Company Registration Services
Registering your business is always the best thing to do as it brings with it taxation benefits, credibility, and the ability to quickly scale or expand your business, and a considerably hastened process of sanctioning business loans. It also allows you to hire full-time employees and pay them according to state laws.
1. Increased credibility with customers and suppliers.
2. Protection of your business name and logo.
3. Ability to sue or be sued in court.
4. Access to government contracts.
5. Eligibility for tax incentives.
6. Simplified operations by having a single point of contact with the government.
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Here is some frequently asked questions (FAQs) related to Company incorporation: General FAQs
1. What is a Private Limited Company ?
A private limited company is a type of business structure that offers limited liability protection to its Directors.
2. What is a Limited Liability Partnership (LLP) ?
An LLP is a type of business structure that offers limited liability protection to its partners.
3. What is a Section 8 Company?
A Section 8 Company is a non-profit organization registered under the Companies Act, 2013, for promoting arts, commerce, science, sports, education, research, social welfare, religion, charity, or environmental protection.
4. What is a One Person Company (OPC)?
A One Person Company (OPC) is a type of business entity that allows a single individual to own and operate a company, enjoying the benefits of limited liability and a separate legal identity. It combines the flexibility of a sole proprietorship with the advantages of a corporation.
5. What is a Public Limited Company (PLC) ?
A Public Limited Company (PLC) is a business entity that can sell shares to the public through stock exchanges, allowing for large capital rising. It has limited liability, a minimum of three directors, and must comply with stricter regulations and transparency requirements.
6. What are the benefits of incorporating a Company?
Benefits include limited liability protection, tax efficiency, ability to raise capital, and separation of personal and business assets.
7. Why is forming a company better than a partnership firm for business growth and protection?
Forming a company provides greater flexibility, risk protection, and growth potential compared to a partnership firm. It is ideal for entrepreneurs looking to scale their business, attract investments, and establish a long-term enterprise.
8. What is the minimum number of Director or shareholders required to incorporate a Company?
A minimum of two Directors are required for Private Limited, LLP and Section 8 Company. A minimum of threeDirectors are required for Public Limited and only one Director for OPC.
9. What is the minimum authorized capital required to incorporate a Company?
The minimum authorized capital is INR 1 lakh for Private Limited, Public Limited and OPC. There is no minimum authorized capital requirement for LLP, Section 8 Company.
10. How is forming a company beneficial for raising funds compared to a firm?
Companies can raise funds through equity, loans, and investors more easily than firms. Private and public limited companies attract more investors.
11. How is a company beneficial for tax purposes?
Companies can benefit from lower tax rates and special deductions under the Income Tax Act. An LLP is taxed as a partnership firm, with the partners being taxed on their individual share of profits.
Incorporation Process FAQs
12. What are the steps involved in incorporating a Company?
Steps include:
1. Obtaining Director Identification Number (DIN)
2. Obtaining Digital Signature Certificate (DSC)
3. Name Reservation
4. Filing incorporation documents with the Registrar of Companies (ROC)
5. Obtaining Certificate of Incorporation
13. What documents are required for incorporation?
Required documents include:
1. Memorandum of Association (MOA)
2. Articles of Association (AOA)
3. Identity proof and address proof of directors and shareholders
4. Proof of registered office address
14. What additional documents are required for the incorporation of an LLP?
LLP Agreement
15. How long does the incorporation process take?
The incorporation process typically takes 20-25 working days
16. Can a foreign national be a Director or Partner in a Company?
Yes, a foreign national can be a Director or Partner in a Company, subject to certain conditions. There Documents should be in English Language.
17. What is the process for reserving a company name during incorporation in India?
1. Check name availability on MCA and Trademark portal, as should be unique, avoid common names and prohibited words, article.
2. Once 4 names RUN for name reservation application.
3. On Rejection can repeat name reservation application.
4. On approval it’s valid for 20days to complete incorporation process.
Post-Incorporation FAQs
18. What are the compliance requirements for a Company?
Compliance requirements include:
1. Filing annual returns with the ROC
2. Filing income tax returns with the Income Tax Department
3. Maintaining statutory records and registers
4. Conducting board meetings and DirectorMeetings
19. Is it possible to convert a company from one business structure to another?
Yes, it is possible to convert a company from one business structure to another by filing necessary documents with the ROC and complying with the requirements of the Companies Act, 2013.
20. Is a company liable to settle debts using the personal assets of its directors or shareholders?
No, a company is a separate entity and protects personal assets from being used to settle business debts.
21. What happens if a director or shareholder changes or dies?
Shares in a company can be easily transferred, making ownership changes simpler. The company continues to exist even if directors or shareholders change or pass away.
22. Is a company required to pay GST?
Yes, company is required to pay GST if its annual turnover exceeds the threshold limit.
23. Can a Section 8 Company receive foreign donations?
Yes, a Section 8 Company can receive foreign donations, subject to certain conditions and approvals.
24. What is the tax liability of a Section 8 Company?
A Section 8 Company is exempt from paying income tax, subject to certain conditions.
Here are some frequently asked questions (FAQs) related to Digital Signature Certificate (DSC) registration:General FAQs
1. What is DSC, or digital signature?
To authenticate a document, a digital signature is an electronic version of a signature that is installed in a pen drive-style token.
2. Why is a digital signature necessary?
DSC is necessary for safe and authorized online transactions, such as electronically filing income tax returns, filing GST, and signing official documents.
3. What kinds of digital signatures are there?
Digital signatures are used for authentication, while digital signatures with encryption (combo) dsc are used for e-procurement and e-tendering.
4. What is the DSC's validity?
DSCs can be renewed prior to their expiration and are typically good for one or two years.
5. Is it possible to use a single DSC for several purposes?
Yes, it can be used for a variety of purposes, depending on the type of DSC.
6. What is the duration required to obtain a DSC?
After the document verification process is successful, I will be in hand in three to four days.
Here is some frequently asked questions (FAQs) related to Annual Compliance of a Private Limited Company:General FAQs
1. What are the annual compliance requirements for a Company?
Annual compliance requirements include filing annual returns, financial statements, and income tax returns.
2. What is the due date for filing annual returns?
The due date for filing annual returns is within 60 days from the date of the Annual General Meeting (AGM).
3. What are the consequences of non-compliance?
Consequences of non-compliance include fines, penalties, and even striking off the company's name from the Registrar of Companies (ROC).
Filing Annual Returns FAQs
1. What is the purpose of filing annual returns?
The purpose of filing annual returns is to provide the ROC with information about the company's activities, financial performance, and changes in management.
2. What forms need to be filed for annual returns?
Forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) need to be filed.
3. What is the due date for filing Form MGT-7?
The due date for filing Form MGT-7 is within 60 days from the date of the AGM.
Financial Statements FAQs
1. What is the purpose of filing financial statements?
The purpose of filing financial statements is to provide the ROC with information about the company's financial performance.
2. What forms need to be filed for financial statements?
Form AOC-4 (Financial Statement) needs to be filed.
3. What is the due date for filing Form AOC-4?
The due date for filing Form AOC-4 is within 30 days from the date of the AGM.
Income Tax Returns FAQs
1. What is the purpose of filing income tax returns?
The purpose of filing income tax returns is to report the company's income and pay taxes.
2. What forms need to be filed for income tax returns?
Form ITR-6 (Income Tax Return) needs to be filed.
3. What is the due date for filing Form ITR-6?
The due date for filing Form ITR-6 is on or before September 30th of each year.
Other FAQs
1. Can a Company file its annual returns and financial statements online?
Yes, a can file its annual returns and financial statements online through the MCA21 portal.
2. What are the fees for filing annual returns and financial statements?
The fees for filing annual returns and financial statements vary depending on the company's authorized capital and turnover.
3. Can a Private Limited Company appoint a professional to file its annual returns and financial statements?
Yes, a Private Limited Company can appoint a professional, such as a chartered accountant or company secretary, to file its annual returns and financial statements.
Key Dates
- Annual General Meeting (AGM): Within 6 months from the end of the financial year
- Filing Form MGT-7: Within 60 days from the date of the AGM
- Filing Form AOC-4: Within 30 days from the date of the AGM
- Filing Form ITR-6: On or before September 30th of each year
