By registering your business as a private limited company, you have taken your first step in the corporate world. It’s an efficient structure that limits your total liability to the amount of capital invested. One should note that such benefits aren’t available to sole proprietors, who face unlimited liability. It is also widely preferred by startups since they can allocate shares to angel investors & venture capitalists easily via this structure. Companies Act 2013 contains the provisions regarding private limited company registration, including registration and management procedures of the company. The Ministry of Corporate Affairs also ensures that companies comply with the provision of the Act. It has an official portal mca.gov.in, which can be used for completing all company registration-related formalities.
DETAILS OF COMPANY REGISTRATION AND ITS PROCEDURES
The Directors’ DSC and DIN (Director Identification Number) happens to be a unique eight-digit number, which is issued by Central Government authorities. Once a DIN has been allotted, it is valid throughout the director’s lifetime until it gets deactivated, surrendered, or canceled. Here are the documents required for company registration:
- Passport-sized photographs of the applicants
- Self-attested address proofs of the applicants
- Self-attested PAN Card details of the applicants
- DSC or Digital Signature Certificate – Any firm or organization is allowed to apply for digital signature certificates for transactions that involve the MCA. In case you’ve already been issued a DSC, you can continue using the same without the need to request another one. Agencies issue digital signature certificates with a validity of 1-2 years, after which, it has to be renewed. DSC is compulsory to register a company.
- AOA – The Articles of Association or AoA are a list of documents, which define the company’s operations and purpose. It contains the regulations applicable to the company and details of procedures for activities like financial record management and appointment of company directors.
- MOA – The Memorandum of Association is mandatory for registering a company. It defines the scope of power and the constitution of the company. It’s the foundation of the company.
- PAN and TAN – All companies are mandatorily required to furnish their TAN and PAN information using Form 49B and Form 49A respectively. These forms will be automatically generated by the system once the SPICE form has been submitted.
- Certificate of Incorporation – This is a document that pertains to the company’s formation. The State government issues the certificate of incorporation, allowing the formation of a corporation or a non-governmental corporation/entity. It is also a form of valid documentation, which proves the registration of the company.
It is a tax on sale, purchase, and services. it includes all taxes such as sales tax, service tax, excise duty, etc. Into one tax that is GST. it is a tax which is levied on almost all the businesses in India. A business or a company needs to pay GST if - 1. Their annual sales turnover is more than 20 lakhs. 2. They are making sales outside the state. Even if the sales are less than Rs. 20 Lakhs, we advise you to opt for gst registration because of the following reasons You cannot sell outside your state You will not get any tax refunds on purchases.