What is the Process to Register a Company in Bangalore? By Athulya - February 8, 2021 Last Updated at: Feb 08, 2021 0 162 Registering your own company is a dream come true for many entrepreneurs. However, doing it right requires a lot of research and analysis to understand the given market or industry. Additionally, entrepreneurs also have to decide what business structure to incorporate since the Indian government offers several options. Hence, business owners need to study the company registration procedure and make sure they comply with all the requirements. In this article, we will take a look at the company registration procedure and what is the process to register a company in Bangalore. Scope of Company Registration in Bangalore What Are the Different Company Registration Options Available to Business Owners? What Are the Minimum Requirements to Complete the Company Registration Procedure? Company Registration Procedure in Bangalore Documents Needed for Company Registration Procedure in Bangalore What Are the Compliance Requirements after Company Registration in Bangalore? Scope of Company Registration in Bangalore Bangalore is one of the fastest-growing cities in India with a healthy population of over 10 million people. Known as a central IT hub, Bangalore offers a plethora of benefits to entrepreneurs from all over the country. Access to a highly-skilled labour force that consists mainly of technology professionals is one of the most significant advantages of starting a company in Bangalore. Major tech companies, such as Amazon, Google, and Microsoft, have their offices in Bangalore, indicating just how popular the city is. Additionally, Bangalore is also a well-known start-up hub, attracting fresh talent from all over the country. The city also has state-of-the-art infrastructure, and very conducive business laws, helping form a sustainable economic framework for start-ups. What are the Different Company Registration Options Available to Business Owners? The company registration procedure occurred as mandated by the Companies Act, 2013, and is regulated by the Ministry of Corporate Affairs. Additionally, the other entities that regulate and monitor the registration of companies are the Registrar of Companies and the Central Registration Centre. The most common business structures that business owners can incorporate as in Bangalore are as follows; register Your Company Private Limited Company: best suited for growing companies that plan on raising funds in the future. One Person Company: suitable for a single individual who wishes to start a business and wants to leverage the advantage of limited liability. Limited liability partnership: ideal when a close group of people are starting a business and do not need external investors shortly. Partnership firm: Ideal for a team of entrepreneurs who wish to establish formal business relations but does not offer much-limited liability. Sole proprietorship: suitable for entrepreneurs who wish to start a business informally and immediately. Address of the Registrar of Companies in Bangalore is as follows: Registrar Of Companies (RoC), E Wing, 2nd Floor, Kendriya Sadana, Koramangala, Bangalore – 560034 Email ID: firstname.lastname@example.org What are the Minimum Requirements to Complete the Company Registration Procedure? Business owners have to ensure the following criteria are met to complete the company registration procedure in Bangalore. Must have at least two directors, and one of them must be an Indian citizen. Moreover, the directors must be individuals and not corporations. Must have a minimum of two and maximum of 200 shareholders, and the directors and shareholders can be the same people. Likewise, the company must have a registered office address as a place for doing business. There is no minimum paid-up share capital requirement. Company Registration Procedure in Bangalore The main steps in incorporating a company in Bangalore are as follows; Deciding on what structure to incorporate as after meeting with a legal expert. Determining a name for the business and registering the company name. Further, applying for DSCs and DINs for all directors and shareholders. Drafting the required legal documents, such as the MoA and AoA. Additionally, filing for incorporation with the Registrar of Companies with the help of the SPICe application form. Documents Needed for Company Registration Procedure in Bangalore PAN Card of all directors and shareholders ID Proof of all directors and shareholders, which may be any one of the following; Aadhaar card Election or voter ID card Driving license Passport copy Ration card with applicant’s photograph Address proof of all directors and shareholders, which may be any one of the following; Bank account statement Additionally, latest electricity/water/internet bill Mobile bill not older than three months Proof of address of the business, which may be any of the following; Electricity/gas/internet/landline/water bill Rental agreement Latest property tax receipts Property registration certification NOC from the owner Documents to upload on the SPICe platform: e-Form INC-32 – application form Similarly, e-Form INC-33 – Memorandum of Association e-Form INC-34 – Articles of Association All these documents must be attested as required before being uploaded onto the SPICe portal. Additionally, the e-Forms must be appended using the director’s DSC. The licenses or certificates you might need after the company registration include the following: Shops and Establishment license Professional tax registration GST registration Trade license Udyog Aadhar registration for MSMEs What are the Compliance Requirements after Company Registration in Bangalore? Here’s a quick look at the annual filing compliance requirements that companies in Bangalore have to maintain to stay on the right side of the law. Must maintain accurate and up-to-date accounting books in the form of ledgers and accounts of receivables and payables. Prepare annual financial statements that a chartered accountant must then audit. Further, hold an Annual General Meeting every year wherein the annual financial statements must be tabled for approval from the shareholders. File annual returns a month after hosting the AGM. Maintain compliance with all the corporate tax filing requirements, and complete the statutory audit once a year.