Private Limited Company Registration in Sikar

Being the fastest-growing economy, India has budding Entrepreneurs. Youth looking to do something on their own and the most common form of legal business entity is a Private Limited Company registration in Sikar. If you have limited capital and your business is small scale but you want to run a registered business then Private Limited Company is an appropriate form of business. Registration of the company is an important step towards a successful business. The Registration protects the business from various fraudulent and misappropriate activities.

 Meaning of Private Limited Company

A Private Limited Company is a company that has certain restrictions in matter of number of members, Transferring of shares and public invitations. It restricts the transfer of shares, has maximum 200 members (except in case of OPC) and restricts the public invitations. Private Limited Companies are generally a choice for the small businesses or family-owned business. Private companies offer a number of advantages over Public Companies

Commercial benefits of Pvt ltd Company registration in Sikar

Following are the benefits of Private Limited Company registration in Sikar:

• Limited Liability: The shareholder of the Private Limited Company enjoys the benefits of limited liability. The personal assets of the shareholders are separate company’s liabilities.
• Credibility: The registering Private Limited Company enhances the credibility of the business. It helps in attracting more potential customers and investors.
• Perpetuality: The registered Private Limited Company also highlights the perpetuality of the business irrespective of any changes in Owners or Directors.
• Easy to raise finance: Due to a legal structure, registered Private Limited Company also have advantages of raising finance smoothly from banks.
• Growth Opportunities: In comparison of sole proprietorship or Partnership, A registered Private Limited Company has more scope to grow. It is because the Private Limited Company can raise more capital through large investors.
• Tax benefits: A registered Private Limited Company may also be eligible for certain tax benefits, helps in reducing the company’s tax liability.

Checklist before registration of Private limited Company

There is a checklist before registration of Private Limited Company are as:

• Minimum 2 people are required as shareholders or directors of the company.
• Identical Name for the business is mandatory. In other words, the name of the company should not have resembled any other existing company.
• There must be a registered office of the company, which can be even rented.

NOTE: There should be address proof of registered office, a telephone bill or electricity bill or sale deed or a letter from the landlord can be considerable.

Document filing by Directors and Shareholders of the Company

There is requirement of document filing by directors and Shareholders of the Company. Here are key documents:

• PAN Card;
• Voter ID or passport or driver’s license;
• Latest bank statement or Telephone or Mobile bill or electricity bill, or gas bill;
• Passport-sized photograph;
• Specimen signature (blank document with signature [directors only]).
• DSC and DIN

Procedure for Registration of Private Limited Company in Sikar

There is a step-by-step procedure need to follow for registration of Private Limited Company. These steps are:

• Obtain DIN for the proposed director: DIN is an 8 Digit Director Identification Number. An individual who is selected as Director files an application in e-form DIR-3 with prescribed fees. The following are the documents required to obtain DIN:
  • Self-attested address proof.
  • Passport size photograph.
  • Copy of PAN Card.

• Obtain DSCs of subscribers: Digital Signature Certificates (DSC) are the digital OR electronic format of physical or paper certificates. The DSCs are mandatory for each subscriber. The following are the documents required to obtain DSCs:
  • ID proof,
  • PAN card,
  • Address proof, and
  • Attesting officer proof

• Verification of company’s name: Get the name approval of the company. The name must be identical. There are the following options for name approval:
  • Reserve the name by Part A of the SPICe+ form, or
  • Reserve the name by Part A and Part B of the SPICe+ form together to get approval for incorporation and name approval.
• Draft Articles of Association (AOA) and Memorandum of Association (MOA):

MOA is the charter document of the company. It limits the boundary of the company. In the case of a Private Limited Company, MOA must be signed by at least 2 subscribers.

AOA is a document that abides by the company with its rules and regulation. It is the structure for internal governance. Private Limited Companies must draft MOA and AOA.

• File SPICe Form -INC 32: SPICe Form-INC 32 is the single form for:
• • Reservation of Name.
  • Incorporation of new Company.
  • Allotment of DIN.
  • Application for PAN or TAN.
  • Once accepted, the company get registered then:
  • CIN would be allotted.
  • DIN get allotted to the proposed director.
  • PAN or TAN get approved.

• Along with the SPICe Form following documents are attested:
  • eMoA in form INC 33 and eAoA in form INC 34.
  • Form DIR-2- Statement from the first director.
  • DIN affirmation by proposed directors.
  • Statement by the director – for any credits or any agreement of sector regulation. (If required)
  • Director’s interest. (If any)
  • Address proof of registered office.
  • Address proof and identity of all the subscribers.

• File form INC 35 or form AGILE: Form AGILE is for
  • GST number
  • Employees Provident Find
  • Employees State Insurance Corporation

The registration of the company is the broader concept. The team of experts at legal window helps you in the registration of your business as a Private limited company.

Consequences of non-registration of Private Limited Company in Sikar

There are certain consequences of non-registrations, these are:

• An unregistered firm cannot sue a third party.
• The member of an unregistered firm cannot sue the company for any infringements of their rights.
• The third party may sue an unregistered firm and its members for their dues.

Hence, the expert of Legal Window always advises you to register your business firm. Get in touch with our team at 072407-51000 or email [email protected] for Private Limited Company registration and compliance services.

Takeaway

During the registration, various conditions need to be satisfied. The registration procedure involves many legal formalities. A Private Limited Company is the most common and convenient way to carry out registered business. Other than limited liability or minimum legal requirements, Private Limited Company offers many other advantages as discussed in the above article. The whole process of registration takes around 10 days which includes approval of DIN, Name and incorporation. Although, nowadays registration of a company became a fast online process.