Company Registration in Mumbai

Ashish M. Shaji

18 Nov, 2020

Today, hundreds and thousands of people are considering starting a business in Mumbai. In general, if you wish to start something on your own then it is expected that already you have worked with 2-3 companies. Those leaving job often think about their second or third career move is to have their own business.

The good news: Starting a business in Mumbai is easy and start-ups are welcomed by Mumbai people and let’s get your Online Company Registration in Mumbai who wants to take a risk and move forward.

Company Registration in Mumbai is required by most of the Entrepreneurs in Mumbai due to growing needs of the society and due to dynamic change in the corporate sector, as Mumbai is the most popular place for the new business and start-ups in India. Thus, most of the new business and start-ups in Mumbai are looking for legal advice on Business Registration or LLP Registration in Mumbai. Private Limited Company is the best corporate structure to start your own Business and Private Limited Company has more credibility than a Limited liability Partnership or General Partnership.

Company Registration in Mumbai: 7 Reasons to Register a Private Limited Company in Mumbai

The reason to register a Private Limited Company in Mumbai can be as follows:

1. Liability of Members and Directors of the Private Limited Company is limited to their shares.
2. A Private Limited Company has its own separate entity.
3. Registering a Company as a Private Limited ensures Brand uniqueness and also eliminates duplication in the market.
4. Registering a Company as a Private Limited ensures that the business is not tied to its promoter and is a separate legal entity. This means that the promoter can pursue different opportunities as and when the business evolves.
5. Registration of Company as a Private Limited would result in quick growth and an ability to independently pursue various opportunities in the market, thus having an edge over the competitors.
6. 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.
7. By a Private Limited registration, the business makes information like name, registered address, incorporation date, company status, and other related data searchable and easily available for investors and customers in public databases. This improves business credibility and makes it easy to authenticate the business to its vendors, customers, and investors^[1].

Company Registration in Mumbai: Procedure to apply for Private Limited Company Registration in Mumbai

• Requirements to be fulfilled before registering a Private Limited Company in Mumbai:

1. Require minimum 2 Shareholder and 2 Directors (At least one Director should be Resident Director)
2. Directors and Shareholder can be the same
3. Authorized Capital – no Minimum Requirement
4. Pan Card, Voter Id or Aadhar Card
5. Passport size Photo
6. Address Proof – Not older than 2 Months (Bank Statement / Mobile Bill/ Telephone Bill /Electricity Bill)
7. Business Premise address proof of Rent Agreement or Utility Bills or Sale Deed

• Apply for the Director Identification Number (DIN) in Form DIR-3
• Apply for the Digital Signature(DSC)
• Search and give a suggestion for the Company Name availability. (Can provide maximum 6 names preference wise)
• Name Approval and Reservation
• Drafting the MOA (Memorandum of Association) and AOA (Article of Association) of the Company
• Apply for the PAN (Permanent Account Number) and TAN (Tax Account Number) on the Name of the Company.
• After verifying all the details ROC Mumbai Regional office issue final Certificate of Incorporation which also includes CIN (Corporate Identification Number).
• Open a current bank account in the name of company.

Advantages of Company Registration in Mumbai

The advantages of company registration in Mumbai include the following:

• Mumbai being an extravagant, delightful and an ambiguous city, registering your company here would result in great progress and profit.
• By registering your company here, it may enhance your company’s brand image, reputation and perception of business.
• It would attract investors and raising money could be easier.

Conclusion

If you are looking to enhance your business, consider company registration in Mumbai. In case you have any queries regarding the same, contact Enterslice.

Read our article: Companies Amendment Act, 2020 – Key Features