Private Limited Company – bizsetupglobal.com

Register Your Private Limited Company (Pvt Ltd)

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Must Know Facts about Private Limited Company

Private Limited Companies are the most commonly registered corporate entities in India. It is governed by the MCA (Ministry of Corporate Affairs) and the Companies Act, 2013 and Companies Incorporation Rules, 2014.

Section 2 (68) of the Companies Act 2013 defines a private company as:

A company with a minimum paid-up share capital as may be prescribed and which, by its articles,

Restricts the right to transfer its shares;
Except for One Person Companies, limits the number of its members to two hundred.
Prohibits any invitation to the public to subscribe to any securities of the company.

A private limited company registration is recommended because shareholders have limited liability and ownership restrictions. Most Indian businesses are private limited companies. As of October 2020, India has over 20 lakh registered companies and 12 lakh active ones. Under the Companies Act, 2013, the MCA regulates all Indian companies.

Benefits of a Private Limited Company

Easy Transferability

Since shares represent company ownership, it can be transferred to any legal entity or person in India or abroad, in part or in full. Director replacement ensures business continuity.

Limited Liability

Private limited companies protect shareholders from liability. Unexpected liabilities would affect the company, not shareholders.

Funding

Shareholders can invest in the company. Angel investors, venture capital, private equity, and hedge funds fund entrepreneurs.

Separate Legal Entity

Legally, a private limited company exists forever. Its unique name has PAN, bank accounts, licences, approvals, contracts, assets, and liabilities.

Greater Credibility

The Registrar of Companies must receive a lot of information from private limited companies about their structure, operations, and finances. Public domain. Thus, vendors, lenders, and employees can find company information like authorised capital, directors, registered office, etc. Businesses with this information are more credible.

Borrowing Capacity

Since they have more debt options, Indian private limited companies can borrow more than LLPs. The debenture issue and convertible debentures help private limited companies more than OPCs and LLPs. Banks and financial institutions prefer private limited companies over partnerships.

Perpetual Succession

Even if a member dies, goes bankrupt, or becomes insolvent, a private limited company remains legal. The company lives forever.

Better Governance

Private limited companies are better at creating value because the Companies Act 2013 requires them to follow strict procedures, disclose norms, and comply with legal requirements. To avoid mistakes, experts should register a private limited company, which has many advantages over other entities.

Registration Process of a Private Limited Company

Obtaining DSC And DIN

Apply for the DIN

Application for the name availability

Submission of MOA and AOA to register a private limited company

ROC issues a certificate of incorporation with a PAN and TAN.

Entire process will take 7 to 10 days (Approx)

Online Registration Process

Select the package that suits you.

a. list of services purchased
b. documents to be submitted or next action.

Make a payment, and you will receive your personalised dashboard login and password.

Once documentation is complete, you will be informed about the next steps through email and sms, and you can also check the current status of your request in your personalised dashboard.

If you have any questions, use the Helpdesk system in your dashboard to ask us, and we’ll be happy to call you.

Once you submit the required documents, our Compliance Manager will review the documents and contact you in case of any discrepancies.

At each step, our team will share all the required information needed by you and ensure that you have a smooth experience with us.

Key Registration Services: Tailored to Your Needs

Each Pvt Ltd differs in terms of the functions and mode of operations below registrations will be applicable on a need basis.

MSME Registration

MSME or Udyog Aadhaar registration is to be obtained in the business’s name to establish that Pvt Ltd is registered with the Ministry of Micro, Small and Medium Enterprises.

Import Export Code

Import Export Code or IE code is obtained from the DGFT in case the Pvt Ltd business does export /import from India.

TAN Registration

TAN registration must be obtained for Pvt Ltd from the income tax department if the partnership firm is required to deduct any TDS while making any payments as per Income Tax Act 1961.

FSSAI Registration

In case Pvt Ltd is involved in the selling of food products or handling of food products, FSSAI registration must be obtained from the Food Safety and Standard Authority of India in the name of the Pvt Ltd firm.

GST Registration

GST registration must be obtained if Pvt Ltd sells goods or services that cross the GST turnover threshold limit for registration. In most states, GST registration is required for service providers having annual revenue of more than Rs 20 lakhs and in the case of traders-annual revenue of more than Rs. 40 lakhs.

Current Account

A current account can be opened for Pvt Ltd in any bank in India. We offer exclusive partnerships through which zero-balance current accounts can be opened.

Shop & Establishment License

We will register for Shop & Establishment license if needed as per the criteria.

Applicable Taxes and Annual Compliance

Income Tax Filing

Companies registered in India must file income tax returns each year in Form ITR-6 by 31st October.

DIN KYC

The DIN KYC procedure must be completed each year by the company's directors by 30th September.

Annual Return

Companies registered in India must file MCA annual returns each year in forms AOC-4 and MGT-7/MGT-7A by 31st October and 3Oth November respectively.

Statutory Auditor Appointment

Within 30 days of incorporation.

Financial Statement Preparation

Preparation of Financial Statements in accordance with schedule III of companies Act 2013 read with Companies (Accounting Standards) Rules, 2006.

GST Filing

GST must be filed if registration taken.

Commencement of Business

The paid up capital mentioned in the MOA [Memorandum of Association] must be deposited in companies bank account, and a commencement certificate must be obtained from MCA within 180 days of Incorporation.