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Trade licence Process

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Complete Process

Overview

A Private limited company is a privately held business entity held by private stakeholders. The liability arrangement, in this case, is that of a limited partnership, wherein the liability of a shareholder extends only up to the number of shares held by them.With the startup ecosystem booming across the country and more and more people looking to do something on their own, there is a need to be well-acquainted with different business registration types i.e sole proprietorship, limited liability company, and private limited company.

Advantages

Registering a company offers many benefits. A registered company increases the authenticity of your business. It helps your business:

Shield from personal liability and protects from other risks and losses
Attract more customers
Procure bank credits and good investment from reliable investors with ease
Offers liability protection to protect your company’s assets
Greater capital contribution and greater stability
Increases the potential to grow big and expand

Process

STEP 1
Documentation:

The Basic Documents of the Director and Proof of Registered Address Office are Required. We have provided for complete List of Documents in a separate section

STEP 2
Name of Company

The company should register with a new and unique name. Hence the second step is to finalise the appropriate name of the company. You may file a RUN Application for the same.

STEP 3
Drafting of MOA & AOA

The MOA being the constitution of the company and the AOA being internal rules are the most important documents that are filed along with the Company Registration Application.

STEP 4
Filing of Spice Plus Form

To incorporate the company, an application in the SPICe+ form is filed to the ROC, along with MOA, AOA and basic documents of the promoters and the registered address.

STEP 5
Incorporation Certificate:

Upon approval of the Spice Plus form by the ROC, a digital certificate of Incorporation is issued by the ROC, containing the company CIN, PAN, and TAN Number.

Benefits

How to Register?

Company registration in India benefits startups since it offers them an advantage over those who have not registered. The process of registering your company is complex and involves many compliances. However, you needn’t worry as long as you have Vakilsearch as our professionals can help you with every step of the private limited company registration process.

Step 1: Obtain DSC
Step 2: Apply for the DIN
Step 3: Application for the name availability
Step 4: Submission of MoA and AoA to register a private limited company
Step 5: Apply for the PAN and TAN of the company
Step 6: RoC issues a certificate of incorporation with a PAN and TAN

Documents Required

In India, private limited company registration cannot be done without proper identity and address proof. Listed below are the documents accepted by the MCA for the online company registration process:

Identity and Address Proof
– Scanned copy of PAN card or passport (foreign nationals & NRIs)
– Scanned copy of voter ID/passport/driving licence
– Scanned copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
– Scanned passport-sized photograph specimen signature (blank document with signature [directors only])

Registered Office Proof

– Scanned copy of notarized rental agreement in English
– Scanned copy of no-objection certificate from the property owner
Scanned copy of sale deed/property deed in English (in case of owned property)
Note: Your registered office need not be a commercial space; it can be your residence too.

Why Bizivalue ?

Registering a company offers many benefits. A registered company makes it genuine and increases the authenticity of your business.

Shields from personal liability and protects from other risks and losses.
Attracts more customers
Procures bank credits and good investment from reliable investors with ease.
Offers liability protection to protect your company’s assets
Greater capital contribution and greater stability
Increases the potential to grow big and expand
You will also get Zero Balance Current Account

Faqs

The registrar of companies (RoC) across India expect applicants to follow a few naming guidelines. Some of them are subjective, which means that approval can depend on the opinion of the officer handling your application. However, the more closely you follow the rules listed below, the better your chances of approval. First, however, do ensure that your name is available.

If you have all the documents in order, it will take no longer than 15 days. However, this is dependent on the workload of the registrar.

No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.

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Comparison Between Private Limited Company and Other Business Structures

Aspect Proprietorship Partnership LLP Private Limited Company
Registration
No formal registration required
Optional registration under the Partnership Act, 1932
Registered with the Ministry of Corporate Affairs under the LLP Act, 2008
Registered with the Ministry of Corporate Affairs under the Companies Act, 2013
Name of the Entity
Promoter’s choice; avoid trademarked names
Avoid trademarked names
The name has to end with ‘Limited Liability Partnership’ (LLP). Subject to approval by the Registrar.
The name ends with ‘Private Limited Company’. Subject to approval by the Registrar.
Legal Status of Entity
Not a separate legal entity; Promoter is personally liable
Not a separate legal entity; Promoters are personally liable
Separate legal entity; Partners not personally liable for LLP's liabilities
Separate legal entity. Directors and Shareholders not personally liable for Company's liabilities
Member(s) Liability
Unlimited liability for the Proprietor
Unlimited liability for the Partners
Limited liability for Partners, up to their contribution to the LLP
Limited liability for Shareholders, up to their share capital
Minimum Number of Members
Can have only one person as a member
A minimum of two persons are required
Minimum two members are required
Two persons are required to start a PVT Limited Company
Maximum Number of Members
Can have only one person as a member
Maximum of 20 partners
Unlimited number of Partners
Maximum of 200 shareholders or members
Foreign Ownership
Not allowed
Not for foreigners
Need RBI and FIPB approval
Permitted under the Automatic Approval route in most sectors for foreigners investing in Private Limited Company
Transferability
Not transferable
Not transferable
Ownership can be transferred
Ownership can be transferred through share transfer
Existence or Survivability
Dependent on the Proprietor's existence
Might dissolve due to death of a Partner
Not dependent on the Partners' existence; could be dissolved voluntarily or by an Order of the Company Law Board
Not dependent on Directors or Shareholders; could be dissolved voluntarily or by Regulatory Authorities
Taxation
Taxed as an individual based on total income
Partnership profits taxed at 30% plus surcharge and cess
LLP profits taxed at 30% plus surcharge and cess
Private Limited Company profits taxed at 30% plus surcharge and cess
Annual Statutory Meetings
No requirements
Not required
No annual statutory meeting required
Board and General Meetings must be conducted periodically
Annual Filings
No annual report filing requirements; file Income Tax Return based on income
No annual report filing requirements; file Income Tax Return for Partnership
LLP must file Annual Statement of Accounts & Solvency and Annual Return; file Income Tax Return
Private Limited Company must file Annual Accounts and Annual Return; file Income Tax Return

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