Company formation in India – Know-How
Indian companies are booming in the business sector nowadays. This has given a new dimension to the field of business in India. As a result, the business scenario in India is seeing tremendous growth in all sectors starting from the property market, IT sector to the manufacturing and service sector. We have collected some company formation in India.
And now the Indian Government is encouraging more businesses to set up their base in India and open new offices in different parts of the country. So, if you are looking to establish your own Private Limited Company in India then here are few tips for you. Let us have a look at how to register a private limited company in India according to norms and regulations.
How to register a company formation in India with Indian Government: If you want to establish a Private Limited Company in India then first you need to decide upon its name. You can choose either name as per your liking or coin a name for it . Either way you will have to appoint the proposed company directors. Before appointing the directors you need to take the help of the Registrar of Companies (ROC)’s website which would help you in confirming if a name is available .
There are three types of company registration as per the Indian government; the first one is a One Person Company Registration, Private Limited Company Registration, and Public Company Limited Registration. There is a fourth type of legal entity which requires registration called the Limited Liability Partnership.
After confirming the name you need to submit the Memorandum and Articles of Association for the said company. These articles and Memorandum of Association are required to be submitted along with the statutory authorities of India like Income Tax Department and Good & Service Tax Office. etc. For getting these details you can visit the website of the registrar of companies act & company formation in India or you may hire a company like RegistrationsIndia.com which can ease the process.
Companies Formation in India Has Become Easy: Now you don’t need to have more than one person to start a company in India (called One Person Company) since now the Companies Act has made it easier. According to the Companies Act 2021 a company formation in India is not an investment but a taxable business, which are also called as a company in the private register.
The company formation in India is not a merely private concern anymore as it needs to be registered under the relevant authority like Income Tax Department and Goods & Service Tax Office etcetc. So you need to fill the registration form for company formation in India with the corresponding details provided by you.
Submit the Application form: After being registered you can now upload your application for registration with the prescribed fee. The prescribed fee is generally nominal and affordable. If you wish to pay online, you will get a certificate once your application form is submitted successfully.
Certificate of Incorporation: Once your application form has been approved and you are getting the certificate with your company registration in India you can now use the certificate for official purpose of your company. This certificate gives you a legal identity and you can use it for any type of official work. You can use it for starting your business, business deal,, running a workshop etc. Also, if ever you wish to buy a property or land in India, you need to mention your name in the title of the property or land. So you can see how important is the role of company registration in India.
Incorporating company: After getting your company registration in India, you can start to incorporate your new company. All you have to do is to incorporate your new company by filling up the form on Registrar of Companies website with details about your company and also providing the mandatory information about your promoters and directors.
After incorporating the company you can approach your Bank’s branch manager who will open a Bank Account in the legal name of your company from the registrar. He then begins the process of bank account for company registration in India, by submitting the duly filled application form. He submits the company name, articles relating to the company, and signatures of directors.