Private Company
Section 2(68) of the act states that a private company is means a company which,
- Restricts the right to transfer shares.
- Limit the number of members to two hundred, However the maximum number excludes former employees who are also members, and current employees holding shares.
- Provided that, Joint holders of shares shall be treat as single member.
Section 7 Incorporation of Companies read with rule 12 of Companies (Registration office and fees) Rules,2014 An application for incorporation shall be filed in form SPICe+
Provided that in case pursuing of any objects of company requires approval/registration of RBI, SEBI, as the case maybe, approval/ registration shall be obtained by the proposed company before pursing such objects and a declaration in this behalf shall be submitted at the stage of incorporation of company.
Steps for Incorporation of Company
1. Fill SPICe+ Part A for application of Reservation of Name of Company by paying Rs 1000/- which may be either approved or rejected by ROC after allowing resubmission of such web form within fifteen days for rectification of the defects.
Note: Only one resubmission is allowed.
2. Fill SPICe+ Part B for filing the details of proposed company
3. Attachments to be annexed with SPICe+
- Declaration by first director(s) and subscriber(s) is mandatory where total number of subscribers and/or directors is greater than 20 or any such subscribers and/or directors does not have DIN/PAN
- Proof of office address (Conveyance/Lease deed/Rent agreement with rent receipts),
- Copy of utility bills not older than 2 months,
- If any subscriber to the proposed company is a company itself then it is mandatory to attach, Resolution passed by the promoter company
- Interest of first directors in the other entities,
- Proof of identity and residential address of directors are mandatory if they does not have a DIN
4. Directors not having DIN
- The Potential directors shall first obtain class 2 DSC
- Then apply for DIN in the SPICe+ (maximum 3 directors can apply for DIN in SPICe+)
5. Part B of SPICe+ shall be accompanied with SPICe+AoA, SPICe+MoA, AGILE-PRO-S
6. Filing of form INC 22 Form INC 22 needs to be filed by the company within 30days from the date of incorporation
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