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Today, company registration process and other regulatory filings are paperless; documents are filed electronically through the MCA website and is processed at the Central Registration Centre (CRC).
Company Registration process is completely online. Upon completing all registration formalities, the Registrar of Companies’ issues a digitally signed Certificate of Incorporation (COI). Electronic certificates issued by the ministry can be verified by all stakeholders on the MCA website itself.
Incorporating a company is a systematic process of collection and submission of details required as per the requirements of Companies Act 2013 and as per the process defined by the Ministry of Corporate Affairs from time to time. Management of the process requires in-depth knowledge of legal requirements and not to mention, practical experience of the same
Benefits Of OPC Registration
1.Legal status :
The OPC receives a separate legal entity status from the member. The separate legal entity of the OPC gives protection to the single individual who has incorporated it. The liability of the member is limited to his/her shares, and he/she is not personally liable for the loss of the company. Thus, the creditors can sue the OPC and not the member or director.
2.Easy to obtain funds :
Since OPC is a private company, it is easy to go for fundraising through venture capitals, angel investors, incubators etc. The Banks and the Financial Institutions prefer to grant loans to a company rather than a proprietorship firm. Thus, it becomes easy to obtain funds.
3.Less compliance’s :
The Companies Act, 2013 provides certain exemptions to the OPC with relation to compliance’s. The OPC need not prepare the cash flow statement. The company secretary need not sign the books of accounts and annual returns and be signed only by the director.
4.Easy incorporation :
It is easy to incorporate OPC as only one member and one nominee is required for its incorporation. The member can be the director also. The minimum authorised capital for incorporating OPC is Rs.1 lakh but there is no minimum paid-up capital requirement. Thus, it is easy to incorporate as compared to the other forms of company.
5.Easy to manage :
Since a single person can establish and run the OPC, it becomes easy to manage its affairs. It is easy to make decisions, and the decision-making process is quick. The ordinary and special resolutions can be passed by the member easily by entering them into the minute book and signed by the sole member. Thus, running and managing the company is easy as there won’t be any conflict or delay within the company.
6.Perpetual succession :
The OPC has the feature of perpetual succession even when there is only one member. While incorporating the OPC, the single-member needs to appoint a nominee. Upon the member’s death, the nominee will run the company in the member’s place.
Step by Step process on how to Register a Private Limited Company
What Documents will you need?
The below-mentioned documents will be required for each Director/Shareholder:
Identity And Address Proof
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Copy of PAN Card or Passport (Foreign Nationals & NRIs)
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Copy of Voter’s ID/Passport/Driver’s License(any one document)
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Copy of the latest bank statement/telephone or mobile bill/electricity or gas bill(any one document – Not older than 2 months)
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Passport-sized photograph(of the directors only)
Registered Office Proof
For online company registration in India, the company must have a registered office in India. To prove admittance to the registered office, a recent copy of an electricity bill or the property tax receipt or water bill not older than 2 months must be submitted. Along with the rental agreement, utility bill or the sale deed and a letter from the landlord with her/his consent to use the office as a registered office of the company should be submitted.
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Copy of the latest bank statement/telephone or mobile bill/electricity or gas bill not older than 2 months
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Copy of Notarized rental agreement in English
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Copy of No-objection certificate from the property owner
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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.
Step I – Getting a DSC for all Proposed Directors
What is a DSC?
Digital Signature Certificates (DSC) are the digital equivalent (that is electronic format) of physical or paper certificates. Few Examples of physical certificates are drivers’ licenses, passports or membership cards. Certificates serve as proof of identity of an individual for a certain purpose; for example, a driver’s license identifies someone who can legally drive in a particular country. Likewise, a digital certificate can be presented electronically to prove one’s identity, to access information or services on the Internet, or to sign certain documents digitally.
Why is a DSC required ?
Physical documents are signed manually, similarly, electronic documents, for example, e-forms are required to be signed digitally using a Digital Signature Certificate. Each proposed director will have to get a DSC so that they can provide their approval to be a Director in the company
How to register an LLP using FiLLip Form
Documents required for registering an LLP
Identity And Address Proof of Partners
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Copy of PAN Card or Passport (Foreign Nationals & NRIs)
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Copy of Aadhar Card/Voter’s ID/Passport/Driver’s License
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Copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
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Copy of passport-sized photograph specimen signature (blank document with signature [directors only])
Registered Office Proof
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Copy of the latest bank statement/telephone or mobile bill/electricity or gas bill
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Copy of Notarized rental agreement in English
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Copy of No-objection certificate from the property owner
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Copy of sale deed/property deed in English (in case of owned property)
Why register an LLP?
Registering an LLP offers many benefits with the main benefit being the limited liability of partners. The members of the firm are only liable for a small amount of debt incurred by it. This is entirely different from proprietorship and partnership where the personal assets of directors and partners are not protected if the business becomes bankrupt. Registering an LLP in India offers the following benefits-
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LLP is a separate legal entity from the partners. Each partner can sue the other in case a situation arises. It has an uninterrupted existence that follows perpetual succession, i.e., the partners might leave, but the business remains. A term of dissolution has to be mutually agreed on for the firm to dissolve.
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Transferring the ownership of LLP is also simple. A person can quickly be inducted in as a designated partner and the ownership switches to them.
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LLPs having a capital amount less than 25 lakhs and turnover below 40 lakhs per year do not require any formal audits. It makes registering as LLP beneficial for small businesses and startups.
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An LLP has partners, who own and manage the business. This is different from a private limited company, whose directors may be different from shareholders. For this reason, VCs do not invest in the LLP structure.
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An LLP can own or acquire property because it is recognized as a juristic person. Partners of LLP cannot claim the property as theirs.
About Us
RegisterKaro is a team of qualified Chartered Accountants, lawyers and other with an overall combined experience of over 10 years in the field of incorporations, accounting, taxation and business analysis. Before starting the firm, the founders were working with a few of the big four audit companies wherein they were providing the above-mentioned services to clients ranging from listed and unlisted public companies to multinational private companies. As a part of a global organization, they have had exposure to domestic as well as international clients ranging from diverse industries like real estate, manufacturing, service industry, cloud communication, private equity, restaurant, oil and petroleum, etc.
We serve the business needs of clients of all sizes, in various sectors. Our company is driven by the need to be seen by each client as valued and trusted advisors rather than an external agency that helps stay within the letter of the law. We are committed to delivering a range of professional solutions tailored to match each client’s needs in the most efficient & cost-effective way.
We at RegisterKaro have not just been riding this wave of change, but anticipated it, and were among the pioneering firms that moved to include new and value-added services in our repertoire. Our practice is focused on management support services that are geared towards growing and strengthening our client’s business, where we work in tandem with the owners & management.
