What is Private Limited Company ?
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Features of a Private Limited Company ?
Incorporation Process
1. Digital Signature Certificate (DSC): Obtain DSC for all proposed directors.
2. Director Identification Number (DIN): Apply for DIN for all proposed directors through SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) form.
3. Name Reservation: Reserve the company name through the RUN (Reserve Unique Name) web service or through the SPICe+ form.
4. Memorandum and Articles of Association (MoA and AoA): Draft and file MoA and AoA, which outline the company’s objectives and rules.
5. SPICe+ Form: Complete and submit the SPICe+ form, which integrates the application for company incorporation, DIN allotment, PAN, TAN, EPFO, ESIC, GSTIN, and bank account opening.
6. Incorporation Certificate: Upon approval, the RoC issues the Certificate of Incorporation along with a unique Corporate Identity Number (CIN).
Advantages of a Private Limited Company ?
Credibility and Trust
More credible than a sole proprietorship or partnership, which helps in attracting investors and customers.
Access to Funding
Easier to raise capital from investors, venture capitalists, and through bank loans.
Tax Benefits
Eligible for various tax exemptions and incentives under the Income Tax Act.
Separate Property
Can own property in its own name, which provides more stability.
Continuity of Business
Unaffected by changes in ownership or management.
Documnets Required
Digital Signature Certificate (DSC)
1. For all Directors and Subscribers:
- Passport-sized photograph
- Copy of PAN Card
- Copy of Aadhaar Card
2. Address Proof (Any one of the following):
- Passport
- Driving License
- Voter ID Card
- Latest bank statement or utility bill (not older than two months)
Director Identification Number (DIN)
2. For all Directors:
2.1. Identity Proof (Any one of the following):
- PAN Card
- Passport (in case of foreign nationals)
2.2. Address Proof (Any one of the following):
- Passport
- Driving License
- Voter ID Card
- Latest bank statement or utility bill (not older than two months)
Company Incorporation Requirements
3. Name Reservation
3.1. For all Directors:
- Proposed Company Names (at least two names in order of preference)
- Objectives of the Company
4. SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) Form
4.1. For Company Incorporation:
- Memorandum of Association (MoA)
Drafted as per the prescribed format and signed by subscribers. - Articles of Association (AoA)
Drafted as per the prescribed format and signed by subscribers. - Declaration by Directors and Subscribers in Form INC-9
(auto-generated in SPICe+) - Declaration by Professional (Chartered Accountant/Company Secretary/Cost Accountant) in Form INC-8
- Address Proof of Registered Office (Any one of the following):
- Sale deed (if premises are owned)
- Rent agreement/Lease deed (if premises are rented)
- Utility bill (Electricity bill/Telephone bill/Gas bill) not older than two months
- No Objection Certificate (NOC) from the owner
(if the premises are rented) - Consent to Act as a Director in Form DIR-2
- Directors’ Details:
- Identity Proof
- Address Proof
- PAN Card
- DIN (if already allotted)