Quick Requirements to get a Private Limited Company in 2 days
- Minimum Directors: 2
- Minimum Promoters/Subscribers: 2
- Name of the Company
- Objects of the Company
- Minimum Capital: Not Required
- Registered office: Owned/Rented
Steps taken for greater ease of doing business:
- Reserving a Company name in now child’s play,
- No need to file Form INC-1,
- No need for a Digital Signature (DSC),
- DIN not required prior to filing SPICE e-Form,
- Five services in one form: DIN, Name Reservation, Incorporation, PAN & TAN.,
- Speedy incorporation Approvals from CRC. (Max. 1 working day)
Starting a business in India is now easier by a new scheme name “Company with Zero fee”
Following is the detailed procedure for incorporating a company in 2 working days.
1. Application for reservation of name: – Through RUN:
RUN service should be used pursuant to Section 4 of the Companies Act, 2013 and Rule 8 & 9 of Companies (Incorporation) Rules, 2014 . Section 4 of the Companies Act, 2013 is reproduced below-
Section 4: (1) The name stated in the memorandum shall not:
(a) be identical with or resemble too nearly to the name of an existing company registered under this Act or any previous company law; or
(b) be such that its use by the company— (i) will constitute an offence under any law for the time being in force; or (ii) is undesirable in the opinion of the Central Government.
(2) Without prejudice to the provisions of sub-section (2), a company shall not be registered with a name which contains— (a) any word or expression which is likely to give the impression that the company is in any way connected with, or having the patronage of, the Central Government, any State Government, or any local authority, corporation or body constituted by the Central Government or any State Government under any law for the time being in force; or (b) such word or expression, as may be prescribed, unless the previous approval of the Central Government has been obtained for the use of any such word or expression.
(3) A person may make an application, in such form and manner and accompanied by fee of Rs. 1,000/-, to the Registrar for the reservation of a name set out in the application from MCA site directly, no need to file any fresh form to file the same.
- Processing Type Processing will be in Non-STP mode.
- SRN Generation: On successful submission of the proposed name in RUN service, SRN will be generated and shown to you which will be used for future correspondence with MCA.
- Challan Generation: On successful submission of the proposed name in RUN service, Challan will be generated depicting the details of the fees paid by the user to MCA.
- Email: When a proposed name is approved/ rejected by the authority concerned, an acknowledgement of approval/rejection with related documents, if any is sent to the email id of the applicant.
- Approval/ Rejection Letter: When an e Form is approved/rejected, name approval/ rejection letter is generated, digitally signed by the Registrar and shall be sent to the email id of the applicant. Rejection letter is generated on the basis of rejection codes defined by MCA.
2. Finalisation of Main Objects and Memorandum & Articles of Association of the Company and other documents: –
After getting the name approved of the Company, next step is to finalise the main objects and Memorandum & Articles of Association.
(a) MOA shall be in respective form as prescribed in Table A, B, C, D and E of Schedule I as may be applicable and Adoption of Articles of Association shall be in respective form as prescribed in Table F, G, H, I and J of Schedule I as may be applicable. At least two subscribers are required for subscribing to the Memorandum of Association to form a Private Limited Company. In case of foreign subscribers, they have to authorise some other Indian persons who will digitally sign the MOA & AOA on their behalf. If the foreigners/NRI is physically present in India, their digital signature can be used to subscribe MOA & AOA.
- The subscribers digitally sign the e-form 33 (MOA) and e-form 34(AOA) with their Digital Signature.
3. Registered Office:
For incorporating a Company, it requires a registered office address. Following documents are requiring to be attached in form to file with Registrar.
- Proof of Registered office (Sale/Purchase Deed-if owned, rent agreement & NOC- If Rented) and
- Utility Bill, that is not older than two months.
4. Director:
For incorporating a Private Limited Company, there should be at least two persons required to be appointed as director. In case of foreign company, one director must be an Indian Resident.
5. Filing of digital Memorandum and Articles of Association with Registrar of Companies:
After Memorandum and Articles of Association are finalised, the same are to be filled in e-form 33 & 34. After that, it will be filed with Registrar of Companies, electronically along with the following forms/documents. Registration Fees which will depend on proposed Authorised Capital of the company:
| Form-32 (Spice)
|
: Statutory Declaration for compliance of provisions of the Companies Act, 2013 in regard to Formation of Company. |
| Form 33 (MOA) | : e-Memorandum of Association |
| Form 34 (AOA) | : e-Article of Association. |
| Power of Attorney | : Authorisation for making corrections in the office of Registrar of Companies related to incorporation of company. |
After filing these three forms on MCA site, promoter need to upload PAN & TAN form within 2 days of filling the forms. Once the Company will get certificate of Incorporation from Registrar of Companies, PAN/ TAN will be received by mail and post. Here, all steps for incorporating a Company are over and you can start your business immediately.
(Author- CS Ritu Nagpal, AGM_corporate Law, G. K. Kedia & Co.)
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