DIN

DIN or Director Identification Number is the Unique Identification Number for Directors of a registered company. Once Director Identification Number is approved, only then corporation documents can be filed under Registrar Form No.-DIR-3.

Note: Here, that the name approval process for the company can be filed before applying for Directors Identification Number (DIN), and there is a fee of Rs 500 is applicable for this process, and it may take seven days for DIN to be activated and approved.

Step 4: Writing Memorandum of Association (MOA)

Under the Section-4(6) of The Companies Act, 2013, Memorandum of Association or MOA must be in a respective form mentioned in a Table A, B, C, D and E of Schedule-I.

MOA is similar to the Constitution of the Company. It will highlight all the fundamental info about the company, its directors’, stakeholders and their relationship with the company. The objective of the company, liabilities associated, the state in which the company is functioning, and other related information are presented in this document.

Step 5: Writing Articles of Association (AOA)

Articles of Association or AOA is the article that procures the purpose of the company, how its business will run and how its Directors have been appointed and much more.

Step 6: Application for the Incorporation of Company

Once all these documents are arranged and finalized, the applicant may file for the incorporation of the company and under Section 7 of the Companies Act 2013, the application requests to be filed with the registrar under whose jurisdiction the company’s address is sited.

The application for company’s registration can be done thru e-Form (Simplified Proforma for Incorporating a Company Electronically) accompanied by SPICe MOA and AOA.

Once the outstanding procedures are completed, the Registrar of Companies grants a Certificate of Incorporation, which is the best evidence of the company’s existence.

The certificate of incorporation of a private limited company has under mentioned three critical information:

1. Company Identification Number (CIN)

2. Permanent Account Number (PAN)

3. Director Identification Number (DIN)

The list of documents required for the incorporation of company includes an Aadhaar Card, PAN Card, Address Proof, Digital Signature Certificate attested by the aspirants.

Private Limited Company’s Registration Fees

Private Limited Company’s Registration cost is zero if, the company is small. In 2019, the Government of India abandoned off the registration fees for new companies which are incorporating under the private limited category. This abandonment of registration fees is applicable only for those private limited companies whose authorized capital is less than Rs 15 lakh. Only stamp duty requires to be paid in such a case. However, small companies availing fee abandonments for registration cannot raise any capital till one year. Registration fees for a private limited company having more than Rs 15 lakh capital and less than Rs 50 lakh capital are Rs 2000. In case, if it is not a small company, then registration fees are Rs 36,000. Don’t get dazed when it comes to considerate the procedure for the incorporation of company in India! We at () are here to provide you with expert guidance and mentorship.

Company formation in Gurgaon

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Company incorporation services in India

Company incorporation services in India is not tough when you have the best consultants.Get the lowest price. To Know more about process of Company incorporation services in India. Contact us + 91 98101 58561

All about Nidhi Company Registration

Nidhi Company is the most popular form for giving loans to its member and accepts deposits from its members. Its main objective is to lend and borrow money amongst its members and to cultivate the habit of savings amongst its members. Nidhi Company is governed by the Provision of Companies Act, 2013 and Nidhi rules 2014.

It provides loans and accepts Deposits you have to register. Nidhi Company is referred to as one of the kinds of NBFC. It is also called a mutual benefit company. But no RBI approval is required to incorporate a Nidhi company as it is the exempted category Nidhi Company will always be a public limited company and its name should end with ‘Nidhi Limited’, Presently Nidhi Company becomes very popular for lending business.

How to Register a Nidhi Company? • Application for Approval of name. • Preparations and drafting of Incorporation documents. • Application for incorporation of Nidhi company with ROC • Signing of Incorporation documents. • Obtaining DSC for all members and directors.

Nidhi Company Registration: 1) Instant access to Nidhi software and compliances. 2) Lowest cost across India. 3) It takes 10 or 15 days for Nidhi Company Registration.

Documents Required for Nidhi Company Registration: • PAN • Address Proof • Registered Office • Id Proof • Passport Photo • Latest Bank Passbook/Statement of Electricity/Broadband bill

Benefits of Nidhi Company: Simple Formation of Nidhi Company: • The formation Of the Nidhi Company is a very easy process. • It requires only 7 members out of which 3 members would be the directors. • Nidhi Company does not require obtaining a license from RBI. • The documents of required registration are very less. • It takes hardly 10 or 15 days to get registered.

Limited RBI registration: • There would be the least intervention of RBI. • Nidhi Companies are exempted from main provisions otherwise applicable to be an NBFC in India. • These Companies follow Nidhi Rules 2014 issued by the center in respect of the activity and working of the Company.

Benefits of member: • It works with the objective of increasing the savings of its member. • Easy to make donations and get loans from the Company. • Loan is given at a lower rate. • The risk of non-payment is less than the other finance business.

Restrictions on Nidhi Company: • The period of repayment of the loan should not exceed one year. • Only secured loans can be given i.e. insecurity of any gold, silver, or any other valuable jewel. • Nidhi Company cannot do any chit fund activity, hire purchase, and lease financial activities. Nidhi Company cannot lend or borrow money from any person other than its members. • It’s not allowed for Nidhi Company to issue preference shares, debentures, or any debt instruments. • Minimum paid-up capital requirement is Rs 5,00,000

As per Section 44, businesses and professionals are required to take care of the Books of Accounts under Section 44AA, once they fulfil certain criteria and obtain them audited under Section 44AB in every fiscal year for the aim of tax .