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Private Limited

Private Limited Company in Bangalore

The registration of a private limited company in Bangalore is done online through the MCA website. The requisite documents and proofs are submitted to the RoC, and on verifying the same, a digitally signed Certificate of Incorporation (COI) is issued.

Bangalore, which is considered to be India’s Silicon Valley, is one of the most modern and fast-paced metro cities in India. Several tech giants like Google, Amazon, etc. have spaced themselves out in Bangalore. Yet, it doesn’t stop with that because it is also the city that welcomes new businesses, start-ups, and tech ventures. Being a thickly populated city, and with an infrastructure that keeps adapting to the changing times, most start-ups find Bangalore to be the ideal city to kick start their business. Most start-ups prefer to establish a private limited company, as it offers high visibility compared to other corporate entities. A Private Limited Company is governed by the Companies Act, 2013 and it falls under the Ministry of Corporate Affairs (MCA).

The process to Register a Company in  Bangalore:

Like in most modern cities, where the lion’s share of the administrative and legal work is done over the internet, the registration process of private companies is also done online in Bangalore. The applications for registering private limited companies are handled by the Central Registration Centre (CRC). This is an initiative of the MCA. The documents that are submitted to the MCA for its perusal are processed by the CRC.

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Prerequisites for Registration of Company in Bangalore:

Directors and Shareholders

There should be a minimum of two directors, one of whom would be executing the MoA and AoA, in order to register the company. There can be a maximum of up to 15 Directors. A private company should also have 2 shareholders and can have a maximum of up to 200 shareholders. It has to be noted that only individuals who possess a valid DIN (Director Identification Number) can take the post of Directors

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Digital Signature Certificate (DSC)

The applications that are filed on the MCA website must have a valid Digital Signature Certificate (DSC) attached. A DSC is required to sign the application in the first place

Name of the Company

The Name of the company should be in accordance with the Company Name Availability Guidelines under Companies Act 2013 and the words “Private Limited” must be appended to the end. The name has to be unique and should not resemble the name of any existing company. The name has to be submitted to the RoC

Minimum Paid Capital

In the case of a private limited company, there is no minimum paid capital required for the registration of the company. Although, the slab of the authorised capital decides the registration fee that has to be paid

Registered Address

The registered address of the company in Bangalore is to be submitted to the RoC. The address hence specified will be used for all communications in the future.

Documents that are Mandatory for the Registration of the Company:

  • The identity proof of the Directors like a PAN card or a valid passport copy is to be presented
  • Proof of Address like that of a driver’s license, election ID, or ration card is to be provided
  • The MoA and AoA are to be submitted to the MCA for approval
  • The main objective of the company is to be enlisted while submitting the application
  • Proof of residences such as a recent  Bank statement, Electricity bills, or Telephone bills are required
  • Digital Signature Certificate is to be obtained
  • SPICe+  form in which the application for incorporation has to be submitted
  • If the company is situated on a rental property, the rental agreement and a NOC from the owner are required. If the property is the own property of the company, then the sale deed is to be furnished.

Once all the forms and documents are verified and if there are no conflicts the Registrar awards the Certificate of Incorporation. Once the certificate is obtained, a bank account in the name of the company is to be commenced to bring about the day-to-day financial transactions.

A Registered Company Must Adhere to the following:

  • A Chartered Accountant has to be appointed by the Directors for the purpose of accomplishing periodic auditing in the company within 30 days from the date of Incorporation of the company
  • The stipulated shared capital has to be deposited in the bank
  • The certificate of commencement should be obtained
  • Income Tax and annual returns must be duly filed through Forms ITR 6 and Form AOC 4 and MGT 7 respectively
  • The DIN-KYC filing has to be done on a yearly basis by the DIN holders.

Thus, the registration of a company, though it has quite a number of steps to be followed, inevitably needs to be carried out. The registration would give legal identity to the company. In a city like Bangalore, having a registered private limited company would boost the business. Further, would undoubtedly flourish in a number of ways by getting great visibility. Therefore, entrepreneurs and start-ups should be proactive enough to get their company registered at the quickest possible.

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