The first step towards the initiation of a business is the Private Limited Company Registration or incorporation of a company is a step towards the formation of a business. Company registration in India is a process managed by the Ministry of Corporate Affairs. Company Registration in Kolkata is a similarly simple process and is guided by the Companies Act, 2013. A Private Limited Company similarly, needs to be registered to help achieve the extra benefits provided to them. The following Blog, briefs about the basic need to be known about a Private Limited Company Registration in Kolkata.
About the Companies Act, 2013
Passed by the parliament in 2013, the Companies Act consolidates and amends the law relating to companies. The Companies act looks after the working of companies and aspects associated with the different types of companies. The said act also provides for the registration of a Private Limited Company in Kolkata.
Different types of Company Registration in Kolkata
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
Why opt for Private Limited Company Registration in Kolkata?
- Limited liability
- Transferability of shares
- Separate legal entity
- Capacity to sue and be sued
- Uninterrupted existence
- Borrowing capacity.
Private Limited Company
As per the Companies Act, 2013, a company wherein there is restriction in transferability of shares and prevents the public from subscribing to the company shares through its article of association, such entities are known as private limited company. Today, small businesses in India, most commonly opt to be registered as Private Limited Companies.
Characteristics and Advantages of Private Limited Company Registration in Kolkata
- Members – As per the Companies Act, 2013, a Private Limited Company, requires having a minimum of two and a maximum of 200 members.
- Limited Liability– The partners and members of the company experience limited liability in terms of their assets and debts.
- Separate Legal Entity – The Company is considered to be a separate legal entity, a separate juristic person that can sue and be sued in its own name and can own a property in its name too.
- Perpetual Succession– A private Limited Company has 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.
- The Number of Directors – A private company has the requirement of only two directors.
- Paid-up Capital – It must have a minimum paid-up capital of Rs1 lakh or higher.
- Prospectus – The prospectus is a detailed document by the company issued for the public to avail knowledge about the company.
- Minimum Subscription – The amount received by the company which is 90% of the shares issued within a certain period of time.
- 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 Kolkata
For initiating a company registration in Kolkata, the following are required-
- The members or shareholders can be between numbers of 2 to 200.
- A minimum of two directors must be present.
- The company must select a unique name.
- Availability of digital signature certificate for the directors.
- There must be a registered office, either owned or rented.
Steps for a Private Limited Company Registration in Kolkata
For company registration in Kolkata follows the steps given below-
Step 1: Obtaining a Digital Signature Certificate and Director Identification Number.
Step 2: Applying for the name approval and getting a unique name registered.
Step 3: Collecting the MOA and AOA and all relevant documents to register the private limited company.
Step 4: Applying for the Permanent Account Number and the Tax Deduction and Collection Account Number of the company.
Step 5: Obtaining the certificate of incorporation by the Registrar of Companies.
Step 6: Opening a current bank account under the company name for financing company purposes.
Documents Required for Private Limited Company Registration in Kolkata
Following are the documents required for the Private Company Registration in Kolkata-
- Proof of place of the registered office, ownership or rent agreement for the registered office space.
- In case of a rented property, a No Objection Certificate (NOC) is to be obtained from the landlord.
- PAN Card issued for the company.
- MOA and AOA of the company.
- Total share capital amount and the authorized shares. In the case of a foreign national subscriber, nationality proof is required.
- PAN card of the directors.
- Roles and responsibilities of the directors and the shareholders.
- Identity proof and contact details of the directors and shareholders.
- Address proof of the directors and shareholders.
- Photographs of directors and shareholders.
Company Registration in Kolkata is similar to any other simple and fair company registration process. Allowing the company to enjoy a number of additional perks, a private limited company is the most sought after form of company. The new businesses enjoy being a separate legal entity; having limited liability, secured assets and many more features. As briefed above, the process of Company Registration in Kolkata, although a simple process, may require some assistance. In case of any query related to Company Registration in Kolkata you can further contact Bizadvisors.