Limited Company
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An Introduction

In a limited company, the liability of members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by shares or by guarantee. The former may be further divided in public companies and private companies. Who may become a member of a private limited company is restricted by law and by the company's rules. In contrast, anyone may buy shares in a public limited company.

 

  Documents required for Limited Company Registration

 

For Name Approval
Sr.No. Description
1. Copy of Income Tax PAN (Permanent Account Number) of all directors / Promoters.
2. Copy of Address Proof (Voter Id, Passport, Driving License, Aadhar Card) of all Directors / ShareHolders.
3. Latest passport size Photographs of all directors / Promoters.
After Name Approval
Sr.No. Description
1. Utility Bill (Electricty Bill) of premises proposed to be the registered office.
Note :  In case Premises is taken on Rent / Lease ( Rent agreement will also be required) 5. Copy of Mobile bill, telephone bill, electricity bill or Bank Statement of all directors / promoters with same address as given in Voter Id, Passport, Driving License, Aadhar Card.

 

Procedure involved to incorporate Public Limited Company

Simple Procedure :
  1. Check if the proposed promoters / directors have Director Identification No (DIN) or not
  2. Apply for digital signatures of directors who donot have DIN.
  3. Apply for Director Identification Number
  4. Check for Name Availability
  5. Application for Name Approval is Filed in form INC-1
  6. After the name is approved, the MOA and AOA are drafted and sent for MCA Approval.
  7. Form INC-7 along with INC-22 and DIR-12 to be filed online after the MOA and AOA are drafted.
  8. If the E Forms are found to be in order and gets approved by ROC
  9. PAN and TAN Number are applied after getting the Incorporation Certificate
  10. Form INC-21 is filed for getting Certificate of Commencement of Business after depositing Rs. 5,00,000 share capital in bank account.
Getting Commencement of Business (With Effect Fromt 1st April 2014)
  1. All Private Limited Companies should get certificate of Commencement of business before starting any Business in the Company.
  2. Form INC-21 is filed with Registrar of Companies along with Bank Statement (showing higher of Rs. 5,00,000/- or Companies Paid up Capital) along with Relevant Stamp Duty.
  3. Once form is approved, Certificate of Commencement of Business is Granted with approval to start business.

 

Compliances Involved after Formation of Company

  • Apply for PAN and TAN
  • Apply for Sales Tax / Service Tax Registration based on the nature of Business
  • Filing ADT-1 for Appointment of Auditor within 1 Month of Incorporation of Company
  • Filing Income Tax Return of Company on of Before 30th September - Next Year
  • Get your account books Audited Every Year
  • Filing of form 20B, Form 23AC, Form 23ACA every Year

 

FAQ

  1. Limit on Number of Directors (Minimum 3, Maximum 15)
  2. Limit on No of Promoters / Share Holders (Minimum 7, Maximum No limit)
  3. Alteast One Director Should be Resident in India
  4. PAN is Not Required in case of Foreign Residents
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