Category: COMPANY REGISTRATION

HOW TO REGISTER A COMPANY?

HOW TO REGISTER A COMPANY?

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Company registration in India | Business registration | Startup India registration

Most of the business founders in today’s era are from diverse backgrounds and hence have little or no expertise of company registration in India. With the launch of Startup India registration, there is a boom of new company registration in India since every business is thriving to become a well-established company in long run. Talking about company registration in India there are multiple options to go about it such as:

But before we proceed further we must understand the actual meaning of a company.

What is a Company?

A company is a legally established entity by an individual or group of individuals with the sole objective of achieving the ultimate organization goal. Regulations pertaining to company registration in India are derived by the provisions of Companies act, 2013. According to Companies act, 2013; a company can be formed for any lawful purpose(s) by:

  1. Seven (7) or more person(s), where the company so formed is to be termed as public company;
  2. Two (2) or more persons, where the company to be formed is to be a private company
  3. One person, where the company to be formed is to be One Person Company that is to say, a private company;

What is the procedure of Company registration in India?

The process of company registration in India requires perfection and expertise in the sense that the registration needs to be accompanied with the actual documents which are needed to be attached with the application form. Therefore mostly people look for experienced chartered accountant or professionals having experience in company registration. Whether you are looking for a private company registration in India or OPC registration there are two (2) main governing bodies that looks for the compliances attached with company registration in India viz. MCA >>> Registrar of companies (ROC).

 📢 Company Registration In Dubai

Steps required for company registration in India are:

1Name searchFinding a suitable business name is most crucial as it reflects the nature & functioning of the company. It is the name that goes on forever till the life time of the Company; therefore it must be given appropriate consideration.  
2Digital signature certificate (DSC)Digital signature certificate helps in authorising & identifying the DSC holder and minimises the possibility of tampering with the signature. Hence a DSC becomes more reliable for all official purposes.  
3Directors identification number (DIN)Unique identification number; DIN is associates with the identity of Director of the company. As per companies act, 2013; it is mandatory for every director to hold a DIN in its name.  
4MOA/AOAMOA & AOA are regarded as magna carta of the company. It defines the parameters for the functioning of the company and acts as guiding principles for the management and also for the employees.  
5PAN/TANPermanent account number (PAN) & Tax deduction & collection account number (TAN) are necessary for the process of company registration in India.  
6Certificate of IncorporationAfter successful Submission of all the documents with the ROC within the stipulated time period a pre-screening of the documents is being done before actually releasing the company incorporation certificate.  
7Current Bank AccountOpen a current bank account in the name of company so as to carry out official business transaction. This will require you to submit the certificate of incorporation, MOA & AOA details of with the bank.  
COMPANIES FRESH START SCHEME

COMPANIES FRESH START SCHEME, 2020

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In a bid to provide relief measure to companies and Limited liability partnerships (LLPs), the Ministry of corporate affairs (MCA) has introduced two schemes namely Companies fresh start scheme, 2020 & LLP Settlement scheme, 2020.  In this article, we will discuss all the updates and benefits pertaining to the companies fresh start scheme, 2020.

According to Section (403) Companies Act, 2013 every company irrespective of it size, nature of business is required to make certain annual statutory compliance viz.  Annual returns, Annual financial statements & various other statements as specified from time to time. These documents are required to be filed on the MCA-21 electronic registry portal.

Key highlights of company fresh start scheme, 2020

  • No Higher/additional fees: CFSS, 2020 removes the clause of any additional or late fees which is charged for the delay in their annual filings or any other pending compliance which leads to non-disclosing such returns and the stakeholders opting for un-healthy practices to hide their information.
  • No Prosecution/Proceeding: With the help of CFSS, 2020 they will not just get additional fees waiver but granted with immunity from any proceeding for imposing a penalty on account of delay in filing the documents.
  • Relaxation for inactive companies: Inactive companies can maintain their presence in the register of companies with minimum compliance requirements since CFSS, 2020 gives them an opportunity to inactive companies to get the tag of “Dormant Company” under the companies act.
  • Applicability: CFSS, 2020 shall come into force from 01.04.2020 and remains for a period of 6 months i.e. till 30.09.2020. With this, almost every company will get enough time to make the arrangements and take the complete benefit of the scheme.

COMPANY REGISTRATION At The LOWEST PRICE !! Call @ (0120) 4231116

Non-Applicability of Companies fresh start scheme, 2020

CFSS, 2020 shall not be applicable to entities falling under any category mentioned below:

  • If the final notice by the adjudicating authority has already been served under section 248 of companies act, 2013.
  • If an application for the striking of the companies name from ROC has already been filed by the company with the registrar.
  • In case two or more companies have been amalgamated under the companies act, 2013.
  • If the application has been filed by the company to get the dormant status under section 455 of the companies act, 2013 prior to companies’ fresh start scheme.
  • If a company is titled as “Vanishing company”
  • Any increase in authorized capital is the context.

Benefits of Companies fresh start scheme, 2020

  • Incentivize compliance & reduce the compliance burden which Companies are facing especially during this time of COVID-19.
  • Provides a one-time waiver on additional fees which is charged on companies because of delayed filing.
  • Waive off the long-standing defaults, thereby giving the companies a fresh start; which itself signifies the importance of the scheme.
  • Immunity from penal proceeding against penalties for a late submission.
  • Additional time for filing appeals before the regional directors (RD) against the imposition of penalties.

[NOTE: This is a one-time waiver against additional filing fees for delayed filings]

New procedure of company incorporation

New procedure of company incorporation

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Recently the government has released the Form SPICe Plus (SPICe+) under the ease of doing business in India initiative. The newly launched Form Spice + has replaced the old Form Spice which was a pdf form for Company incorporation. It is mandatory for online Company registration of all the Companies as per the directives of the Ministry of Corporate Affairs. The company here means all kinds of Companies being incorporated be it a Private limited company, Public Limited Company, One Person Company, Nidhi Company, Section 8 Company or Producer Company. With effect from 23rd February, 2020 all Companies shall be incorporated through the newly launched web form SPICE+.

FEATURES:

The form SPICe+ aims to offer about 10 services by three Central Government Ministries and Departments (Ministry of Corporate Affairs, Ministry of Labour and the Department of Revenue in the Ministry of Finance) and one State Government (Maharashtra). The Company registration form is an integrated web form with a single-window for multiple services.

The newly integrated web form SPICE+ offers the following services:

– Part A –: Name Reservation

– Part B: Company Incorporation

  • Application for DIN
  • Corporate Identification Number
  • PAN Number
  • TAN Number
  • GSTIN Number
  • EPFO Registration
  • ESIC Registration
  • Opening of Bank Account for the Company
  • Profession Tax Registration (only for Maharashtra)

Related Blog: SPICE PLUS COMPANY PROCEDURES

Part A (Name Reservation) and Part B (All Other Services) can be applied for on a simultaneous basis.

Part A can be applied separately and upon reservation of the name, Part B can be applied for.

OTHER SIGNIFICANT CHANGES:

  1. With the introduction of a new dashboard for the web form SPICe+ and linked forms, the approved name will be displayed on it, eliminating the need to do an SRN search.
  2. Companies incorporated through SPICe+ will have to apply for mandatorily:
    – EPFO Registration
    – ESIC Registration
    – Opening of a Bank Account (AGILE – PRO)
    – Profession Tax Registration (only for incorporation in Maharashtra)
  3. Once the application is completed in all respects, the next step would be the downloading and signing the application.
  4. Pre-scrutiny checks and other validations happen in the web form, but DSC Validation will happen only at the upload stage.
  5. Declaration by the subscribers and the first directors in INC – 9 shall now be auto-generated in PDF format and submitted electronically.

Related Blog: Online Business Registration Anywhere in India

Therefore the newly launched SPICE+ form is said to save valuable time, procedure and cost, it is an one stop solution for all the Company incorporation requirements.

FAQ:

How do I change my company name?

Once the Company is incorporated the change in Company name means change in all the incorporation documents. For assistance drop a query by clicking on the link https://www.caonweb.com/company-registration.php

Do I need a business bank account?

Yes, every company needs to operate through a current bank account, therefore the new incorporation procedure provides for bank account number at the time of incorporation.

What is the DIN (Director Identification Number) to register a new company?

DIN is the Director Identification Number which is a unique number assigned to a director and the same number can used in all the companies with whom the Director is associated.

Related Blog : ALL ABOUT COMPANY REGISTRATION IN INDIA

Is it possible to register a company online?

Yes, under the ease of doing business in Indi initiative the whole Company registration procedure is online.

How can one get Private Company Registered?

For getting the private Company registered one requires CA services as the process needs professional guidance. For info click on the link https://blog.caonweb.com/ to search & find the related topic

How to Register a Company in India

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Private Limited Company Registration is the most general and suitable form of entity for carrying out business in India with a long term objective. A Private Limited Company Registration is governed by the Companies Act 2013. The business under this structure can be started by making investment through the equity shares in the Company. It has the advantage over other forms of business structure as it has limited liability, greater stability and recognition. The Basic Requirement for a new Company Incorporation in India is to have Minimum Two Directors and Two Shareholders (Both can be same as well).

Related Blog : ALL ABOUT COMPANY REGISTRATION IN INDIA

DOCUMENTS REQUIRED TO INCORPORATE COMPANY IN INDIA:

  • Self-attested copies of pan cards of all directors.
  • Self-attested copies of id proof like Passport/Aadhaar/Voter Id.
  • Self-attested copies of address proof like bill/ bank statement
  • Passport size Photos of all directors.
  • Valid email id & contact number of directors.
  • Address proof for registered office like electricity bill/utility bill not older than 2 months.
Accounting and Bookkeeping services

OVERVEIW

Before going for Company registration it’s important to have a broader idea about the major Amendments in Company Incorporation Process. Ministry of Corporate Affairs (MCA) has introduced new web forms for Company registration in India based on the Companies Act, 2013. The Ministry of Corporate Affairs (MCA) under the ease of doing business initiative has introduced the new SPICE+ web form which is a linked form for Company incorporation in India. The new web form contains various registrations like:

  • DIN i.e. Director Identification Number
  • Company Incorporation Certificate
  • PAN Number
  • TAN Number
  • GST i.e. Goods and Service Tax Registration
  • Allotment of Ban Account No.
  • EPFO Registration
  • ESIC Registration

PROCEDURE FOR COMPANY REGISTRATION

  • 1.   Name approval

First of all, one needs to decide the name of the proposed Company which will be applied to MCA for approval. Names provided should ideally be unique and suggestive of the business activity of the Company.

  • 2.   Application of DSC

The next step is to apply for Digital Signature Certificate. Digital signature is an online signature used for signing the e-forms with the Ministry.

  • 3.    MOA & AOA Preparation

Once the name is approved, required incorporation and subscriber documents are prepared along with the Memorandum of association and Articles of Association. These contain the rules & byelaws of the company as per the Companies Act, 2013.

  • 4.   Filling of the Application form

The  Government has simplified the procedure and has introduced a single web form for all necessary applications i.e. Spice+. Hence, application for Company registration, DPIN, PAN  TAN, ESI, EPF, GST and Bank Account Number for the company can be applied along with the incorporation application.

  • 5.   Get incorporation certificate

After filing the web form SPIC+ with the ministry the MCA takes its time to check, verify and review the incorporation application. After doing the same the Forms are approved and the Certificate of Incorporation is generated. The COI contains the CIN i.e. Corporate Identification Nubmer, Date of Incorporation and the PAN, TAN number of the newly incorporated company.

Caservices can be availed, as they help in incorporation of new company, compliance, advisory, and management consultancy services to clients.

To know more visit: What is Advance Tax and Due Dates for Advance Tax Payment

FAQs

Ques. What are the Compliances to be done after company formation?

Ans. After Company Formation, The Very first Step is to transfer the share application amount in the bank account and file form for Commencement of Business, Prepare of office stationery i.e. letter head, stamps etc., and appointment of the first auditor of the company.

Ques. Who can be the member of a Company incorporated in India?

Ans. Any individual or organization can become the member of company.

Ques. What is the validity period of Certificate of Incorporation Issued by the ROC?

Ans. Once a Certificate of Incorporation (COI) is issued by the Registrar of Companies, it is valid for the lifetime of the company.

Ques. How can we check whether the company registration process is complete?

Ans. Once the Company is successfully incorporated the master data is generated on the Ministry of Corporate Affairs website and can accessed by the public.

Related Blog: Mobile & E-Mail Validation Before ITR Filing

startup registration

The Complete Guide to Choosing Your Business Structure

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             Choosing a business structure is one of the most important decisions to be taken by entrepreneurs as a business can’t be successful only with a great idea and investment. A successful business also depends on the type of business structure entrepreneurs are using. You can take help of professionals for startup registration or online company registration in India as it involves less cost, less time and efforts.

We are explaining below business structures prevailing in India along with their features to help you in your startup registration:

Sole proprietorship

Sole Proprietorship is suitable for those businesses which are small in size or have limited investment. As there is a single owner, all the profit and loss is shared by that single person only. All the assets owned by the owner himself and the liability of the owner is limited to the extent of capital contributed by him. It is easy to form and does not have any legal formalities as compared to Partnership or Company.

Read Other Blog: WHAT IS MSME REGISTRATION FEES & PROCESS?

Partnership Firm

A Partnership Firm is an agreement between two or more persons or partners who come together to form a business. Partners make a partnership deed which is a written agreement specifying the names of each partner, address, capital invested by each partner and profit sharing ratio. All the partners have unlimited liability. Registration of a partnership firm is not mandatory but it is always advisable to register it.

Limited Liability Partnership

Limited Liability Partnership is formed to provide limited liability to its partners. It has benefits of both partnership firm and company into a single form of organization. Partners have limited liability to the extent of capital contributed by them and they don’t have to suffer on behalf of its other partners. It is easy to form and it is also easy to become a partner in LLP.

Now Register Your Company in Dubai

Private Limited Company:

A Private Limited Company is a company which is owned privately by the individuals. The private company registration process is more flexible and easy as compared to Public company registration process because many provisions of the Companies’ Act 2013 are not applicable to it. The minimum number of directors required in it is 2 and the minimum number of shareholders required in it is 2 and the number of shareholders is limited to 50 only. It cannot invite the public to apply for its shares. It is more preferred by investors because they can buy/sell their shares easily.

Public Limited Company:

A Public Limited Company is a company which is owned by the public or in which the public can subscribe. It can raise capital from the public directly through issues of shares. The minimum number of directors required in it is 3 and the minimum number of shareholders required in it is 7 and there is no limit on the maximum number of shareholders. Its shareholders have limited liability to the extent of the face value of its shares and the premium respectively.

One Person Company:

One Person Company or OPC was introduced in India so that an individual person can also start his company. OPC has only one person as a member who can act in the capacity of a director as well as a shareholder. It is only permitted to a resident of India to incorporate OPC and any person from outside India cannot incorporate it. One person company registration process is easy as there are less legal requirements as compared to Private and Public company registration process.

                  The process of startup registration or online company registration in India is difficult to understand for entrepreneurs and also involves tedious documentation part. The company registration process also requires professional certification from professionals like CA, CS, and CMA. Therefore, it is better to consult professionals for startup registration and online company registration in India.

You can search such professionals on online directory of CAONWEB near you who can help you in startup registration and online company registration in India.     

Private Limited Company

How can a third party invest in a Private Limited Company?

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Among various types of businesses in India, Private Limited Company registration is favoured by businessmen to start a business by enjoying strong control over its operations. Private Limited companies are preferred by the promoters when medium scale operations are to be covered under proposed Business without any interference of the outsider’s i.e. public at large.

Private Limited companies are closely held companies. To invest into these companies, one needs to get in touch with the Directors, Promoters or the Shareholders of the Company as the shares of these companies are non-transferable unlike the shares of Public Limited Company. They need to be transferred by the existing shareholders and are not listed on a stock exchange.

A third party can invest in a Private Limited Company by way of

  • Equity shares: One needs to get in touch with the Directors, Promoters or the Shareholders of the Company as the shares of Private Limited Companies are non-transferable.
  • Debentures: Investment in debentures is the safest option, there are two kinds of debentures, convertible and non-convertible debentures.
  • Investment in the form of loans and advances: Private Limited Companies can only raise capital through private arrangements from its members, directors or their relatives etc.

Private companies are prohibited from inviting the public to subscribe for shares or debentures of the company and they cannot accept deposits from persons other than its members, directors or their relatives. So these Companies can only raise capital through private arrangements from its members, directors or their relatives, friends etc.

Getting an investor in the Company is an essential step for all businesses, Companies require external fund to cater to their growing requirements. However, an informed investor shall investigate into the working of the Company before lending the money. Investing in a Private Limited Company becomes advantageous due to various benefits offered by the said structure as well as the nature of the business.

Read more blogs: Private Limited Company

The investor needs to consider the following points for making an informed decision regarding Investment in a Company:

CONTROL: Control over the operations of the Company depends on the Shareholding ratio. The Shareholders having a stake in the Company can help direct the Company in the right direction. Shareholding enables an investor to make decisions for the company by availing the voting rights for the business to be transacted and conducted at meetings of members. Also where the investors are willing to take control over day-to-day working of the company, they have on option to appoint a representative in the Board called Nominee Director.

TAX IMPLICATION: Corporate tax is applicable on Private Limited Companies. The dividend on shares, if any, is given by the company to the shareholders is tax free in the hands of the shareholders.

MANAGEMENT: The investor has the option to take part in the day to day operations of the Company. If the investors are not willing to involve in the working of the company and have invested for profit only. It is not the obligation of the shareholders to engage in the day to day business activities and the same can be taken care by the Board of Directors of the company.

LIMITED LIABILITY: The investors are accountable for the amount held by them in the form of shares. This Limited Liability characteristic helps safeguard investors personal assets from loss made in the company. The risk of loss or failure of business is linked to the type of industry in which the company operates. Hence it safeguard the investors from extreme risk.

 INVESTMENT: As per the current trend, a start-up or a newly registered private limited company may run into losses at the initial stage of the operations. But the company may yield higher profit in long term. Investment here should be made after considering the Business Plan of the company in order to keep the risk at marginal level.

Conclusion: Investment decision in a Private Limited Company is ultimately based on the willingness of the investor. One needs to adopt a rational procedure before indulging in any project.

Read more blogs: Seven Steps for Private Limited Company Registration in Delhi

Frequently asked questions:


Who can invest in a private limited company?

Anyone can invest in a private limited company, but as Private Limited companies are closely held companies. To invest into these companies, one needs to get in touch with the Directors, Promoters or the Shareholders of the Company

Can a private limited company invest in another private limited company?

Yes, Private Limited Company invest in another private limited company

Can you invest in a private company?

Yes, one can invest in a private limited company, the process is covered in the above-mentioned blog.

How can a private limited company raise funds?

A private limited company raise funds through

  • Equity shares
  • Preference shares
  • Debentures
  • Investment in the form of loans and advances

Related Blog – Company incorporation in Dubai

Choose Your City For Company Registration.

Company Registration In Delhi

Company Registration In Noida

Company Registration In Hyderabad

Company Registration In Bangalore

Company Registration In Kanpur

Company Registration In Mumbai

Company Registration In Pune

Company Registration In Dubai

Company Registration In Hong Kong

Company Registration In China

Company Registration in dubai

HOW TO REGISTER A COMPANY IN DUBAI

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Dubai is one of the lucrative spots amongst all regions in the United Arab Emirates (UAE). UAE is a federation of seven emirates lying on the North-eastern coast of Arabian Peninsula. In this globalised era, where every business does not just want to limit their customer base to the geographical location they are based out of, rather wants to take it to new heights by removing the geographical barriers it comes with.

Company incorporation in Dubai-

Incorporation in Dubai would definitely prove to be a progressive decision for your business but at the same time it is more challenging. When it comes down to the cost involved in company incorporation in Dubai and how it will be done in case you are not a local resident there and you are not well-versed with the local surroundings. This is when an experienced consultant comes into picture who will guide you throughout your journey of company incorporation in Dubai.

FORMS OF COMPANY INCORPORATION IN DUBAI

1.       On the basis of Jurisdiction

1.1.   On-Shore: An entity that is incorporated in its home land with the sole purpose of doing business activities within the specific jurisdiction. Various benefits associated with establishing an on-shore business such as favourable regulation, tax regulations, banking & support sectors.

1.2.   Off-Shore: Any entity which is formed in a foreign country which is managed outside the jurisdiction of the company.

1.3.   Free-zone: These are special economic zones which are setup to promote the business environment in Dubai by giving away certain additional perks to those planning to set-up their business in these regions.

2.       On the basis of ownership/holding

2.1.   Limited liability: Limited liability partnership is a form of business entity in which the liability of an individual is limited to its share in the capital. Under Limited liability Company, the liability of the shareholders is limited to their share in capital. Maximum 50 & minimum 2 members are required to register a company as Limited liability in Dubai.

2.2.   Sole proprietorship: For a foreign potential investors, the procedure for incorporation in UAE allows an investor to start a company without any UAE national being a partner in the company. However, the foreign investor must incorporate fee based service agent instead of a “sponsor” to sign important documents.

2.3.   Private limited: It refers to possession of a big business corporation firstly, by non-governmental organizations and secondly, by a relatively small number of holders who do not trade the stock publicly.

2.4.   Public limited: A company where the business capital is divided into equal shares, with each shareholder’s liability limited by their respective number of shares.

2.5.   Branch office: Location other than the head office or the registered office of the company, which acts as an additional office for operations of the company.

Now Register your Company In Hong Kong

WHY COMPANY INCORPORATION IN DUBAI?

·         Geographical location

·         Taxation benefits

·         Flexible business environment

·         Endless opportunity for entrepreneurs

WHY CAONWEB?

·         Company incorporation in Dubai could prove to be a hectic job unless you are well aware of the law which is applicable in the gulf region. This is where any business establishment needs a consultant who is having the required experience of company incorporation in the region.

·         We at CAONWEB has the most trusted and experienced professionals who have a decade long history of serving the clients.

·         Help our clients in selecting the most lucrative location for their business setup in Dubai.

·         Expertise in cross-border transactions.

 Now Register your Company In China

Dubai Company Registration (FAQ’s)

How can I register a company in Dubai?

There are various forms of company which can be incorporated in Dubai viz. On-shore, Offshore & Free-zone Company. There is slight difference in the company registration process of these companies but more or less their process remains the same.

Follow the steps for company incorporation in Dubai.

·         Define nature of business.

·         Choose a name for your company.

·         Check the jurisdiction under which your business will operate.

·         Apply for license with the authorities.

·         Attach all the documents necessary for company incorporation.

·         Review the share capital requirements.

·         Submit your application with the authorities.

What kind of business can I start in Dubai?

An individual can start any sort of business in Dubai, there is no restriction on type of business but the licensing process is different for different forms of business.

Legal forms of companies in Dubai

·         Sole proprietorship

·         Partnership firms

·         Limited liability company

·         Private shareholding

·         Public shareholding

·         Branch office

Types of Trade licenses issued in Dubai?

·         Commercial

·         Industrial

·         Professional

Now Register your Company In India  

How many jurisdictions involved for company incorporation in Dubai?

Majorly there are 3 categories under whose jurisdiction companies can be formed:

·         On-shore company

·         Off-shore company

·         Free-zone company

What is Dubai economy based on?

Primarily the economy of Dubai was based on its petroleum production but with the time Dubai has emerged as one of the most lucrative business destination because of the incentives Dubai is offering to encourage business on their soil.

Now every new entrant or an established company is planning to take their business overseas, most likely to Middle East (Dubai).

New Company Registration

How do I Register a New Company?

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As per the Companies Act, 2013 all the Companies whether Private Companies, Public Companies or Non for Profit Organisations need to be registered with the Ministry of Corporate Affairs. As most of the founders are not aware of the basic legalities of setting up a new business, here is a guide to the most important question on how to incorporate a Company in India.

How do you register your company?

Initially, the entrepreneurs focus on their business idea, its viability, building a team, analyzing various prospects, creating a target market, etc. but the first and foremost thing to do is Company registration. As the Company would be the entity that would represent the founders of the promoters in the market.

GST Registration | GST Registration Process

The most important step in the Company registration process is to get the proposed name reserved for the Company. An ideal Company name is the one that is easy to memorize, register and pronounce. The proposed name should also reflect the business activity of the Company.

One needs to carefully choose the Company name as the domain name should also be available. While checking the availability of the proposed name of the Company one needs to also check the name availability on the trademark site.

The Ministry of Corporate Affairs has made the whole Company registration process online and simplified under the ease of doing business initiative, the name approval is a fast track service wherein one can get the name approved within 24 hours of filing the web form.

Now Register Your Company In Dubai

Once the name is approved the next step is to obtain digital signature certificates. One can get their DSC’s made through government listed agencies, these agencies are verified by the Controller of Certification Agencies.

Digital signature certificates are issued with one- two-year validity and can be renewed once it gets expired. DSC is password protected as they are used for certifying various forms that are required to be filed with government departments.

Accounting & Auditing

The most important step is to prepare the relevant documents and file the incorporation forms with the Ministry of Corporate Affairs. One can take assistance from professionals or hire them for such Ca services. The incorporation forms are linked forms which contain the following:

  1. FORM NO. INC-32 (Simplified Proforma for Incorporating Company Electronically): As the name specifies it’s an integrated form which shall enable the applicant to file the following:
  2. Name of the Company
  3. Director Identification Number
  4. Incorporation Certificate
  5. PAN
  6. TAN

Related Blog – INCOME TAX EXEMPTIONS/DEDUCTIONS

  • FORM NO. INC-33 (e-Memorandum of Association): This form contains the main activity of the Company along with the details of the subscribers i.e. the shareholders of the Company and the amount of authorized capital.
  • FORM NO. INC-34 (e-Articles of Association): All the rules and regulations along with the procedures for holding meetings, transfer of shares, voting rights etc. are listed in the articles of the Company. It like a rule book that the Company has to abide with.
  • FORM NO. INC-35 (Application for Goods and services tax Identification number, employees state Insurance corporation registration plus Employees Provident fund organization registration): One can apply for GSTIN / EPFO / ESIC through the same form.
Company Registration

Related Blog – All you need to know about Company Registration as a startup

Once these forms are filed and approved by the Ministry, the Incorporation Certificate is generated and hence the registration process is complete.

Related Blog – Company incorporation in Dubai

Here are a few commonly asked questions:

Is one person company a private company?

Yes, One Person Company is a Private Limited Company, hence the Company name has the letters (OPC) in it.

Can one person company have employees?

Yes, there is no limit on the number of employees a One Person Company can have.

What is the fees for company registration?

The fee to incorporate a Company in India can fall in a price range of Rs. 5000/- to Rs. 12000.

How can I apply for Pvt Ltd Company?

The Company registration process is online, click on the to connect with professionals:- Company Registration

Which documents are required for company registration?

The following documents are required:

1) ID Proof ( PAN Card)

2) Any of the following proofs:

  • Adhaar
  • Voter ID
  • Passport
  • Driving License

3) Address Proof (anyone):

  • Electricity Bill
  • Telephone Bill
  • Bank Statement

4) Photograph of both the proposed Directors

5) Electricity Bill and Rent Agreement of premises

More Information to click here – CAONWEB

• Nidhi company registration in India

Nidhi Company in India – It’s Features, Advantages & Disadvantages

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NIDHI COMPANY

  • Nidhi company registration in India is governed under section 406 of companies act, 2013. The word “Nidhi” is sometimes used in reference to a treasure/a fund i.e. the company incorporation with the primary objective of creating a habit of savings amongst its members.
  • Companies which are incorporated as Nidhi Company are primarily involved in borrowing & lending to members only. Nidhi Company is a form of Non-Banking Financial Institution (NBFC). Inculcating the habit of savings among its members, Nidhi Company works on the principle of mutual benefit of both the company and its member.
  • Since Nidhi companies are formed under the rules of companies act, 2013 therefore it is not required to take a separate license from Reserve bank of India (RBI), hence it is easy to get Nidhi Company incorporation rather than a bank.

FEATURES OF NIDHI COMPANY

  • Borrowing & Lending to its members: Nidhi Company cannot lend & borrow from outside its member community. Restricting the business area of company also reduces the chances of business collapse.
  • “Nidhi ltd.”: “Nidhi limited” must be added to name of the company incorporation if it is registered as a Nidhi company under companies act, 2013.
  • Share capital: Minimum equity share capital of INR 5 lakh is required for company incorporation as Nidhi Company. Once you have registered it as a Nidhi company, You cannot issue preference shares.
  • No. of members: Atleast 7 members must be there to start a Nidhi company. Out of these 7 members, 3 must be the full time directors of the company.

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ADVANTAGES OF NIDHI COMPANY

  • Nidhi rules, 2014: According to the Nidhi rules as designed for the functioning of a Nidhi company, they are not allowed to deal with the funds of any person other than their members and the powers to impose certain restriction by RBI are limited.
  • Ease of formation: Unlike other NBFCs or scheduled banks, Nidhi Company does not have to obtain a license from RBI. They have to initiate the process of new company registration as a public company with MCA under the Nidhi rules 2014 and they can start the functioning of the company.
  • Channelizing savings: Nidhi Company gives an opportunity to all its members to start the borrowing and lending process once they become member of it. Promoting an environment of savings among a lower and middle section of society. These small sections can now contribute and avail credit from Nidhi companies.
  • Low credit rate: Lower rate of interest on loan which is offered to the members of the Nidhi Company than prevailing market rate. This brings greater confidence amongst the members and boosts the process of savings to the members.
  • Minimal outside intervention: Since Nidhi company offers the borrowing and lending facility for its members only. Therefore, outsider intervention is automatically reduced since an outsider does not actually have a say in the internal matter of the company.
  • Cost effective: Nidhi Company registration is a cost effective affair. Unlike a scheduled bank registration or a private company registration formalities involved in Nidhi company registration are minimal. The minimum capital requirement of Nidhi Company registration is INR 5 lakh where you have the opportunity to invest the capital within the 2 months after the company registration.

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DISADVANTAGES OF NIDHI COMPANY

  • Limited Fund Raising: Fund raising in a Nidhi Company is directly related with the number of members it have because a Nidhi Company can only accept deposits and lend only to its members which limits it source of raising funds. 
  • Limited credit availability: Limited fund with the company raises the concern of limited credit availability which ultimately beats the very purpose for which the Nidhi companies were established.
  • RBI vigilance: Although there are no strict compliances imposed upon the Nidhi company by RBI, still their activities are governed by the Reserve Bank especially their deposit acceptance operations.
  • Other Regulations: The central government issues rules and directions governing Nidhi Companies from time to time. Therefore, they are not totally exempt from the regulatory framework.

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REGISTRATION REQUIREMENTS OF OPENEING A BRANCH OFFICE IN INDIA

REGISTRATION REQUIREMENTS OF OPENING A BRANCH OFFICE IN INDIA

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Expansion of your business venture is one of the motives behind opening a branch office. Through branch office in India, foreign companies can conduct full fledge operations in India. However, the branch office is not allowed to carry manufacturing activities unless stated otherwise. There are certain strings attached with the formation of a branch office in India. Foreign companies are allowed to open branch offices in India for the following purpose:

  • Import & Export of goods
  • Consultancy services
  • Research related work
  • Working as a buying/selling agent for the parent company
  • Rendering IT service in India
  • Foreign shipping company
  • Foreign banks

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Registration Requirements

  • The name of an Indian branch office shall be same as the parent company.
  • The branch office doesn’t have any ownership; it is an extension of an existing foreign country.
  • Expenses being met by head office  (In case it does not have the revenue from Indian operations)
  • The parent company must have a profitability record of immediately preceding five years.

Documents Required

As per RBI guidelines, an application needs to be submitted for the branch office by the RBI authorised dealer. Authorised dealer refers to the institutions having the license for the same.

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Following filings needs to be done for registering branch office in India:

  • Form FNC-1
  • Letter from parent company to RBI
  • Letter of authority to setup a branch office in India
  • NOC from the parent company
  • Certificate of incorporation, Articles of association & memorandum of association duly attested by the Indian embassy or notary in country of origin
  • Latest audited accounts statement & balance sheet for past 3 years
  • Name, address, contact info. Of authorised person in home country
  • Expected funding level operations in India
  • Proposed branch office address details
  • Details of activity being carried out in Home country.
  • Bankers certificate
  • Latest identity/address proof of all the directors
  • Organisational structure & its shareholding pattern
  • Complete KYC of shareholders holding more than 10% equity in applicant country
  • Duly signed account application form for Indian Bank.

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POST INCORPORATION REQUIREMENTS

  • Get yourself registered with the income tax authorities and obtain PAN Number
  • GST Registration if applicable
  • Obtain Director Identification Number (DIN)
  • Obtain Tax Identification Number (TAN)

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Cases in which prior approval of RBI is needed

Any application from a person outside India, for establishing their branch office in India shall require prior approval of RBI in following cases:

  1. When registered person/incorporation is from Pakistan
  2. When registered person/incorporation is from Bangladesh, Sri Lanka, Afghanistan, Iran, China, Hong Kong or Macau and the application is for opening a liaison or branch office in Jammu and Kashmir, North East region and Andaman and Nicobar Islands;
  3. Principle business of the applicant is in following sectors; defence, telecom, security or Information & broadcasting
  4. The applicant is a NGO/NPO of a foreign government

Exceptions:

  1. A banking company outside India, if they have obtained approval under banking regulations act, 1949
  2. A banking company outside India, if they have obtained approval under Insurance regulatory & development act, 1999

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