Private Limited Company is the most popular form of business entity in India and also among foreign investors. To incorporate a private limited company, a minimum of two shareholders are required and can have up to a maximum of 200 shareholders. A private limited company must have a minimum of two Directors and can have upto a maximum of fifteen Directors. The Director needs to be over 18 years of age and must be a natural person, there are no limitations in terms of citizenship or residency. Therefore, foreign nationals can be directors in a Indian Private Limited Company. Minimum of one lakh authorised capital is required to form a private limited company in India. A foreign Company can hold shares of a Private Limited Company in India subject to Foreign Direct Investment (FDI) Guidelines.
A private limited company has all the advantages of partnership namely flexibility, greater capital combination of different and diversified abilities, etc., and at the same time it has advantages of limited liability, greater stability and legal entity. In this sense, a private limited company stands between partnership and widely owned public company. Once a Company is incorporated, it will be active and in-existence as long as the annual compliances are met with regularly.
Identity and address proof will be required from all Directors and Shareholders of the Private Limited Company to be incorporated.In case of Indian nationals, PAN is mandatory. For foreign nationals, apostil led or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than two months old.
All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill, gas connection bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.
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Digital Signature Certificate (DSC) and Director Identification Number (DIN) is required for the proposed Directors of the Private Limited Company. DIN and DSC can be obtained for the proposed Directors within 3 to 4 working days.
A minimum and a maximum of one proposed name must be submitted to the MCA through RUN option. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 2-3 working days.
Registration documents can be submitted to the MCA along with an application for registration. MCA will usually approve the application for incorporation in 3-4 working days, subject to their processing time.
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