In India, Private Limited Company is one of the most famous and admired type of business entity. Creating and registering a Private Limited Company can help one to set up a large or small businesses which can reap profits and benefits to any extent.
Also, the shares represent the ownership of a company which can be easily transferred or shared to any other foreign or Indian legal individual or organisation. The entrepreneur can also alter directorships without any inconvenience and can easily make money and transfer ownerships as he/she wills.
Basically, a Private Limited Company is a registered corporate structure which can own a separate legal entity from its owners in business which is incorporated under the Companies Act of 2013 and is governed by MCA i.e. Ministry of Corporate Affairs.
In India, from 26th Jan, 2018, the MCV has revamped the process of Company registration which enables to finish registering a company within 10 -15 business days and the total process can be managed online effortlessly.
There are several advantages in Private Limited Company type of business and one of the major benefit is that this type of organisation is capable of obtaining finances easily either by borrowing or by fundraising methods.
They can also use ESOP, Private Equity and many other methods to raise capital.
Moreover, Owners Limited Accountability is another feather in a cap as, the owners personal assets are untouched and their accountability stays restricted on to the capital taken and unpaid by them.
In India, a legal entity is formed once a company gets registered itself which indeed separates itself from their respective managers and bosses.
The Company can simply enter into contract with their willing partiers by simply opening an account in any bank to own assets in order to operate itself. In case of Non-Remittance, the company also owns rights to sue the third party.
Also, the ownership and the Management Separation proves boon for the company as it helps to focus on their potential works.
Without overlooking Voting the shareholders can allocate liabilities to operate and run the company smoothly.
List of Documents Required
If you are keen to register your Private Limited Company, following documents are a must for the registration process, such as –
- Self-attested copy PAN for all subscribers
- Self-attested copy of Identity Proof like – Voter Id / Driving License / Passport (Any One)
- Self-attested copy of Mobile Bill / Telephone Bill / Bank Statement latest 2 Months (Any One).
- Passport Size Photo
- Email Id
- Mobile Number
- Educational Qualifications
- DIN if already holding Directorship in any company
- State where the registered office of the company will be situated
- Proposed Share Holding Pattern
- Proposed Share Capital Authorised and Paid Up
- Copy of Electricity Bill as a Proof of Registered Office of the Company.
The Complete Process shall take 7-10 Working Days from the date of the Receipt of all the required documents.