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Private Limited Company - An Overview

A private limited company is a business entity where ownership is restricted to a small number of shareholders, and shares cannot be publicly traded. Here the shareholder liability is limited to their investment in the company and can have up to 200 shareholders. The shares are not publicly traded. The company's registration and operations are governed by the Register of Companies (ROC). The directors have to submit their Director Identification Number (DIN) and Digital Signature Certificate (DSC) for incorporation. Documents like the Memorandum of Association (MoA) and Articles of Association (AoA) have to be submitted in the MCA portal. Post registration, the Ministry of Corporate Affairs (MCA)will provide the incorporation certificate and will display the company's details on the website.

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Advantages of Registering as a Private Limited Company

  1. Limited Liability Protection

  2. Separate Legal Entity

  3. Perpetual Succession

  4. Easy to Raise Capital

  5. Free and Easy Transferability of Shares

  6. Owning Property

  7. Capacity to Sue and Be Sued

  8. Borrowing Capacity

Eligibility Criteria for Private Limited Company Online Registration

As per MCA guidelines, a private limited company must be registered with at least two directors and shareholders. While stockholders may be either natural people or corporate entities, directors must be people. Additionally, a registered office address in India is mandatory. The following criterias must be met while filing for private limited company registration:

  • The applicant's minimum age should be eighteen years old

  • The applicant must be a citizen or resident of India

  • There should be between 200 and 300 members

  • Minimum number of Directors or shareholders must be 2

Checklist for Private Limited Company
Registration

As per the MCA, a checklist has to be met for registering your company. Here is a clear outline of a checklist for private limited company registration to follow:

  • At least 2 Directors

  • Directors and shareholders can be the same person

  • All the Directors should have DIN and DSC

  • Have the minimum Authorised share capital

  • Have the minimum Paid up share capital

  • Draft and MoA and AoA

  • Need details of the company working address

  • NOC and Rental Agreement from the landlord

PVT Ltd Company Registration Documents Required

  • Photographs of directors in passport size

  • Residential address proof for directors

  • Photo identification proof for directors

  • Sample signatures

  • A self-declaration confirming directorship in other companies

  • Lease/Rent agreement for the registered office

  • Letter of no objection from the property owner

  • Aadhaar card

  • PAN card

  • Director Identification Number (DIN)

  • Digital Signature Certificate (DSC)

  • Memorandum of Association (MoA)

  • Articles of Association (AoA)

Steps to Register Your Private Limited Company

To register a private limited company in India, you need to obtain a Digital Signature Certificate (DSC) and Director Identification Number (DIN) for the proposed directors, and then file the incorporation documents with the Ministry of Corporate Affairs (MCA) through the online SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) form. Vakilsearch offers an easy, three step process for business registering:

1. Name Approval Process

After you finalise an unique name for your company our team will check for the name availability we will file a RUN form or SPICe-A form. Post name approval our team will file SPICe-B form.

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2. Get Your (DSC) and (DIN)

We file form DIR-3 and help you to procure your Director Identification Number (DIN) and Digital Signature Certificate (DSC), which are essential for online document filing.

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3. Filing and Incorporation

We will file your Incorporation Documents like MoA, AoA, Spice+ form and will make sure that your company gets its PAN and TAN ensuring all necessary paperwork is submitted accurately. MCA provides the certificate of incorporation post registration.

Post-Registration Compliances After Filling of FORM 3

  1. Conduct the Initial Board Meeting

  2. Open a Bank Account

  3. Have an Official Address

  4. Branding and Legal Compliance

  5. Appoint an Auditor

  6. Interest Disclosure and Statutory Compliance

  7. Share Certificate Issuance

  8. Bookkeeping and Financial Reporting

  9. Commencement of Business Certification

  10. Copyright Registration

  11. Professional Tax Registration

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