Today company registration for newly startup financial business quite simple. Now private limited company is known as the most popular option of legal entity and it is accomplished under the companies Act 2013 which is managed by Ministry of Corporate Affairs (MCA). Incorporation of private limited company procedure becomes easier with the arrival of company formation process on online platforms. Legal assistance from a chartered accountant or a lawyer is essential.
Their fees vary because the level of experience and expertise are different. This is applicable for offline registration process. It can also be done online where the fees of incorporation is lower. In this circumstance, there is no need of minimum paid-up capital. If you want to register your pvt ltd company , you may come at One Click Business Solutions & get low cost of private limited company registration.
Procedure of Private Limited Company Registration
To apply for the registration of a private limited company, at least two directors and two shareholders are required. An individual can be both a director and shareholder while a corporate legal body can only become a shareholder. In addition, foreign corporate entities, foreign nationals or NRIs can also become shareholders and / or directors of a company with Foreign Direct Investment. It facilitates the most accepted choice for foreign promoters to become entity.
Depending on the offering of products or services, each business needs a number of government registrations. If your company provides its clients with a service and the turnover crosses Rs. 9 lakh, customers’ service tax must be imposed. In this situation, it is important to perform a service tax registration. The incorporation can be performed at a reduced price and tenure.
Those who are selling products must have GST registration. It is compulsory to get a license under Shops and Establishments Act for opening a current account. Professional tax registration is compulsory if there are employees. Cost of business registration may vary as most of the taxes are state-based and different all through India.
Declarations must be made by every company to the Ministry of Corporate Affairs in order to reveal:
- The minutes of board meetings
- The hiring of an auditor
- Annual filings of the company and directors and others
These do not require much effort but somewhat time-consuming. Online business services provider companies have experienced professionals to do this for certain fees which include government fees.
Important Facts of Private Limited Company
Most of the startup organizations prefer to Start as a Private Limited Company. It can get you the requisite growth and stability opportunity to carry one with your business.
- Distinct Legal Body
- Minimum Obligation
- Requirements are Less to Incorporate
- No Minimum Capital Requirement
- Simple to Transfer Shares
- Eligible for FDI
- Possession of Property and Assets
- Yearly cost of compliance
Private limited companies need to maintain their books. Charges will differ depending on the number of entries and auditing is compulsory for this type of company. Fees for accounting and auditing can vary according to the volume of books and number of entries.
