What is Company Registration Process?
The Company registration process is an online process under the initiative of the Ministry of the corporate affair. And with the Online Company Registration, you can easily register your startup without leaving your chair. For online Company Registration, you need to file an E-Form with a self-attested scan copy of KYC & other documents on MCA portal. Nowadays, the Private Limited Company Registration is sweeping the limelight and has become the top choice of many entrepreneurs in India.
Enterslice lends a hand to start-ups all over India and with that provides advisory services for Private Limited Company registration, Corporate Income Tax, Registration under Startup India, and also in designing an investment-friendly corporate structure. Enterslice is leading a position in Start-up advisory services with a presence in 25+ Countries including India. With the online Company Registration Enterslice has widened their wings in all major cities including Bangalore, Mumbai, Delhi NCR, Jaipur, Hyderabad, Ahmedabad, and Chennai.
Therefore, for the better understanding of online Company registration process, we have drafted 25 FAQ at the end of the page. Into the bargain, if you need a detail explanation on Company Registration process, Cost and Timeline, please fill your details above and click on Get Started button or email at email@example.com and our expert will send you a detailed brochure about the online Company registration process.
Check List for Private Limited Company Registration
- Directors and Shareholders KYC – For Private Limited Company registration, you need to provide us self-attested KYC documents of directors and shareholders like PAN Card, Aadhar, Election ID/DL/Passport and any Utility Bills. You can easily register a Private Limited company with minimum two people who will act as a Director of the company. The Minimum of the age of proposed directors shall be 18+.
- DSC – Our team will create Digital Signature (DSC).
- Name Approval – you need to select a unique company name and make sure that the name for the proposed private limited company should be legal, distinct and not matching directly or indirectly with the name of any existing company. If in case the proposed name of the company closely resembles any of the existing registered trademark or similar with the objected/Advertised trademark then you cannot register a company. You need to refer the MCA website to verify company’s name availability and further for Trademark search. If ROC has any objection to the proposed company name you will get one additional opportunity for re-submission with a fresh company’s name.
- Final Company Incorporation form (Spice) – After the name approval of company the next step is to prepare a Spice form and submit it to the ROC. After the submission, the ROC will examine the Spice form and MOA of the company, and issue a certificate of incorporation of the company.
- PAN & TAN – With your CIN (Corporate Identification No) you will get E-PAN Card and E-TAN.
- Bank Account Opening – After online Company registration, the Bank will send you an email requiring certain documents for Bank Account opening. You can select a nationalized bank and open your business bank Account.
- GST Registration – After Private Limited Company registration, the Next step is to apply for GST Number. You can obtain GSTIN in 3 to 5 Working days. From July-17, GST Registration is mandatory for certain class of business irrespective of turnover. As we all are pretty much aware of the fact that the Start-ups usually grow very fast hence reaching to a turnover of Rs. 20 Lakh in an FY is not a very challenging task. Hence, we suggest that you should apply for the GSTIN on the very first day of the business.
How do I select the right Business Structure?
A company is a legal entity having a perpetual existence independent of its promoters and is a corporate body having a common seal that has a right to hold/sell/buy the property in its own name. A company can be formed as a Pvt Ltd Company, Public Limited Company (Listed or Unlisted), OPC (One Person Company) or LLP (Limited Liability Partnership).
While starting a new business, you should be aware of all the benefits that are embedded in the Company registration and the compliances requirement for it. Before you initiate online company registration process, you should know the Income-tax benefits available for startups, GST Registration requirement, Loan and Advances from Company/to company, Accounting, government initiation under Startup India program, annual Audit requirement, Penalty Clause and end to end Legal obligation of founders etc.
In case you have any questions about the online company registration process & annual Compliance of Private Limited Company, please feel free to email at firstname.lastname@example.org or Call at 9870310368. Our Expert will revert with an answer shortly.
What are the Types of Company Registration in India?
Launching Own startup is more of a passion and we argue to start a business with a mission to solve the problems of mass appeal. The Business idea should have the ability to go viral and solve problems. The Business registration in India has been simplified under the initiative of the Ministry of Corporate Affairs. The 1st Step to start a business is the finalization of a Brand name and then the other procedure gets started for Company Registration. Before you select a legal structure of a business, you need to know the types of company registration in India. We are giving you the following options from where you can select your type of Company registration and our team will start the online company registration formation process.
- One Person Company Registration (OPC) - One Person Company (OPC) has been introduced by Companies act 2013. It is a more upgraded corporate structure in Proprietorship. In OPC Structure you will get almost all the benefits of Private Limited Company so it is advisable to start a Sole Ownership. There is no dividend tax on profit distributed to its owner in OPC. Furthermore, OPC is eligible for Startup India Program and can enjoy tax-free status for 3 years.
- Limited Liability Partnership Registration (LLP) – LLP is the upgraded version of Normal Partnership Firm. Limited Liability Partnership has been introduced by the LLP Act 2008. Limited Liability Partnership has an easy structure as compared to the Private Limited Company. LLP is suitable for Consultants, Advisors, and Lawyers/Professionals. LLP registration is very pocket-friendly in terms of increasing the Capital, Annual returns and legal compliance etc. There is no need to appoint a Statutory Auditor if your annual turnover is less than 40 Lakh. If you are planning to register the LLP, make sure that you file an annual return on time. There is no Dividend Distribution Tax on the distribution of profits to its partner. The partner can freely lend loan and borrow the loan from LLP without any Compliance issue.
- Private Limited Company Registration (PLC) – Private Limited Company is a most popular business structure in India, Startup always runs towards the Pvt Ltd Company registration. PLC has separate existence than its Members and Directors. The Liability of its Members is limited to their Capital contribution in the Company. Venture Capital fund is easy in Pvt Ltd Company. The operation of the Private limited company registration is more organized than LLP/OPC. More than 90% of Indian Startups have opted for the Private limited company. After Private Limited company registration, you can raise the funds from investors. External funding is not permissible in any other legal structure. You can easily scale your business after forming a private limited company. Private Limited Company is eligible for 3 Years tax benefits under the Startup India Program.
- Public Limited Company Registration (PLC) – Public Limited company is a broad level association of members who intent to float a company with a mission of IPO etc. Public limited Company has the benefit of raising fund from Public. But this structure is not suitable for the early stage startup.
The Annual Compliance cost of the Private limited company is less as compared to a public Limited company, we recommend to start a business as PLC. For Public Limited Company Registration, the minimum number of directors must be three and a minimum number of shareholders must be 7.
What is the Process of Selecting the Company Name?
A business is always known by its name and hence finalizing the name of a company is not a piece of cake. The company name should be unique and easy to remember. The company name should be attractive. Also, please check company name from Registrar of Companies' website as well check the trademark status of the proposed name of the company. In case, you find the proposed trademark is objected or opposed then avoid filing the same name.
Following factor, you should keep in mind before finalizing a company name-
- Check on Brandbucket.com – Find out a short and simple name.
- The name of the proposed company should have a meaning.
- Check Company registration status and Trademark status.
- The Name of a company must not be the name of State/Country/ District or Famous personality of India or aboard.
- The name should not be too general or offensive or religious.
- In case you are finding any difficulties with the company name you can keep legal name different and brand name different.
- Selecting the company name please book a domain. Prefer for .com extension or .in.
- Share at least 4 name choices with the CA.
Example - Enterslice Fintech Private Limited (Enterslice is named, Fintech is the middle name and the Last name is Private Limited) the purpose of adding a middle name is to give the message to the public that company is in financial technologies business.
What is Private Limited Company Registration Process?
If you are an Indian citizen and willing to register a private limited company then firstly you need to know the end to end online company registration process before you start working with Enterslice.
In General words, Private Limited Company is the best corporate structure to start your own business.
We follow the following steps for completing an order –
- KYC of Shareholders and Directors.
- Apply for Name Approval (Make sure that you have a unique name).
- Sign Rent agreement on the name of Company.
- Collect Utility bills from the Owner of the Property.
- Certificate of Incorporation Approved.
What are the Advantages of Private Limited Company Registration?
Liability of Members and Directors of the Private Limited Company is limited to the amount of shares. This means that if in any case company suffers from any loss and faces financial distress because of primary business activity then the personal assets of Shareholders/Members/Directors will not be at risk of being seized by banks, creditors, and government.
Continuity of Existence
The life of a business is not affected by the status of shareholders and even after the death of the shareholder; the private limited company continues to exist.
Scope of Expansion
The Scope of expansion is higher because easy to raise capital from a venture capitalist, angel investor, financial institutions and the advantage of limited liability. The Private limited company offers more transparency in the company.
In comparison to Sole Proprietorship, Private Limited Company has more value as its owns a separate legal entity managing affairs on its own name.
Valuation and Customer
Valuation is an important aspect of the company and high valuation comes from loyal customers. You should work on a business model with a higher lifetime value of a customer; Entrepreneur should focus on higher assessment of the company by offering the unique value proposition to the customer's life.
What are the Steps Involved in Online Company Registration in India?
1. Digital Signature Certificate (DSC)
All Proposed directors of the Private Limited Company should have a digital signature that will be used to file the online Company Registration application and in future, you can use same DSC for a signing of ROC compliance e-forms, and E-Income Tax returns.
3. Name Search & Name Reservation
For name availability, we have to make sure that there is no trademark on the same name and after a proper check with the ROC Records and IP India; we will file a digitally signed Name approval application (RUN) to ROC.
4. Final Incorporation via Spice Form
After Name approval from the Registrar of Companies, we will file final incorporation e-form with all the supporting documents like proof of registered office, a Declaration from directors etc. Registrar of companies takes around 3-5 working days to grant the approval and issue the Certificate of Incorporation.
5. Current Bank Account Opening
The last step after Privately limited company registration is to open a current bank account in the name of the company. And, after getting the certificate of incorporation you have to simply open a current bank account as per your choice on the basis of the documents we provide.
What are the Documents Required for Private Limited Company Registration?
For online company registration, you only need to email us the scan copy of the following documents and after that, your work is done we don't ask for the original submission of documents.
A. From Members and Directors (Self-attested)
- PAN Card of Members and Directors.
- Aadhar card.
- Election ID Card / Passport.
- Scan copy of Photographs.
- Latest Bank statement not older than 30 days.
B. For Registered office
- Rent Agreement on the name of Company.
- Utility bills (Not older than 30 days).
Are Foreign Citizen or Nonresident Indian be allowed to Apply for Company Registration in India?
Indian is among the 6th biggest economy of the world. In the most of the business sectors and as per government recent notification, FDI from 26 % to 100% is allowed. 100% FDI is allowed in NBFC & Payments business, Software, Business support, Trading, and Manufacturing. As a foreign entrepreneur if you are planning to apply for online company registration in India then the registration process is the same as it for Indian citizen. You simply need one Indian Resident director to initiate the Company formation process in India. At Enterslice on demand, we provide services of non-resident directors as well registered office service.
Documents Checklist for Company Registration in India by a Foreign Citizen
From All Directors and Shareholder
- Attested copy of Country Passport (http://www.mea.gov.in/attestation-and-apostille-matters.htm).
- Attested Driver's License.
- Passport-sized photograph.
- Scan copy of Signature (signature should same as on Passport).
- In case shareholder is a foreign company then AOA, MOA / Bylaws of the company shall be apostilled or and Notarized.
- Any other doc required by Ministry Corporate Affairs will require to be attested.
The Process of Online Company Registration through Enterslice
- Fill Enquiry form – Click on Get Started Button.
- Make payments via PayuBiz or Razorpay or NEFT or IMPS.
- A Startup Advisor Will Call you and will answer your questions.
- After Initial payment, System will email/SMS you an order no.
- A Dedicated In-House CA will be allocated on your order.
- Enterslice Works with 150+ In-House CA/CS.
- Download Enterslice’s Mobile app to Track the Orders.
- Email or upload necessary documents via web login or Mobile App.
- A CA/CS will file Name Reservation (RUN).
- Business Specific- MOA and AOA Drafting.
- MCA will issue CIN, PAN & TAN.
- Open the Current Bank Account.
- Start your Business.
- Subscribe Annual Compliance Package.
- A CA from our Company will be your lifetime Point of contact.
What is the next step after the Private Limited Company Registration?
- Call 1st Board Meeting for Appointment of Auditor.
- Open Bank Account.
- Trademark registration.
- GST Registration.
- MSME Registration.
- Issue Share Certificate to the members.
- Finalize the founder's agreement.
- Prepare Employment agreements.
- Draft Company policies and SOP.
- Launch your product / Services.
Do I need to issue Share Certificates to my Co-founders after Company Registration?
Yes, you can issue share certificate to the co-founders after the company registration complying the followings
- Share certificate to members/Co-founders must be issued within 60 days from the incorporation of a company.
- In case transfer of shares to Non-Members Within the period of 30 days from the receipts of transfer letter.
- Conduct a board meeting and form an allotment committee.
- Need to prepare the register of members.
- Printing of share certificate.
- Intimation and dispatch of shares.
How can I Check Company Registration Status on MCA?
India is among a very few countries where company data is easily available for public view. From the Public view, you can find Directors details, Balance sheet/Annual returns or Charge status. At below, we tried to explain you to verify the company registration status as well compliance status of the company.
- Visit www.mca.gov.in.
- Click on MCA Services.
- View company master Data.
- Type Company name.
- ROC will display Company details.
- Check company registration & Compliance status.
Can I apply for Start-up India Program after Company Incorporation?
Start-up India programs are available for emerging startups having a capability of generating employment and solving problems of the mass appeal. Here, eligible startups can easily apply under this program. Subsidies under the Startup India program will cease to exist in case the company crosses the 25 Cr annual turnovers in a financial year. The following are the benefits of incorporation-
- 0% Income Tax benefits for 3 Years.
- 0% Tax on Capital Gain.
- All government approvals from one Web Portal.
- Fast-track processing and 80% rebate on Startup Patent Registration.
- Free Legal agreements.
- Start-up Funding.
- Free Mentorship and Access of knowledge.
What should we do in case of Infringement of Trademark?
As the owner of a trademark, you can apply to Central Government. Nowadays, government powers have been delegated to the registrar of companies, U/s 16 of Companies Act 2013. The registrar of companies may direct to a registered company's management to change the name or can direct to stop the business. You can also file the legal suits against the company who is using your trademark without any permission or consent.
What is a Compliance Requirement after Registration of a Private Limited Company?
Enterslice has been supporting thousands of startups like yours; you can subscribe our annual compliance package. Below is the annual compliance checklist for small companies (Capital below Rs 50 Lac and turnover below Rs 2 Cr)-
- Appointment of Auditors with 30 days from the date of company registration.
- Minimum 2 board meetings in 2 quarters.
- Conduct 1st AGM within 15 months.
- Filling of Annual returns MGT-7, AOC-4, MBP-1, and DIR-8.
- Director reports about the operation and performance of the company.
- Maintenance of statutory register etc.
- Circulation of Financial Statement other documents to members and directors.
- Pay GST on time and File Monthly / Quarterly GST Returns.
- Quarterly TDS Returns .
- Filing of Income tax returns by or before 30th September of following financial year.
- Filing of Tax Audit report to Income tax department (in case Gross receipts is more than Rs. 1 Cr).