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Private Limited

Characteristics of Private Limited Company

The online registration of a private limited company can be done by uploading the required documents in the MCA portal and by furnishing the ID proofs to the RoC. Once the registrar verifies the documents, and if there are no discrepancies, the registration will be obtained.

With every key process involved in a business, being done over the internet, it would be insubstantial if the registration cannot be done online. The post covid era demands every possible business transaction to be done electronically, not only because it is contactless, but also for the fact that it is far easier and quicker. Registration of a private limited company is not an exception to this fact and can be done online by following the necessary steps.

After having chosen a private limited company as the entity required for the business, the next course of action would be to get into the registration procedure. There is no right or wrong choice when it comes to choosing a business entity. It merely depends on the needs and tax filing requirements of the business. Getting the company registered, will guarantee the systematic and seamless operation of the business.

Characteristics of a Private Limited Company

A private limited company must have a minimum of 2 shareholders and a maximum of 200 members. The shareholders are not personally liable in cases of liabilities of the company, as the company by itself is a separate and unique legal entity.

A company should possess a minimum of two directors and a maximum of 15 directors in order to get the registration done under the Companies Act, 2013. The biggest advantage in the case of a private limited company is that there is no mandate of a minimum shared capital in order to get it registered.

Private Limited Company Registration Process

1. Obtaining Digital Signature Certificate (DSC)

A Digital Signature becomes mandatory in the case of online registration as the forms in the MCA portal have to be signed and filed. DSC is mandatory for all the directors of the company.

2. Director Identification Number (DIN)

The directors of the private limited company should possess a DIN, which is a unique number, in order to get the company registered. It is allotted by the Central Government.

3. MCA Portal

The SPICe+ (Simplified Proforma for Incorporating a Company Electronically) form is mandatory for the online registration of the company with the MCA portal. Before the submission of the form, it is required that the director is registered with the MCA portal, thereby obtaining permission to access the portal to view various documents and to file the other e-forms.

4. Certificate of Incorporation

The Registrar would carefully scrutinise all the forms and the documents that were submitted along with the application for the registration. On being satisfied, the registrar duly awards the Certificate of Incorporation of the private limited company.

Private Limited Company Registration Requirements:

For any registration with the government, the required documents are to be furnished, in order to authenticate the credibility and legality of the application. The following documents are hence required to get a private limited company registered under the MCA.

  • A proof of identity that serves as an authentication of the individual, such as a PAN Card, Aadhar Card, or a valid passport of all the directors and shareholders is required to be presented.
  • Proof of address, such as the latest telephone bill, electricity bill, or an account of the bank statement is also mandatory.
  • If the private limited company is situated in a rental space, then the rental agreement and a NOC from the owner are to be attached.
  • If the company is positioned in its own space, the sale deed has to be presented.
  • DPIN and DSC are required if the private limited company is an LLP.

After obtaining the DSC, an application for the availability of the name is made. The MoA and AoA are submitted. An application is also made for the PAN and TAN. The RoC issues the certificate of registration if there are no disparities in the documents submitted.

Thus, by holding the necessary documents and duly furnishing the same to the RoC, the registration could take place online without any hassles. The secret to getting ahead is getting started. Likewise, the secret to a successful business is to take the first step to legalize the business by getting it registered as quickly as possible.

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