How to Register a Company in India in 2024?
If we are planning start a business and have no idea of ‘’How to Register a Company in India in 2024?’’ Don’t worry nowadays Registering a company in India is easier, and the credit for this goes to our Digital India Programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy which was launched on 1 July 2015..Because of which the process is easy and accessible. Whether we want to start a private limited company, a sole proprietorship, or an LLP, the government offers different options to suit our business.
What will be the cost for registering a company in India?
For Registering a company in India there are several factors, including the number of stakeholders, the size of the business, and the type of professional services required. Therefore the cost of registration varies from company to company.
Is it possible for a single person to register a company in India?
Yes a single person can register a company under the name of One Person Company or a Proprietorship. It includes the benefit of sole Proprietorship and a company which includes the benefit of limited liability protection to its owner.
What are the different types of companies in India?
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Private Limited Company: It is owned by Private people with limited liability and the maximum number shareholders in this company will be 200 as per Indian Company Act,2013.
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Public Limited Company: As the name indicates it is the company owned by its shareholder as the shares are traded in stock market with minimum 7 persons as members.
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Partnership: As the name indicates it is the company in which the whole profit and losses incurred by the company are borne by its owners equally or as per the agreement.
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Sole Proprietorship: It is the company where the whole profit and losses are borne by the single owner and there is no such requirement of registration of the same.
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Limited Liability Partnership:It is the company where risk bearing capacities of the partners are as per the capital invested by them which is limited.
What are the steps required for registering a company in India?
For Registering a company in India includes several steps few of them are given below:
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- Selecting a Business structure: Before registering a company one must select the best structure of the company.
- Selecting a Name: For registering a company one must select best name of the company which is easy to remember and easily identified
- List of documents of registration Process: One must prepare the whole list of documents required as per company law for registration.
- Methods of application submission: After gathering the whole documents one can submit the application for registration online through ROC’s website or physically to the registrar’s office.
- Certificate of Incorporation: One can get the certificate online through ROC’s website or by collecting the physical certificate from their office.
- PAN and TAN application: After getting the certificate of incorporation one must apply for the PAN and TAN as it is necessary for running the company.
- GST application: GST application is also necessary for running the company if the company comes under the threshold of GST.
- Opening of Bank Account: It is important to open a bank account for all the financial transactions of the company. The account has to be a current account which will also have the facility of overdraft.
What documents are required to register a company in India?
For registering a company documents required are as follows: Documents like company name, type of company , address, details of shareholder/director, Memorandum Of Association, Articles Of Association, and other documents. We have to submit these documents to the relevant authority along with the applicable fees for registration.
How much time does it take to register a successful company?
In India, registering a company typically takes 7 –18 working days. However, the actual time may vary depending on the factors like:
- Completeness of the document submitted
- Workload of the Registrar’s office etc.
Can I register a company by myself?
Yes, One can register a company by himself. As the Ministry of Corporate Affairs has given the freedom to it at their ease through online and offline portal. Also one can acquire all the necessary documents online at their ease just by a single click and payment of small amount as fees. But it is always advisable to take professional advice before doing the same as this will save time as well as money in long run.
Do I need a Professional guidance to register a company in India?
As per the Ministry of Corporate Affairs has provided the whole process on its website for registration of the company, still it is always advisable to consult a legal professional or Chartered Accountant as the process may be complex and rigid and will take more time to understand and execute the same also in this process certain documents need to be verified by the Chartered Accountants.
Meeting Post- registration formalities:
Once the company is registered, there are a few more post-incorporation compliances that has to be taken care list of which is given below for reference and record:
- First board meeting: As per the company Law rule we must conduct First board meeting within 30 days of incorporation.
- Share certificates: We must Issue share certificates to shareholders within 60 days.
- Statutory registers: We must maintain records of members, directors, and charges.
- Annual filings: We must file annual returns and financial statements with the MCA every year.
Conclusion:
Registering a business in India in 2024 requires careful planning and following the outlined steps. Therefore seeking professional advice and staying updated on regulations is a must. Along with this diligent execution we can establish our own business and capitalize on the vibrant Indian market.
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