In India, Private Limited Company Registration is a step towards the formation of a private business. Just like other company registration, Private Limited Company Registration in India is a process under the Ministry of Corporate Affairs. Private Limited Company Registration in Haryana is a similarly simple process. The company registration in Haryana is guided by the Companies Act, 2013. Such registration of a company provides the company with a separate identity further promoting its growth.

About the Companies Act, 2013

The Companies Act, passed by the parliament in 2013 consolidates and amends the law relating to companies. The Companies act looks after the working and details associated with the different types of companies and their registration. Private Limited Company Registration is also one of them. 

Benefits of Private Limited Company Registration in Haryana 

Following is the list of benefits of Private Limited Company Registration in Haryana- 

• Limited liability.
• Transferability of shares.
• Separate legal entity.
• Generate capital.
• Expanded market.
• Transparency.

Different types of Company Registration in Haryana

Types of company registrations in India –

• Private Limited Company
• Public Limited Company
• Partnerships Company
• Limited Liability Partnership
• One Person Company
• Sole Proprietorship
• Section 8 Company

Private Limited Company

Small businesses are most commonly registered as private limited companies. Such private limited companies are governed by the Companies Act, 2013. The key feature of such a company is that it allows the liability to extend in a limited manner. The liability of the members is limited only to the number of shares held by them respectively.

Advantages of Private Limited Company Registration in Haryana

Following are the advantages or benefits of the Private Limited Company Registration in Haryana- 

1. Members – as per the Companies Act, 2013^[1], a Private Limited Company, requires a minimum of two and a maximum of 200 members.
2. Limited Liability– In a private limited company liability of each member is limited. They are limited only up to their acquired shares. 
3. Separate legal entity – A company is a separate legal entity with the rights of an individual to sue and to be sued.
4. Perpetual succession– Even in case of death, insolvency, or the bankruptcy of any of its members, the company will continue to exist as per law as it is considered a separate legal entity. 
5. The number of directors – A private company has the requirement of only two directors. 
6. Paid-up capital – It must have a minimum paid-up capital of Rs 1 lakh or higher.
7. Prospectus – The prospectus is a detailed document by the company issued for the public to avail knowledge about the company. A prospectus is used by the promoters to gain investors, but since in a private company, the public cannot subscribe for shares, a prospectus is not required for the purpose.
8. Minimum subscription– It is the amount received by the company which is 90% of the shares issued within a certain period of time. If the company is not able to receive 90% of the amount then it cannot commence further business. 
9. Name – All private limited company is mandatorily required to use ‘private limited’ with their company name

Essentials for Initiating a Private Limited Company Registration in Haryana

For initiating a Private Limited Company Registration in Haryana, the following are required:

• Members: A minimum of two to a maximum of 200 members or shareholders should be there.
• Two Directors: The presence of at least two directors is a must.
• Distinctive Name: The opted name should not match any other existing company.
• Digital signature certificate: Company must have a digital signature certificate for the directors.
• Registered Office: There must be a registered office space, either owned or rented.

Procedure to get Private Limited Company Registration in Haryana

Following are the steps for Private Limited Company Registration in Haryana – 

Step 1: Generating a Digital Signature Certificate and Director Identification Number

Companies must have a DSC and a DIN. It helps provide authenticity to the company documents and helps prevent any financial scams respectively.

Step 2: Applying for the name approval

A company needs to have its name approved by the Ministry of Corporate Affairs before setting up the nosiness. More than one name is presented along with the objective of the company, from which a name is approved for the company to move forward.

Step 3: Incorporating MOA and AOA to register the private limited company

Along with the incorporation application, filing of the Memorandum of Association and Articles of Association also takes place. These documents outline the aim and scope of the company that is to be carried forward. It also mentions the duties and liabilities, roles and responsibilities of the members of the company. 

Step 4: Apply for the Permanent Account Number and the Tax Deduction and Collection Account Number of the company

Similar to an individual, a company also needs to file its tax returns. For this purpose, a company needs to apply for a Permanent Account Number and Tax Deduction and Collection Account Number. 

Step 5: Certificate of incorporation by the ROC 

The documents for incorporating a company are to be filed with the Registrar of Company. On satisfaction, the Registrar of Company issues a certificate of incorporation to the company.

Step 6: Opening a current bank account under the company name for company purposes

The now registered company needs to have a bank account on the company name for its financial purposes.

Required Documents 

The company 

• A cover note: describing the company and the business.
• Details of the registered office. 
• Ownership or rent agreement for the registered office space. Also a No Objection Certificate (NOC) from the landlord in case of a rented property.
• PAN Card of the company.
• Memorandum of association and Articles of association prepared for the company.
• Share capital amount and proposed ratio for authorized shares.
• In the case of a foreign national subscriber then you need to provide Nationality proof.

The members

• Address proof of the registered office. It can be Electricity bills, etc.
• Identity and address proof of the Directors and Shareholders. It can be a PAN card, Voter ID, Passport, Driving license, etc.
• Details of directors’ and shareholders’ roles and responsibilities.
• Contact details, email addresses and photographs of directors and shareholders.

Conclusion

Private Limited Company Registration in Haryana is a simple and fair process that allows the company to enjoy the perks of being a separate legal entity; having limited liability, secured assets and many more features. Private Limited Company Registration in Haryana, although a simple process, may require some assistance. This is where we come in; in case of any query related to Private Limited Company Registration in Haryana you can further contact Bizadvisors.

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