Private Limited Company
is the most suitable form of legal entity to carry out business in India. It is also the preferred choice of business for startups planning to raise fund. Private Limited Companies are easy to start and maintain also. It is governed by the rules & regulation of Ministry of Corporate Affairs (MCA).In India, Private Limited Company has more credibility than a Limited Liability Partnership (LLP), One Person Company (OPC) or General Partnership.
WHY Private Limited Company ?
- Liability of members is limited.
- Easy Funding.
- Startup Exemptions.
- Management & shareholders are separate.
What does it includes ?
- Digital signature certificate of 2 Director.
- Director Identification Number of 2 Director.
- Company name Reservation.
- Company incorporation Certificates.
- PAN & TAN of Company.
- GST.
- Memorandum of Association.
- Article of Association.
- Professional Tax Registration.
- Shop and Establishment License.
- MSME
Documents Required for Company Registration
Identity Proof
PAN Card & Id Proof
Self attested Copy of PAN of all
Directors and Voter id or Driving License or Passport
Address Proof
Proof of Residence
Latest Bank Statement Or Utility Bill in the Name of Director
(Not older than 2 Months)
(Not older than 2 Months)
Passport Size Photo
Passport Size Photo
Latest passport size photograph
of Directors
Registered Office
Utility Bill* with NOC from Owner or Rent Agreement or Register Proof or House Tax Receipt
"Electricity or Gas bill not older than 2months
"Electricity or Gas bill not older than 2months
Documents from Directors & Shareholders |
|---|
• PAN Card |
• Identity Proof: Voter ID Card or Aadhaar Card or Passport or Driving License
(Any One) |
• Address Proof : Latest Bank Statement Telephone Bill/ Mobile Bill/ Electricity Bill/ Gas Bill (Any One) |
• Specimen signature (format will be shared by us) |
Documents for the Registered Office |
|---|
• Utility Bill – Copy of Latest Electricity Bill or Gas Bill or Telephone Bill (Any
One), AND
|
• NOC* Voter ID Card or Aadhaar Card or Passport or Driving License
(Any One) |
• *NOCformat will be provided by us. |
• Note: Registered office need not be a commercial space it can be your residence, too. |
Private Limited Company Registration Process
Digital Signature
Digital Signature for the
Proposed Directors
DIN for Directors
Director identification
Number must be obtained for the Proposed Directors
Name Approval
Application for Name
Approval must be filed
with MCA.
Incorporation
If MCA is satisfied with
the incorporation Application,
the Producer Company will be
incorporated
Commence
Once Incorporated, the
Produce Company can
commence business and activites
Mandatory Compliance of Private Limited Company
- Income Tax Fillings : Every Private Limited Company has to mandatorily file income Tax return.
- GST Fillings : A Private Limited Company registered under GST has to mandatorily file GST returns monthly, quarterly, annually.
- TDS Fillings : A Private Limited Company who has TAN must quarterly file TDS returns and issue TDS certificates to the person whose TDS has been deducted.
- Professional Tax Returns : A Private Limited Company who has employed even a single employee whose salary is above the prescribed limit is required to deduct PT and file its returns.
- EPF and ESIC Returns : A Private Limited Company who has registered with ESIC and EPF has to mandatorily file returns.
- Accounting : Books of Accounts are required to be maintained if the income from Business or Profession exceeds Rs. 1,50,000/- or the Total Sales / Turnover / Gross receipts exceeds Rs. 2,50,000/-
- Audit : As per Companies Act Private Limited Company is mandatorily required to do statutory Audit.
- Annual General Meetings : Every Private Limited Company is required to hold annual general meeting within 6 months after the end of the financial year.
- Board Meetings : Every Private Limited Company is required to hold 4 board meetings and gap between 2 board meeting should not be more than 120 days.
- ROC Compliance : Private Limited Company need to file their annual returns (Form MGT 7 ) to ROC within 60 days of Annual General Meeting and Financial statement (Form AOC 4 ) within 30 days from the last day of AGM.
Documents Required For Annual Compliance For Private Limited Company
- Invoices of purchases & sales during a financial year
- Invoices of expenses incurred during a financial year
- Bank statements for all bank accounts in the name of the company in a financial
- Credit card statements for expenses incurred by directors on behalf of company
- Credit card statements for expenses incurred by directors on behalf of company
- Copy of GST returns of (if any)
- Copy of TDS challan deposited (if any)
Procedure For Annual Compliance Fulfillment
- Maintain proper books of accounts
- Get your accounts audited by chartered accountant
- Filing of income tax return to the income tax department
- Preparation & filing of balance sheet
- Filing of form ADT-1, MGT-7& form ADC-4 to registrar of companies (ROC)
Penalty For Non-Compliance
- Late filing or non-filing of annual return will attract a penalty which is 12 times more than the normal fees.
- Private company cannot be closed without filing of the tax return
- Therefore, it is best that you file the annual return before the due date to avoid fines penalties etc.
