Tue. Nov 19th, 2019

How to register a company? Process of registration.

Register a Company

In India, there is often a desire among young people to become entrepreneurs, but as soon as the word ‘Company Registration’ comes to the mind of the people, then they get entangled in the questions that are arising in their minds, so better way to get rid of this confusion. It may be necessary to seek help from a lawyer or CA, but it is in the nature of the person to satisfy himself if he has a little knowledge of the work he is going to do to someone else. The Purchaser | In view of this, today we have brought information related to company registration for those who want to become entrepreneurs. The Registrar of Companies (ROC) operates under the supervision of the MCA (Ministry of Corporate Affairs). Since India is a young country. More than 65% of India’s population is less than 37 years old. And the ambition of young people to do business in their business is hidden. Because every employed person feels during the job, what they are getting is less. That is, they are not getting a salary according to their hard work. Just this idea creates an aspiration to start their business. And one of the many reasons is the person’s passion to do something new and the wealth in the world, fame, and fame is also earn. If in your inner ambition, you are hesitating to start your business. But you do not understand how to start a company. So today we are going to give you information about how Register a Company is done in India.

How to register a company

In India, registering a company i.e. Business Registration was a complicated process earlier. Because entrepreneurs had to visit various government offices to register their company. But to increase investment in India and create new entrepreneurs (Government man), the Indian government has made this process online. That is, now most of the registration processes of your company can be done online. By adopting this process, any entrepreneur can easily register his business online. According to a figure, after the new government came to power, about 7000 new companies were being registered in a month. In the three months from July 2015 to September 2015, about 21000 new companies were registered.

Company Registration Process in India

The first way for a company or business registration is to submit an Entrepreneur Form INC-29 Integrated Incorporation Form. This form is the inclusion of different forms, which is available on the website of the Ministry of Corporate Affairs. By filling this form online, it can be applied by attaching the necessary documents. When the Inc-29 form is filled, then the challan is generated, stamp duty is paid after that the Registrar of companies will check the form, documents, payment details, etc. submitted by the entrepreneur and if the company name, etc. details If approved, Registrar of companies will issue incorporation in the name of the company. And if your company name is not accepted or if there is any other problem in the form, then it is given to the applicant by the concerned department, then the entrepreneur can apply again. We are giving below information about the second process of company registration.

Before starting the company registration process, the entrepreneur needs to know the types of different companies available in India. Because different business entities have different characteristics.

1. Apply for DIN (Director Identification no. online).

In order to do company registration in India, first of all, the entrepreneur should apply for the Director Identification Number, as the name is known. DIN helps the government to identify the director of a company, and also help in finding it. Which companies were the directors before or after? There is a unique identification code or number issued by the DIN Ministry of Corporate Affairs (MCA). Every person in India who wants to become a director of a company has to apply for it. To do this process, the entrepreneur has to go to the MCA portal and fill the E form- DIR-3. DIN Application Fee 500 has been fixed by MCA.

2. Apply for Digital Signature Certificate:

Digital Signature certificate becomes necessary because it helps to speed up the work. It is used while filling government E-forms and in other works. This is the reason that it can also be used in e-forms to be filled while doing Business Registration. DSC is provided by Third Parties Companies authorized by Government of India like Tata Consultancy Services (TCS), National Informatics Center (NIC), MTNL Trust Line, E Mudhra, etc. To apply DSC, the entrepreneur can apply by going to the office of any company authorized for DSC by the Government of India. The cost involved in applying DSC can be transferred depending on the company. e Mudhra has been priced at Rs. 899.

3. Check Company name availability for registration:

The third step is to search the name of the company to do Business i.e. Company Registration. This search is necessary because if a company has already registered with the name of the entrepreneur who has thought for his business, then the entrepreneur will not be able to register his business with the same name. Therefore, the name that the entrepreneur has thought should be checked through the MCA portal, whether the name is already available. If that name is already available then the entrepreneur must choose another name. After selecting the name, the entrepreneur has to fill Form INC-1 for Name Reservation. This form is available on the official portal of MCA. After the business name is approved, the business name of the entrepreneur becomes secure, which means that no other person with the same name can register his business.

4. Draft MOA and AOA for Company Registration.

Memorandum of Association and Article of Association both play important roles in the document business registration process. In these, the rules applicable within the company have to be mentioned. Although Sample MOA and AOA will be available on the Internet, the entrepreneur can take an idea about them on the Internet, but such documents should be made only with the help of a business lawyer or Charted Accountant (CA). Because the written rules should be mentioned according to the Companies Act 2015.

5. Fill Incorporation e-form online:

Now the next step for company registration is to submit these by filling the Incorporation Form in the MCA Portal. If a person wants to do business registration under One Person Company (OPC), then he has to fill the e-Form INC-2. For other companies types, e-Form INC-7 can be filled.

6. Pay Stamp Duty for Company registration:

Both the above forms (INC-2, INC-7) have to pay E stamp duty while filling online. While filling these forms, the entrepreneur can pay stamp duty through Net Banking, Credit Card, Debit Card, NEFT, etc. by choosing the option Pay Stamp duty through MCA21. However, stamp duty can be different depending on the states. To do this process successfully, written stamp duty is payable on two challans, in this the MCA gives a few days to the entrepreneur, it is mandatory to pay stamp duty according to the given time, otherwise the application may be rejected. After the stamp duty is paid by Challan Generate, the documents in the online fill, uploaded and Payments are checked by the State Registrar of Companies in the State in which the Registered Office is applied for. And if any deficiency is found in the documents or forms, then they are returned to the entrepreneur to submit again.

7 Getting Incorporation Certificate from ROC

When all the processes are completed and the documents are verified by the ROC. However, after filling out e Form INC-2, or e Form INC-7, and paying the stamp duty against Challan, the ROC may take up to two days for Document Verification. And it may take up to a week to get the Incorporation certificate on the Registered Email of the entrepreneur. If more than a week passes during this period, the entrepreneur should check his application status online. The Incorporation certificate is sent by ROC through digital form only through email, so the entrepreneur should download and save that file and take a print out and keep it with him for various things like if there is a current in the bank in the name of the company If the account is to be opened, the bank can ask for a copy of MOA and AOA.

8. Apply for PAN and TAN:

Now since the entrepreneur has been registered with the company in the Registrar of companies, the entrepreneur will have to take a step to create a PAN card in the name of his company to carry out the business processes. The online application can be done through the NSDL website for PAN card. It is obvious that if the entrepreneur has done business registration, then he will also need workers. And when appointing employees, then they will have to pay a salary. If the salary of an employee comes under the purview of Income Tax, then the entrepreneur will also have to deduct his TDS. Therefore, the entrepreneur will have to apply for a TAN card as well, this work can also be done by the entrepreneur online. Also, read more on how to apply for Tan Card Online.

Time is taken by MCA to approve the registration

Generally, the registration process of the company takes 16 to 22 days to complete. But this time can be even longer if you do not submit the registration papers related to the company on time. The sooner you submit your company related paper. There will be a possibility of getting approval from the government as soon as possible. The new ideology can be approved quickly. You can submit your company related papers both online and offline. Register a Company

Eligibility to become Director in a company

To become a director in a company, a person must be an adult ie 18 years or above 18 years of age. While no rules related to educational qualifications are applicable. Therefore, even an illiterate person can become a director in a company. It is not necessary to become a director in a company, that he should be a citizen of India, a foreigner can also become a director of a company in India.

Required Capital to enroll a Company 

There is no fixed amount of money about the worth of the company. However Business has to register by selecting one of the different Business Entities. And fees can be transferred depending on the company types. This fee, instead of a registration fee, is called Authorized Capital Fee, which the entrepreneur has to pay to the government while registering the company. Apart from this, the entrepreneur does not require any type of Capital Investment Proof while registering the company.

Office is mandatory to Register a company:

While registering Privately Limited, One Person Company or LLP Company, Correspondence and Registered office address will have to be filled. Therefore the entrepreneur must make the company’s office. And you will also have to update your office address in the office of Registrar of companies. This office can be opened in any area, whether it is Commercial Area, Industrial or Residential Area.

Required documents to Register a Company With ROC:

  • The identity certificate of all the proposed Directors is also required along with the address certificate.
  • Photocopy of PAN card of all Directors
  • Lease Agreement of the Office i.e. Rent Agreement or own land, then its certificate.
  • If the land is rented, then No Objection Certificate will also be required from the owner of the land.
  • It is compulsory to provide your own Identity Certificate and Certificate of Mailing Address to the registrar.
  • Copy of Directors’ Pan Card, Voter ID or Adhar Card along with Bank Statement Copy or utility bills like electricity, telephone bills.

After completing the above-mentioned company registration, the entrepreneur also needs other registration and license as per the nature of his business. For example: If a manufacturing unit is required by a local authority like Municipal Corporation, NOC from Pollution Department if unit is involved in import-export then IEC Code may be required. Apart from this, if the business of the entrepreneur falls in the category of MSME, then he should also get the industry base, register a company done.

Check out our previous post – How to Start Business with Reliance Jio

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