Private Limited Company Registration and Requirement

One needs to apply at the MCA portal for company registration, the registration is done via company registration form Spice -32. Before registration applies for name approval of the proposed company, the name should be in compliance with the Emblems and Names (Prevention of Improper Use) Act, 1950. The Name application fee is Rs 1000/- for one-time application in which the applicant can propose two names in line with preference. A Company is a legal entity having a separate legal character from the person who works in or for the company. It is a corporate body having a common seal and possess the right to hold/sell/buy the property in its own name. A company can be formed in the nature of the private company, a public company, LLP. To form a private company at least two shareholders and director, who can be the same persons is a must condition. Note that at least one of the directors must be resident in India. In a private company, the directors have limited liability towards the shareholders and members, unlike other forms of business like partnership firm. A private limited company can have a maximum of 200 shareholders in the company. A company can have a maximum of 15 directors. Before application the authorized signatory must have Digital Signature certificate, Directors not having DIN apply for DIN (Director Identification Number). Prepare the memorandum of Association and Article of Association of the company basis the object of the company. With the new format, one can apply for PAN and TAN for the company along with the application form SPICE-32. On application to Registrar, it will be scrutinized, in case of discrepancies the notice of shall be sent to you on register Email ID, otherwise, certificate of registration shall be issued. However, to apply you need to take help of Company secretary or charted accountants or such authorized person.

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