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1. Private Limited Company (Pvt. Ltd.) Firm

1. Private Limited Company(Pvt. Ltd.) Firm A Private Limited Company is one type of business structure which is highly recommended in India. It is a privately maintained small business entitythat is separate and distinct from its owners, and has most of the rights and responsibilities that an individual possesses (to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes.). The Companies Act 2013 governs Private Limited Company registration in India.

Private companies are sometimes referred to as privately held companies. There are four main types of private companies: sole proprietorships, limited liability corporations (LLCs), S corporations (S-corps) and C corporations (C-corps)—all of which have different rules for shareholders, members, and taxation.

All companies in the U.S. start as privately held companies. Private companies range in size and scope, encompassing the millions of individually owned businesses in the U.S. and the dozens of unicorn startups worldwide. Even U.S. firms such as Cargill, Koch Industries, Deloitte, and PricewaterhouseCoopers with upwards of $25 billion in annual revenue fall under the private company umbrella.

Remaining a private company, however, can make raising money more difficult, which is why many large private firms eventually choose to go public through an IPO. While private companies do have access to bank loans and certain types of equity funding, public companies can often sell shares or raise money through bond offerings with more ease.

private firms do not need to meet the Securities and Exchange Commission's (SEC) strict filing requirements for public companies. In general, the shares of these businesses are less liquid, and their valuations are more difficult to determine.

In general, the shares of these businesses are less liquid, and their valuations are more difficult to determine.

  • *A private company is a firm that is privately owned.
  • *Private companies may issue stock and have shareholders, but their shares do not trade on public exchanges and are not issued through an IPO.
  • *The high costs of an IPO is one reason companies choose to stay private.

1.1. Concepts of Private Limited Company

• Minimum 2 shareholders are required to start a private company, while the higher limit of members is 200 as per the Companies Act, 2013.If a private limited company faces financial risk, its shareholders are not subject to sell their personal assets, i.e. they ought to have limited liability.

• For online company registration, at least of 2 directors while maximum 15 directors can be appointed. Proposed director must have attained age of 18 years

• Minimum 2 shareholders are required to start a private company, while the higher limit of members is 200 as per the Companies Act, 2013.If a private limited company faces financial risk, its shareholders are not subject to sell their personal assets, i.e. they ought to have limited liability.

• A foreign national can also become a director of Private Limited Company in India

• No minimum paid-up capital required for a Private Limited Company registration. Every Private Limited Company must use "Pvt.ltd." after their name.

• A Private Limited Company has never-ending existence. A Private Limited Company holds on existing even in the case of death or bankruptcy of its Members.

• A Private Limited Company does not have any relationship with the public; they aren't permitted to ask for any collateral from the public or public sectors.

• In a private limited company, people are not entitled to transfer shares, which protect takeovers of private limited companies from big enterprises.

1.2. Salient Featuresof Pvt.Ltd. /Benefits

• Easy Financing: Financing becomes easy. Assets, as the founders, directors, and stockholders are (usually) not liable for the company’s debts and obligations – only the money and resources they’ve personally invested.

• For Business Fund Raising: Fast-growing businesses will require funding from venture capitalists (VCs) need to register as private limited companies. This is because only private limited companies can make them shareholders and offer thema seaton the board of directors. LLPs would require investors to be partners and OPCs cannot accommodate additional shareholders.

• Start-up Cost: Fee for filing SPICe, MOA and AOA has been reduced to Zero for proposed companies where the authorized capital is up to Rs.10 Laths in case of company having share capital or where the number of members are up to 20 in case of company not having share capital.

• Separate Legal Entity: A private limited company is a separate legal entity which posses all the rights to sue or to be sued. It acts an artificial person which can buy a property on its own name.

• Perpetual Existence: A private limited company has a lifelong existence. Private limited companies are considered as separate legal entities and are separate from the existence of their owners which means they cannot be dissolved or end because of the death, retirement or insanity of any of their member/ director/ shareholder.

• Limited Liability: The members of a private limited company are restricted to their share only as the private limited company is a separate legal entity.

• Easy Availability of Credit: Registered Private limited company is considered as a corporate entity that attracts various investors and venture capitalists that helps them to expand and raise their funds for the growth of their business

• Perform International: The private limited companies supports Foreign Direct Investment with other type of firms require appropriate licensing/Liaising and approval from the administration for foreign investments.

• Perpetual Existence: This kind of companies has a lifelong existence. Private limited companies are considered as separate legal entities and are separate from the existence of their owners which means they cannot be dissolved or end because of the death, retirement or insanity of any of their member/ director/ shareholder.

• Enhanced Value In Market: A registered private limited company is considered more trustworthy as compared to the non-registered ones. Information regarding the registration of private limited company can easily be obtained from the website of Ministry of Corporate Affairs. Vendors, suppliers and investors trust them over the other business structures. As a result, it enhances the brand value of the company amongst the customers and other investors and suppliers.

• Ease Transfer Of Ownership: It is quite easy to transfer equity to new members and issue fresh shares in private company.

2. Company Registration Filing Form - Manual to New Web-based SPICe + Form

SPICe Plus serves many requirements like name reservation, incorporation, DIN allotment, issue of PAN, TAN, EPFO, ESIC, Profession Tax(only for Maharashtra)and Opening of Bank Account and one can also acquire the GSTIN via SPICe + form EPFO Registration

2.1. Documents required for Online Company Registration in India through submitting the SPICe+ form

The following is the list of required for Online Company Registration:

  • o The Articles of Association
  • o Memorandum of Association
  • o Declaration by the subscribers and by the directors
  • o A confirmation for the address of the office
  • o Two months utility bills copy
  • o Certificate of incorporation of the Outer Country body corporate [If applicable]
  • o A resolution passed by the global Company [If applicable]
  • o A recommendation declared by the promotional Company [If applicable]
  • o The interest of the directors from other entities [If applicable]
  • o Nominee’s assent
  • o Identity proof and residential address of the subscribers and the nominees
  • o Identity proof and residential address of Applicants
  • o The Declaration/Resolution of the unregistered companies
  • o Any other document [If required]

2.2. For AGILE-PRO:

  • o Proof of principal place of business
  • o Evidence of appointment of Authorized Signatory for GSTIN
  • o Either of the documents– Letter of Authorization/Copy of Resolution passed by BOD
  • o Managing Committee and Acceptance Letter
  • o Proof of identity of Authorized Signatory for the opening of a bank account
  • o Proof of address of Authorized Signatory for the opening of a bank account
  • o Specimen Signature of Authorized Signatory for EPFO

2.3. Declaration

The declaration in form 'INC-9' of the subscribers and the directors obligatorily be auto-generated in PDF format and presented electronically. The aspirant has to provide the recommendation along with a certification recommended by a professional, such as Company Secretary, Chartered Accountant and Cost Accountant. Although, if the total number of directors or subscribers is more than 20 or do not possess the above said obligation.

2.4. Documents that can be used as Address Proof(Subscriber)

2.5. Documents That Can Be Used As Residential Proof (Applicant)

2.6. List of assistance which will be offered by the Online Company Incorporation Form i.e. SPICe+ form:

  • o Reservation of Name (Run discontinued for Company Registration)
  • o Director Identification Number (DIN) Allotment
  • o Incorporation of Company
  • o PAN Issuance for the Company
  • o Issue of TAN
  • o Registration of Company as an Employer with EPFO
  • o ESIC Registration for the Company
  • o Profession Tax Registration for the State of Maharashtra
  • o Bank Account Opening.
  • o Company Registration as Tax Payer in GST

2.7. Private Limited Company Registration Process in India

The new SPICe Plus form is said to save time and has been incorporated for all the new companies. The other forms that need to be filed along with SPICe+ are AGILE-PRO, SPICe+AoA and SPICe+MoA.Click ‘SPICe+’ placed under ‘MCA Services’.

  • o After that Choose ‘New Application;
  • o Existing application, you can prefer ‘Existing Application’, fill in the application number
  • o Click ‘Class of Company’, and the ‘Category of Company’'
  • o Click ‘Sub-Category of Company’
  • o Next, you have to specify the ‘Main division of industrial activity of the Company’
  • o Next, you have to mention the ‘Main division of industrial activity of the Company’
  • o Next you have to provide details of the ‘proposed or approved name’. Click the ‘Auto-check’ to in accordance with the rules administering the name. Submit the ‘Part A’ for reservation of name or proceed with the incorporation.
  • o Part B has different sections for ‘check form’ for each section. The details required for registration are as follows:
  • 1. Location of the registered office of the company
  • 2. Proposed directors and subscribers
  • 3. Resources of the company
  • 4. Apply for tax registrations such as PAN and TAN
  • a. Carry out a ‘pre-scrutiny’ check. A confirmation is presented upon successful submission of the form.
  • b. Download the PDF of Part B proposed for affixing the DSC and for filling up any linked forms along with Part B. The forms linked to SPICe+ are AGILE-PRO, SPICe+MoA and SPICe+AoA, URC-1 and INC-9. Part B of SPICe+ and linked forms can then be uploaded on the MCA portal. A Service Request Number is generated for making a payment towards private limited company incorporation. Once the payment is made successfully, the forms would be processed.
  • c. In a case where the forms need resubmission for any errors being flagged upon processing, the SPICe+ form has to be resubmitted in the same manner.

2.8. Post Private Limited Company Incorporation Formalities

Every company incorporated having a share capital shall not commence any business or exercise any borrowing powers unless –

a) A declaration in form INC-20A is filed by a director within a period of one hundred and eighty days of the date of incorporation of the company in such form and verified by a company Secretary or a chartered Accountant or a cost Accountant in practice -With the Registrar that every subscriber to the memorandum has paid the value of the shares agreed to be taken by him on the date of making of such declaration. The company has filed with the Registrar a verification of its registered office in form INC-22.

Mandatory Compliances

First Board Meeting : First Meeting of the Board of Directors is required to be held within 30 days of the Incorporation of Company. Notice of BM must be sent to every director at least 7 days before the meeting.

3. FAQ

Q What is a Company Registration Application Number?

Application Number refers to a system-generated number given to an applicant for Name reservation/Company Incorporation.

Q What is the difference between SPICe [Previous Company Incorporation Form] and SPICe+[New Company Incorporation Form]?

SPICe is an e-form and SPICe+ is an integrated Web form providing ten services by 3 Central Govt. Ministries & Departments.

Q. How many banks have been integrated with company registration application?

Presently ICICI bank has been integrated with SPICe+ for opening a Bank account.

Q. How to determine the size of scanned PDF documents is not extreme?

To ensure that the size of the copied PDF document is within the permissible size limits, it is advised that scanning should be done in 'black-white' mode at 200 dpi resolutions.

Q. Is it safe to make online payments?

Use of Debit Cards/ Credit cards and Internet Banking is the most prevalent. It is an entirely secure process.

Q. Whether two names would be permitted in company Registration application if applied separately?

Yes, a fee of INR 1000 becomes payable if applied separately.

Q. What about the privacy of data? Are the details/information submitted through the internet freely accessibly to all?

The process of e-Filing is entirely secure. Online Inspection of documents is allowed strictly by the provisions of the Companies Act, 2013 on payment of a prescribed fee.

Q Is Registration for EPFO and ESIC through SPICe+ shall be mandatory for all new companies incorporated all over India?

Yes. Registration for EPFO and ESIC will be necessary for all new companies incorporated w.e.f 23rd February 2020 and no EPFO & ESIC certification will be separately issued by the respective centers.

Q. Can the company registration form once submitted be rectified by the company user?

Once filed, the e-Form cannot be rectified. You may, however, re-submit the e-Form, if the concerned MCA office has marked the status of your SRN as 'Re-submission'.

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