Company Registration in Gurgaon India-Avcindia
by Aggarwal Varun Chartered Accountant in IndiaEvery outcome of our lives is governed by the
procedures that have been followed. A delectable traditional food preparation
will have a recipe that must be strictly adhered to, for launching a rocket successfully
into the outer space, proper sequences have to followed which are a part of an
overarching procedure, when it comes to a successful bilateral or multilateral
deal between various nations are required to abide by certain guidelines which
may protect environment, lives of indigenous people or economics of a
particular country. Similarly an organisation too, needs to follow a set of
guidelines both before it may establish itself as a business entity as well as
while engaging in daily business transaction.
Speaking of establishing a company in India, every Company
is required to register themselves with the Registrar of Companies in India
(ROC), which functions under Ministry of Corporate Affairs (MCA) that deals
with the administration of companies and Limited Liability Partnerships in
India. This is the most important and 1st step for any organisation.
This lays the foundation for engineering and designing, sales and marketing and
customer support as well as other business transactions.
The various types of companies:
Generally, there are two types of Companies. A Private Limited Company and the
other is Public Limited Company.
- Private Limited Company: A company in which the maximum number of members are 50.
Invitation to the public to subscribe any shares or debenture is
prohibited. The right to transfer its shares is restricted.
- Public Limited Company: A company that may invite the public to subscribe shares or
debentures to any number of members other than private limited companies.
Procedures and documents
required for company registration in
India are being elucidated below:
- Procedure to be adopted for formation of private limited company :
§ Application for the Director Identification No. (DIN)
by the proposed/existing Directors.
§ The obtainer of digital signature by at least one
proposed/existing director.
§ Application to be made to the concerned ROC to determine
the availability of name in Form INC-1 along with a fee of Rs. 1000/-. If the proposed
name has not already been registered with the ROC, a fresh application for the
same name/s is required to be made.
§ After receiving the approval for the name by ROC, the
Memorandum and Articles of Association are drafted and printed.
§ The aforementioned is followed by stamping of the
Memorandum and Articles with the relevant stamp duty.
§ Then the Memorandum and Articles is presented to be
signed by at least two subscribers, followed by the mention of the subscribers’
father's name, occupation, address and
the number of shares subscribed with at least 1
witness present.
- The following forms should
be duly filled and signed :
§ Declaration of compliance – Form 1
§ Notice of situation of registered office of the
company – Form 18.
§ Particulars of Director, Manager or Secretary – Form 32.
- The following documents
with ROC with filing fee and registration fee should be presented :
§ Declaration of compliance – Form 1
§ Form 1, 18 & 32 in duplicate.
§ Name availability letter issued by ROC.
§ Power of Attorney from the subscribers in favour of
any person for making
corrections on their behalf in the documents and
papers filed for registration.
§ The Certificate of Incorporation obtained from ROC.
- Additional procedures
to be followed for the formation of Public Limited Company are :
§ Providing consent to act as director of a company
and/or undertaking to take and pay for qualification shares which is Form
No.29.
§ Making arrangements for payment towards application
and allotment money by Directors on shares taken or agreed to be taken.
§ Filing the statement in lieu of prospectus with ROC in
Schedule IV of the Companies Act.
§ Filing a declaration in Form-20 duly signed by one of
the Director.
§ Obtaining the Certificate of Commencement of Business.
- Further procedures to
be followed for formation of Private Limited Company :
§
At
least two directors are required to form a company.
§
Minimum
capital for a private company is Rs. 1,00,000.
§
Registration
fee is payable online or offline through Bank. The registration fee is
according to the amount of the authorized capital of the company.
§
Non-resident
interest in the company is governed by the Foreign Exchange Management Act.
Chartered Accountant in India (CA) companies provides a host of
the other services apart from company registration. CAs in India provides
accounting services, company secretarial services, project financing etc.
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Created on Jul 17th 2018 01:04. Viewed 420 times.