Private Limited Company Registration Bangalore
If you want to start a business in Bangalore, then the initial step is to register a company. Private Limited Company registration in Bangalore is the basic essence or initial procedure which every businessmen must follow. There are multiple type of Company formation like OPC Company Registration, Pvt. Ltd. Company, Pubic Ltd. Companies and LLP Registration but the most popular type of formation of Company Name Registration / to form a company / to setup a company is Private Limited Company Registration in Bangalore. To register private limited company, there is a minimum requirement of two directors and the paid up capital. The main benefit to register a company is that the liability of the directors is limited and therefore, the creditors can only claim their amount from Company’s assets and not director’s personal assets. If a non-resident person wants to start a company in Bangalore, then he/she can do Company Registration and he can also be the director of the Company. If you want to start a company in Bangalore then make sure your company is registered as Company Registration should be your first priority under Ministry of Corporate Affairs ( MCA ).
Raag Consultants will assist you in Company Registration in Bangalore and other Indian metro as well as non-metro cities. We will help you with company formation procedure and new company incorporation procedure. All the company incorporation procedure and required company registration documents will be given to you by our experts.
Advantages of Company Registration in Bangalore/ Start a Company in Bangalore
Easy Fund Raising
Company registration process is itself build a platform of trust for the market which makes fundraising from external market easier. The organization itself have the various alternative to raise funds in the form of private equity, Employee Stock Option Plan(ESOP), and more.
Owners’ Limited Liability
The Liability of the shareholders or the owner of the company is limited upto the shareholding in the company. The creditors cannot bound the shareholders to pay the statutory and other liabilities of the company from their personal assets.
Management and Ownership Separation
One of the important benefit of Company Registration is there is separation between ownership and management which help both, the company and the management to work effectively for the Company's objectives. The shareholders assign responsibility to operate and run the company without losing control in the form of voting.
Separate Legal Existence
Once the Company registration in India is done, a legal entity is born in eyes of law. This separates itself from its owners and managers. The company can operate on its own name simply by opening a bank account to own assets and enter into contract with parties. This also provides right to sue third parties in case of any defaults.
After Company Registration, a company has it own legal existence in the market and having ‘perpetual succession’, that is continue or uninterrupted existence until it is legally dissolved. A company, being a separate legal person, is unaffected by the death or cessation of any member but continues to be in existence irrespective of the changes in membership
Different Forms of Company Registration Bangalore
1) Private Limited Company Formation:
This form of Company Registration is ideal for the business who is expecting high annual Sales and for the entrepreneurs who is seeking external source of funding. Under Private Limited Company, minimum two numbers of members required to form a company. Under this Company formation, the mandatory compliances related to MCA, GST, Income tax is high as compared to other type of formations. Private Limited Company provides the simple and easy platform to raise the capital in the company. Private Limited Company formation can also offers ESOP to their employees.
2) Public Limited Company Formation:
This form of Company Registration is ideal for the business who is expecting high annual Sales and for the entrepreneurs who is seeking capital from members as well as from general public. Under Private Limited Company, minimum five numbers of members required to form a company. Under this Company formation, the mandatory compliances related to MCA, GST, Income tax is very high as compared to other type of formations. Public Limited Company provides the simple and easy platform to raise the capital in the company. Public Limited Company formation can also offers ESOP to their employees.
3) Limited Liability Partnership (LLP) Company Formation:
This form of Company formation is ideal for the Service businesses and also ideal for the businesses who need lower investment to start a business. Under Limited Liability Partnership firm, minimum two numbers of partners required to form a llp. Under this Company formation, the mandatory compliances related to MCA, GST, Income tax is less as compared to Private Limited Company Registration. Raising of Contribution is little bit difficult as compared to Private Limited Company. LLP Company formation cannot offer ESOP to their employees.
4) One Person Company Formation (OPC):
This form of Company Registration is ideal for the proprietor business who is expecting legal form of the entity and limit their liability and also have complete control over the company. Under this Private Limited Company, minimum one numbers of members required to form a company and one nominee required to form a Company. Under this Company formation, the mandatory compliances related to MCA, GST, Income tax is very less as compared to other type of formations. This Private Limited Company provides difficult platform to raise the capital in the company. Private Limited Company formation cannot offer ESOP to their employees.
Passport size photograph of directors
Required Company Registration Documents
Copy of PAN Card of directors
Copy of Aadhaar Card/ Voter identity card of directors
Electricity/ Water bill (Business Place)
Copy of Property papers(If owned property)
Copy of Rent agreement (If rented property)
Landlord NOC (Format will be provided)
Checklist for Company Registration in Bangalore
According to the law in the Company Act, 2013 in order for any company to be registered in India, the below conditions have to be met.
A private limited company must have at least two directors and at most, there can be 15. Of the directors in the business, at least one must be a resident of India.
Register your Company Name:
The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India.
Minimum Capital Contribution:
There is no minimum capital amount for a company. A company should have an authorized capital of at least Rs. 1 lakh.
The registered office of a company does not have to be a commercial space. Even a rented home can be the registered office, so long as an NoC is obtained from the landlord.
How to do Online Company Registration in Bangalore ? - A detailed company registration procedure
Company Registration will be more beneficial for startups in Bangalore because the government provides many legal compliance reliefs to the new startups to encourage them to do business in Bangalore. The MCA (Ministry of Corporate Affairs) regulates the company registration process with rules and regulations framed in accordance with the law. Following are the detailed steps for Company Registration in Bangalore :
• Step 1: Application for DSC (Digital Signature Certificate).
• Step 2: Apply for the DIN (Director Identification Number)
• Step 3: Application for the name availability.
• Step 4: Filing of the E-MoA and E-AoA to register private limited company
• Step 5: Apply for the PAN and TAN of the company
• Step 6: Issued certificate of incorporation by ROC with PAN and TAN
• Step 7: Opening a current bank account on company name
Register your Company name before Company Registration:
One of basic and initial step in the process of Company Registration is to check the availability of the company name. There is a facility given by the Ministry of Corporate Affairs to check the resemblance with the companies already registered in the MCA database and also check whether the company name is resemble with any trademark or not by searching in Intellectual Property Rights database.
We recommend the businesses to come up with three to four alternative names during the approval stage of Company Registration. The Ministry of Corporate Affairs will be the final authority to approve the name based on the availability rules and regulations.
If you are disappointed that a preferred name is taken, do remember that the name of your company doesn't have to be your brand name. However, if you're going to trademark your brand name, also check if it has already been trademarked at http://www.ipindia.gov.in/. If it has been trademarked, you would need a no-objection certificate from its owner to have it approved as your company's name.
Why Company Registration Consultant in Bangalore is Important
Company Registration consultant in Bangalore is an expert in their field and have deep knowledge about the Company Registration application, what documents required for Company Registration application, what are the set formats of documents as per rules and regulation of MCA Authority under which only the new business is allowed to prepare the documents and attached in the application. For example, while apply company registration , the new business need to certified the company registration forms from Chartered Accountant or Company Secretaries to register a company under MCA for which set formats have been designed to prepare and upload the documents in application. New Businessmen is not aware about the right documents and defined formats and face rejection of company registration application in a case they applied for Company Registration without the help of Company Registration Consultant in Bangalore.
Following are the benefits to hire the company registration consultant:
Assist in preparation of Company Registration application.
Assist in preparation of documents and details which need to be attach in the Company Registration Forms. Documents will be prepared as per the set formats defined under MCA rules and regulations.
Assist in expedite the process of scrutiny of documents and pre-inspection process and issue the Certificate of Incorporation within 7-10 days. Normal time defined in the MCA rules to issue the license is minimum 60 days and there is no maximum time limit, in a case you apply the Company Registration without the help of Company Registration expert.
Time to Time update regarding new rules and regulation published at MCA portal.
Assist in comply with the statutory provisions like appointment of statutory auditor, filing of commencement of business form, statutory audit, Income tax return filing, mandatory ROC filings etc, to avoid heavy penalties and imprisonment penalties.
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Frequently Asked Questions
Q. What are the conditions to incorporate a Private Limited Company?
A. The conditions of Company Registration or for the incorporation of a private limited company are that:
The number of members must be between 2-200.
There must be at least two directors and two shareholders
Each director must have a Directors Identification Number (DIN)
PAN card copy of directors/shareholders. Passport copy for NRI subscribers.
Q. Can Company Registration be done on residential address?
A. Yes. The company needs to provide address proof for incorporation. But the Ministry of Corporate Affairs (MCA) allows a residential address to be used as the company’s registered address. Thus any address can be provided as the registered address.
Q. What are MOA and AOA?
A. Memorandum of Association (MOA) is defined under section 2(56) of the Companies Act 2013. It is the foundation on which the company is built. It defines the constitution, powers and objects of the company.
The Articles of Association (AOA) is defined under section 2(5) of the Companies Act. It details all the rules and regulations relating to the management of the company.
Q. What are the attachments to Form 8?
A. The following documents must be attached with Form 8:
Disclosure under Micro, Small and Medium Enterprises (MSME) Development Act, 2006 is a mandatory attachment.
Statement of contingent liabilities to be attached in case any contingent liability exists.
Any other relevant information can be provided as an optional attachment.
Q. How is SPICe+ different from INC 29?
A. SPICe+ is very similar to INC 29, which was being used to incorporate companies. Both forms quicken the process of incorporating the company. However, the significant difference between the two forms is that in the new SPICe+, there is a provision for entering name approval that was already obtained by the applicant, whereas in the form INC 29, there was no provision for entering a previously obtained name approval leading to chances for submission and rejection.
Q. Is there a limit on the number of directors that can use the SPICe+ for obtaining DIN?
A. For the incorporation of the company, a maximum of three directors can use the integrated form for filing application for allotment of DIN.
Q. Are PAN and AADHAR mandatory?
A. No. The Companies (Incorporation) Third Amendment Rules dated 27th July 2016 has relaxed the mandatory attachment of proof of identity and residence in respect of a subscriber having a valid DIN.
Q. Is it mandatory to file eMOA and AOA along with SPICe+?
A. Yes it is mandatory to file eMOA and eAOA in the following circumstances
individual subscribers are Indian nationals
If individuals subscribers are foreign nationals, then they have a valid DIN and DSC and also submit proof of a valid business visa
non-individual subscribers based in India
Q. In what circumstances are physical copies of MOA and AOA required to be signed and attached?
A. Physical copies are needed to be signed and attached in case non- individual first subscribers are based out of India, or individual foreign subscribers do not hold a business visa. It is to be noted that If physical MOA and AOA are filed, then there is no need to attach eMOA and eAOA.
Q. How are PAN and TAN communicated to the user once SPICe+ is accepted?
A. On acceptance of SPICe forms, the Certificate of Incorporation (COI) will be issued with valid PAN and TAN as allotted by the Income Tax department. An email with the COI as an attachment along with PAN and TAN will be sent to the applicant. PAN and TAN in the email will be held valid as the requirement for a laminated card for PAN has been done away with.