Looking to register a company in Bangalore? We’ve got your back. Keep reading to explore the entire process of registering a company in the heart of India’s silicon valley.
For many entrepreneurs, registering their own company is a dream come true. However, doing it precisely usually requires extensive research and analysis in order to fully understand a market or industry. Entrepreneurs must also decide what type of business structure to incorporate, as the Indian government recognises several options. As a consequence, business owners must investigate the company registration process to ensure that they meet all of the requirements and benefit as much as possible. In this article, we will take a look at the company registration process and how to register a company in Bangalore by exploring the following topics –
Scope of Company Registration in Bangalore
Bengaluru is one of India’s fastest-growing cities, with a population of over 10 million people. It is recognised as a central IT hub as it provides numerous advantages to businessmen from all over the country.
One of the most obvious benefits of establishing a company in Bengaluru is the availability of a highly skilled labour force made up largely of technologically inclined professionals. The city also has cutting-edge infrastructure and very favourable business laws, which contribute to the formation of a sustainable economic framework for start-ups.
Moreover, Bengaluru is home to world-class tech companies such as Amazon, Google, and Microsoft, illustrating the city’s popularity on the world map. Furthermore, Bengaluru is a well-known start-up epicenter, luring fresh talent from across the country for decades now. All these pointers go to show the scope for company registration in Bengaluru is immense.
What are the Different Company Registration Options Available to Business Owners?
The company registration procedure should be carried out in accordance with the Companies Act of 2013 and is governed by the Ministry of Corporate Affairs. The Registrar of Companies and the Central Registration Centre are two other entities that regulate and monitor the company registration process. The following are the most common business structures that entrepreneurs can incorporate in Bangalore:
- 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 require external investors.
- Partnership firm: Ideal for a team of entrepreneurs who wish to establish formal business relations, but the structure does not offer limited liability.
- Sole proprietorship: suitable for entrepreneurs who wish to start a business informally and immediately.
What are the Minimum Requirements to Complete the Company Registration Procedure?
Business owners have to ensure the following criteria are met to complete the private limited 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 a 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 after meeting with a legal expert such as Vakilsearch.
- 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 Required 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, the 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
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.
- Companies must maintain accurate and up-to-date accounting books in the form of ledgers and accounts of receivables and payables.
- They must prepare annual financial statements that a chartered accountant must then audit.
- Further, they must hold an annual general meeting every year wherein the annual financial statements must be tabled for approval from the shareholders.
- They must also file annual returns a month after hosting the AGM.
- Additionally, they must maintain compliance with all the corporate tax filing requirements and complete the statutory audit once a year.
The Takeaway
With Vakilsearch, you can register your company in Bengaluru online in a few simple steps. Moreover, we are well-known for our user-friendly online platform, which allows you to obtain company registration services from the comfort of your own home. Stay safe during the pandemic but not at the cost of your business dreams. Get in touch with our experts today for a safe and cost-efficient company registration experience.
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