There have been major changes in the process of Company registration with the Ease of doing Business initiative which has simplified the process of incorporating a Company in India, Company Registration being a recommended form of business structure as it suits everyone’s needs. While registering a private limited Company minimum two people/ promoters are required for its formation where both can be director and shareholder. The registration of Company is done under the Ministry of Corporate Affairs, Company being a separate legal entity it provides limited liability to its shareholders. The various types of companies that can be incorporated in India include the following:
- One Person Company
- Private Limited Company
- Public Company
- Section 8 company
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Documents Required for Company Incorporation in India:
PAN Card of the promoters
Passport size photograph of both the promoters
Aadhaar Card/ voter id of the promoters
Bank Statement/Utility bill of both the promoters
Lease Deed, for the registered place of business if it not owned by the promoters
Electricity bill/ Water bill (registered place of business)
No Objection Certificate
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PROCEDURE FOR INCORPORATING A COMPANY IN INDIA:
Recently the Ministry of Corporate Affairs under the Ease of doing business in India initiative has launched a web form SPICE+ (SPICE plus) which aims at simplifying the company registration process. As per the new Spice+ form the form is divided into two parts:
PART A: Name Reservation, The proposed Company can file the name application separately for reserving the name for 20 days and afterwards file for company registration or can fill part A along with the part B and file for Company registration.
PART B: Company Registration, it contains all the required details for registering the Company i.e. details of directors, shareholders, registered office address of the Company, Authorised and paid up capital and other requisite details.
Digital Signature Certificates: The directors/ subscribers to the MOA & AOA need to obtain digital certificates from the government authorised agency. These signatures are required while filing forms with the ROC, GST filing, and ITR filings and are regarded as the physical signatures of the Directors and shareholders.
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Once the Web Form is filled one needs to attach the required documents and upload the same with the digitally signed linked forms.
Memorandum of Association
Article of Association
Declaration of First Subscribers and Directors
Once the forms are uploaded with the Ministry and the requisite fee paid, the Ministry shall provide the following registrations at the time of approval:
- Director Identification Number (DIN)
- Company Incorporation Certificate
- PAN Number
- TAN Number
- GSTIN Number
- Bank Account Number
- EPFO Registration
- ESIC Registration
- Professional Tax (only for the state of Maharashtra)
Time Taken: Company registration process takes around 7-10 working days rest depends on the approval by the Ministry of Corporate Affairs.
Professional Guidance: The incorporation process is not an easy task it requires professional interface. From selecting the appropriate name in accordance with the Company (Incorporation) Rules, 2014 to drafting of Memorandum, Articles of Association, with the drafting of incorporation documents, along with certification of the forms professional guidance is required at every step of Company registration process. One can therefore take help from the CA services providers.
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Question: What is the timeline to register a company in India?
Answer: Company Registration takes around 7 -10 working days.
Question: Can foreign nationals be a directors of Company registered in India?
Answer: YES, even a foreign national can be a director of an Indian Company.
Question: Where can I find more information on Company Registration in India?
Answer: One can go visit our page and search, find the related topic link- https://blog.caonweb.com/
The CAONWEB Team comprises qualified chartered accountants and experienced investment experts who are passionate enough about finances to bring you the best advice and tips on everything related to your hard-earned money.