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What is Private limited company?

Private limited company a company which is private or personally held small business.Private limited company itself defines that these are companies which have limited liability and is very personal.

  • Private companies are registered with MCA under the state jurisdictional ROC. However, now the companies & their name approval for every state is handled by a Special Central Registration.
  • The whole process of new company registration is online-no physical documents or visit in registrar office for registering company.

Requirements for initiating a Private Limited Company.

  • To initiate a Private limited company a base number of 2 members are required and a most outrageous number of 200 members as per the Companies Act, 2013.
  • There should be 2 directors and 2 shareholders in a Private Limited Company.
  • A unique name should be given to your company.
  • Make sure that the name does not exist which will help you to avoid hurdle in Private limited company registration process.
  • It must have a base paid-up capital of Rs 1 lakh or such higher entirety which may be supported now and then.

Private Limited Company Benefits

  • You are less than 60 years old and you earn more than Rupees 2,50,000 (irrespective of your gender (for the FY 2017-18).
  • You are a senior citizen (above the age of 60years but below the age of 80 years) and earn more than Rupees 3,00,000.
  • If total income is more than 5 lakhs or you have claimed any income tax refund then you are required to e-file your taxes. (Not applicable in the case of super senior citizens).
  • Person who is required to get audited his financial statements under income tax act.
  • A person can also file ITR voluntarily.

Procedure For Company Registration

  • Digital Signature Certificate: The requirement of DSSCs arises for filling of e-forms on online portal of MCA as the Ministry has prescribed provided for online registration procedure for company incorporation and other>
  • Obtain Director Identification Number:Director Identification Number (DIN) is a unique number assigned by Ministry of Corporate Affairs to the individual making an application for allotment of DIN.
  • Reservation of Name :Before making an application to incorporate and register Pvt Ltd Company in India, the name for the proposed company shall be reserved.
  • Certificate of Incorporation:After reservation of the name for proposed company by submitting form INC – 1, the application for issuance of Certificate of Incorporation shall be made.

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Documents Required For Pvt Ltd Company Registration

  • Copy of PAN Card of directors.
  • Form 16/16APassport size photograph of directors.
  • Copy of Aadhaar Card/ Voter identity card of directors.
  • Copy of Rent agreement (If rented property)
  • Electricity/ Water bill (Business Place).
  • Copy of Property papers(If owned property).
  • Landlord NOC (Format will be provided).

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