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More about Private Limited Company incorporation
Why should you opt for a Private Limited Company?
- Limited Liability to Shareholders
- Segregation in shareholders and executors of the company
- Best structure to raise equity funding
- Allows Foreigners and NRIs to be a Director
- Allows to offer Stock Options (ESOPs) to employees
- Increases credibility
Requirements to start a Private Limited Company
- At least 2 shareholders – maximum of 200
- At least 1 shareholder must be a resident in India
- At least 2 Directors – maximum of 15
- At least 1 Director must be a resident in India
- Director can be a Shareholder
- Authorized capital of minimum INR 1 Lakh
- Minimum paid up capital can be any amount up to the authorized capital
Application for name approval
Drafting of AoA , MoA
Application for Incorporation and Approval
For each director and shareholder:
- PAN card* (Mandatory for Indians & others if held)
- Passport* (for NRI, Foreigners, and Indians if held)
- Address proof ( any 1 of ) ( Not more than 2 months old)
- Bank Statement
- Phone Bill
- Mobile Bill
- Electricity Bill
(Note – For NRI & Foreigners Documents signed outside India must be notarised & apostilled)
For Registered Address:
- NOC from Owner*
- Rent Agreement*
- Utility Bill*
- DSC of directors and shareholders
- PAN & TAN
- Certificate of incorporation
- MoA and AoA.
Why choose Wazzeer?
One platform for all your requirements
Incorporation is just the first step. Wazzeer supports you throughout your journey as an entrepreneur. Log in to get things done efficiently. A dedicated Account Manager offers the required human touch and acts as an advisor to you.
Our professionals have at least 5 years of experience and have incorporated thousands of companies among them. The rich experience ensures that the process is smooth and right in the first go.
Over the last few years, doing over 500 incorporations, we have defined every step of the process. A virtual process is in place enabling us to deliver hassle free experience for you.
You pay what you see in the proposal. No surprises or hidden charges.
Frequently Asked Questions
Can I register my office address as my residential address?
Yes, you can show your own residential or rented home address as the registered office address of the Company. If you take a place for rent, and the bills are in the owner’s name, a ‘No Objection Certificate’ is required from the owner of the property.
Who can be a Director or a Shareholder in a Private Limited Company?
Director: Any Individual over 18 years of age – Indian, NRI, Foreigner, Resident in India (May or may not be a shareholder in the company). At least one of the Directors must be a resident in India.
Shareholder: Any Individual over 18 years of age, Any body corporate (PLC, LLP, OPC, Public Company, Foreign Company, Trust, etc.). At least one of the shareholders must be a resident in India.
The term ‘resident in India’ means a person who has stayed in India for a period of not less than 182 days during the immediately preceding one financial year.
Should the directors be physically present during this process?
No, the complete process can be carried online. Wazzeer has developed Standard Operating Processes that seamlessly delivers Business Registration 100% online. We might need you to sign a few documents and courier the hard copies.
How much do I need to invest?
With the amendments to the Companies Act in 2015, there is no prescribed minimum paid-up capital amount. You can choose how much do you want to start your company with and go up to a maximum of the Authorised Share Capital (again decided by you). However, as a general practice, most entrepreneurs start the company with a paid-up capital of Rs 1 lakh.
Should I hire an auditor to maintain books?
Yes, a private limited company must appoint an auditor, no matter what its revenues. In fact, an auditor must be appointed within 30 days of incorporation.
What are the Compliances that Private Limited Company has to carry out after incorporation?
It mostly depends on the type of business the company is dealing with, but still, there are few popular compliances & registrations which are
- Shops and establishment – If you are a retail business
- ESI- if you have more than 10 employees ( in some state > 20) and minimum-salary is 15000/- PM
- GST – whose turnover exceeds 40 lakhs ( I recommend you to register it anyway)
- Professional Tax -if you hire any employees having min 15000 salary
- Trademark – if you want legal protection for your intellectual property
- Copyrights- if you have uniqueness in your business that you don’t want anyone to copy
- Trade license – essential for every business that carries out trade.
There could more compliances that I might have missed, but again it mostly depends on the nature of the business
What are the rules for picking a name for a Private Limited Company?
Broadly, the name has three components:
- Unique component: This is the prime name of your company. It should be unique, not already been trademarked, and should not contain phrases and words that are blacklisted by the RBI. Even if a name meets these criteria, the RoC might reject the name application on grounds of it being similar to already existing names.
- Description of business: There should be a word or phrase which follow the Unique Component of the name which describes or indicates the main business of the Company. Some of the popular descriptive words are Technology/ies, Internet of Things, Chemicals, Builders, etc. The words bank, exchange, and stock exchange, unless approved by RBI or SEBI, would also be rejected.
- Suffix: A Private Limited Company should Compulsorily have a Suffix Private Limited (Pvt. Ltd.). A Limited Liability Partnership Firm will have a suffix LLP and an One Person Company will have a suffix (OPC) Private Limited
Things to keep in mind while selecting the unique component of the name:
- It must be short and simple: The name must be concise and not be too long. People should be able to say it easily and they should be able to recollect your company’s name the first time they read it or hear it
- It must be meaningful: The name of the company should be related to the business. It must fit the company’s branding.
- It must be unique: The name of the company mustn’t be the same or identical to an already existing company or a trademark. One must preferably avoid the plural version
What is a DSC?
The DSC is an instrument issued by certifying authorities (TCS and n-Code are two of them) by which you can sign electronic documents. No person can be appointed as a Director without DIN and having duplicate DIN is an offense. DSC to be PAN encrypted as going forward, all filings relating to Income Tax has to be done by a director who’s DSC is PAN encrypted.