you have plans to start your own business ? Is your entrepreneurial dream nearing realisation? Being your boss is the best way to get an adrenaline rush. We wish you every success in your venture. This post will provide some pointers to help you get started with the Indian company registration process.
wanna play BGMI Lite then click here bgmi lite ( t & c apply )
India’s company registration can also be referred to incorporation of company, or formation of business. Your company registration makes your business an established entity and gives it legal status. India’s Ministry of Corporate Affairs oversees the company registration process.
To register a company in India, the first step is to obtain a unique identification number. All directors (intentional and existing) must obtain their Director Identification Number (DIN) according to the Companies Amendment Act 2006.
A DIN number is an 8-digit unique number issued under section 153 of the Companies Act. For DIN, you must provide full name, father’s name, DOB and identity proof. You also need to include PAN card copy, two photos of each director proposed.
Online application forms can be found on the MCA Website as the DIN-1 Form. All business owners must register at MCA Website to obtain a login ID.
After paying applicable fees, the DIN-1 Form must first be filled out and uploaded. Execution of the DIN Application Form takes approximately one day and is subject to a nominal INR 100.
Only a digital signature can be used to verify the authenticity of documents and information in the DIN-1 form.
Every business must obtain a Digital Signature Certificate (DSC), in order to be able to submit documents electronically. This is required for company registration in India. For digital signature, the required information includes full name of proposed directors, father’s names, address with proofs, PAN card copy and identity proof.
Companies should only purchase DSC from certified agencies. CCA agencies that are government-listed include MTNL, IDBRT and nCODE Solutions. TCS and SAFESCRYPT are just a few.
Registering on the MCA portal is essential. To file an eForm or to make other transactions, you will need to create a user profile. For creating an account, the Ministry of Corporate Affairs doesn’t charge any fees.
The applicants must create charter documents such as a Memorandum of Association and Articles of Association in order to register a company.
Memorandum of Association – The MOA contains all details of the registering business that are required for incorporation. It contains information about the company’s objectives and powers, as well as the relationship between the outsider (and the company). Once the MOA has been signed, it cannot be changed.
Articles of Association (AOA), – This document outlines the rules and regulations that the company has established. This document provides information about the management, conduct, and bye-laws that govern the internal affairs. Although the AOA is an adjunct to the MOA it can be modified if necessary.
It should be distinctive and describe the services and products offered by the company. They will be distinguished from other businesses in the same industry by having a unique company name.
Recently, the Ministry of Corporate Affairs (MCA), has launched a RUN (Reserve Unique Name) web service to incorporate a company. This service is only available once. RUN cannot be used again due to similar names or failures to comply with the Companies Incorporation Rules.
You must ensure that your proposed name is unique and follows all guidelines. If the application is rejected, the applicant must file a new RUN form and pay the required fees.