SRCC

Private Limited Company

In India, a private limited company is regulated by the Ministry of Corporate Affairs (MCA). It is simple to register a company with SRCC since everything is done online. A minimum of two persons must act as directors and shareholders in order to form a business in India. To create a private limited company in India, you’ll need the director’s PAN card, address evidence, and bank statement, as well as the registered office’s address proof.

A private company is defined under Section 2 (68) of the Companies Act, 2013 as “a company with a minimum paid-up share capital as may be stipulated, and which by its articles,

restricts the right to transfer the company’s shares; save in the event of a one-person business, limits the number of members to two hundred; bans any public solicitation to subscribe to the company’s stocks.

It is strongly recommended that you register a private limited company since this form of business allows you to minimise your responsibility as a shareholder while also limiting your ownership options.

In India, the requirements for forming a private limited company are as follows:

The number of shareholders is two.

2)There are two persons on the board of directors. (It might be 3)

3)Minimum authorised capital of Rs. 1 lakh

4)Rs. 10,000 in paid-up capital

NOTE: This is only a minimum requirement; the number of directors and shareholders can be increased to 15 and 200, respectively.

Documents needed to register as a Private Limited Company in India

The two Directors must provide confirmation of identity and provide the following documents:

PAN Card: For company registration, a copy of the prospective directors’ PAN card will be required.

Address Evidence: The address proof must include the Director’s name as it appears on the PAN Card, as well as the Director’s most recent address.

Residential Evidence: The residential proof must include the Director’s name as it appears on the PAN Card and must be no more than two months old.

Proof of the Company’s Registered Office Address: In addition to giving proof of the Directors’ name, address, and residence address, proof of the Company’s registered office address must be supplied.

                                                        OR

The registration document stating the company’s ownership of the registered office’s pre-A notarized copy of the lease/rent agreement in the company’s name, as well as a copy of the most recent rent payment receipt;

In addition to the foregoing, evidence of registered office must include the following:

The Landlord’s permission to use the premises as the company’s registered office (as stated on the Electricity Bill, Gas Bill, Water Bill, Property Tax Receipt, or Sale Deed). This is commonly referred to as a Landlord’s NOC. mises;

Proof of any utility service, such as phone, gas, or electricity, displaying the address of the property in the name of the owner or a document that is less than two months old.

India's Compliances for a Private Limited Company

Under numerous rules, all firms registered in India are expected to maintain compliance. Failure to comply with the rules may result in fines or disqualification of the directors.

Apart from the necessary compliances that must be completed according to the company’s timetable. Here are some of the most significant regulations that must be followed.

  1. Appointment of a Statutory Auditor 30 days after incorporation : Within 30 days of forming a Private Limited Company in SRCC, the Board of Directors must select a professional Chartered Accountant.
  1. The Start of Business :180 days from the date of incorporation the capital specified in the MOA (Memorandum of Association) must be placed in a bank, and the Ministry of Corporate Affairs must issue a certificate of beginning of operation.
  1. The deadline for filing income taxes is September 30th. Private limited firms registered in India must file an income tax return on Form ITR 6 every year.
  1. Company annual reports :The MCA annual return is needed to be filed by companies incorporated in SRCC every year, according to AOC 4 and MGT 7.
  2. 30th of April, DIN KYC :Each year, the directors of a private limited business must complete the DIN KYC procedure.
  3. Other event based compliances

 These are activated when specific circumstances occur. There is documentation to be completed for the same, as well as numerous deadlines to meet. There are fines, additional costs, and even compounding of the crime if there are non-compliances or missed deadlines. As a result, it is important to keep track of such incidents and ensure that all compliance requirements are met.

  1. A new Director/KMP has been appointed.
  2. The authorised share capital has been increased.
  3. An increase in the paid-up capital of the company
  4. The registered office has changed.
  5. The company’s name has changed due to a change in secured borrowing.

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