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Private Limited Company Registration in Chennai
What is the registration of private limited company in chennai
The most popular type of entity which is aptly suitable for small companies.
A Pvt Ltd company registration in Chennai is an independent legal entity registered under Indian Companies Act.
In this type of entity, the shareholders Liability is limited by its shares.
It is registered for pre-defined objects and owned by a group of members called shareholders.
Startups and companies with higher growth aspiration popularly choose or register a private company are suitable for company structure.
The company entity gets recognized as a Company through its private limited registration in Chennai is under the Companies Act of 2013 in India.
The governing body is the Ministry of Corporate Affairs, widely known as MCA.
The definition of Private Company under the Act is provided here to understand its basics. Section 2 (68) of the Act defines a Private Company as under:
A Registration of private limited company in chennai having a minimum paid-up share capital as may be prescribed, and which by its articles,—
(i) restricts the right to transfer its shares;
(ii) except in case of One Person Company, limits the number of its members to two hundred;
(iii) prohibits any invitation to the public to subscribe to any securities of the company
A Pvt ltd registration is the formation of a minimum of two shareholders and a maximum of 200 shareholders.
Also, creditors do not have the authority to sell the directors’ personal assets.
Make sure your company is register a private limited company in India to start a business.
What are the Minimum Requirements forming a private limited company in india
- Minimum 2 Shareholders
- Minimum 2 Directors
- Minimum 1 lakh of paid up share capital
- Office space in India
Advantages of registration of pvt ltd company in chennai
The biggest advantage for the shareholders of register a limited company is equal to that of limited liability.
A shareholder’s personal assets would not be at risk when the company faces a loss.
The shareholder’s liability is limited to the amount of shares that he had invested in the company.
What are the documents required to Incorporate and register a private company in chennai
Proof of Director/Shareholder
- Aadhar Card
- PAN Card
- Passport size photo
- Savings bank Account Statement/Phone bill/Gas Bill
Proof of the company Premises
- Rental Agreement
- Electricity bill / Property tax receipt
Private Limited Company Registration in Chennai and it's Characteristics
Members: PVT Limited Company can be formed with a minimum of 2 shareholders with a maximum of 200 members. There should be a minimum of 2 directories and the maximum of 15 directors.This does not include any past members of a company.
Paid-up Capital: Under the Indian Company Law, a Private limited company can be formed with a minimum paid-up capital of 1 lakh. This would be the capital of your company.
Perpetual Succession: The limited liability company continues to exist even in the event of the death, insolvency or bankruptcy of any of its members. What is legally known as perpetual succession of the company. The lifetime of the limited liability company continues to exist forever.
Separate Legal Entity: Private Limited Company is not like a proprietary company or partnership, it enjoys separate legal entity status. A separate PAN card will be available in the name of the company. In addition, a Private Limited Company can acquire property in its own name.
How to select a Name for registration of private Ltd company in India
First Part: A private limited company name has three different parts. The first part should be a unique prefix, in simple words, the prefix acts as the trademark of the company, hence it should be a very unique word. For example, PENTA. This is the key term of the company and this would be the identity of your company.
Second Part: The second part of the company name should describe the companyactivity of the applicant. This term should be a descriptive term, for example, if you are into automobile company, the term motors or automotive would be a suitable middle word of your company name. Example PENTA MOTORS
Third Part: The third part should represent the constitution type. If it’s going to be a Private Limited Company, the company name should end with Pvt. Ltd. or if it’s going to be a Limited Liability Partnership, the name will end with LLP.
Example PENTA MOTORS PRIVATE LIMITED
Registration Requirements for a pvt ltd registration in chennai
Choose the company activity: The first step towards formation of a company is to choose what is the company activity that we are about to do.
Select the Name of the Company: The second step is choosing the company name for your company, this would be the trade name of your company, so choose a unique and attractive term.
Choose the Shareholders: The shareholders are literally the owners of the company, choose your co-founders correctly so as to avoid any dispute in the future.
Pick the Directors: Decide the list of directors who are going to operate the day by day company activity. Choose the effective and appropriate people as directors.
Private Limited or pvt ltd company registration process in online
The appropriate authority to register Pvt ltd company in India is the Registrar of Companies. The private limited company registration services or process would be carried out through the MCA portal owned by the Ministry of Corporate Affairs. Now here we are going to explain to you how to register a pvt ltd company in india through online sitting.
Once the company name is finalized, the name can be submitted to the Registrar of Companies for approval.
The proper form for name approval is eForm 1. It is recommended that you choose a unique name for your company to avoid rejection from the Registrar of Companies.
Also, it is recommended to give two optional names, so that if the first name is rejected, there are some options, at least the second name can be granted.
Few recommendation for choosing the company name
- The company name should be easy to pronounce and easy to remember.
- It should not reflect a competitor / other popular company names
- It should be distinct
- It should not have any abusive names or terms which is against public morality
- It should not be against the policies of Trademark Act and Rules.
Frequently Asked Questions :-
Yes, a foreigner can be a director of an Indian company if at least one Indian citizen serves as a director.
However, the Indian director need not be a shareholder of the company, so generally a company incorporated in India by a foreign company or foreign investor will have two shareholders (both foreign) and three directors, i.e. two foreign shareholders and one appointed Indian director.
Registration of a limited liability company in Chennai or India usually takes 7-10 days.
The process starts with the approval of the name, obtaining the DSC and DIN, drafting the MOA and AOA and finally issuing the Memorandum of Association with PAN number.
However, since the birth certificate does not allow you to drive a motorcycle or vote in general elections, you will need a driver’s license and an electoral card.
Similarly, you will need to obtain official licenses such as excise, trademark and product licenses required by local authorities to run your business.
The entire process of registering a private limited company in Chennai can now be done online. Therefore, you can easily complete the company registration process at www.mca.gov.in.
First you need to log in to the MCA portal, select the MCA services option, then select the Master Details option and select the Company / Legal entity master details option.
Next, enter the company name and click on the search option.
A list of similar company names and statuses will be displayed.
If you are a company, you do not need a separate PAN for your company.
Compared to a limited liability company, an LLP has fewer regulatory obligations such as appointing auditors and some
This section explains the procedure for the registration of a company under the Companies Act 2013. There are four basic steps to register a company in India.
- Obtaining DSC (Digital Signature Certificate)
- Obtaining DIN (Director Identification Number)
- Filling a New User Registration or eForm
- Incorporating the company
After selecting your company name, follow the steps below.
- Apply for DSC (Digital Signature Certificate).
- Apply for a DIN
- Apply for a name.
- Submit EMoa and EAOA to register ltd company or private limited company
- Apply for PAN and TAN for the company.
- Issue Memorandum and Articles of Association along with RoC, PAN and TAN.
- Open a current account in the name of the company.
Once all this is done, you are ready to start your own private limited company. For smooth development, it is worth consulting with the company to make the right decisions.
Registering a company cannot be done on your own, you need the help of a notary or a legal expert.
This is a very common problem.
. In this section, we describe the process of registering a private limited company.
The company formation procedure can be divided into four stages.
1) Applying for the Digital Signature Certificate and DIN
2) Apply for name registration of the company
3) Drafting MOA and AOA of the company
4) Receiving the certificate of incorporation
Every company organization is in a regulated environment by which they are required to comply with the provisions of Government law, what we call Government licenses or Government Registrations, whether from Central, State, or local agencies.
These records vary depending on the nature of the company, the intent of the owner, the volume of the company, and various other factors.
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