All you need to know about floating a private limited company
What is the advantage of starting a Private Company?
A private Company can be started by Two shareholders.
Initial Capital required could be a minimum amount as desired by the shareholders.
There is a well structured law to guide the Company in its control framework. This could help a Company to obtain funds from Lending Institutions better, based on its financial position.
How long would it take to start a Private Company?
The process of Registration of a Company as a Private Company can be done within 7
working days. This is assuming that the Documentation flow from the promoters of the
company is expedient.
What is the minimum Capital required?
There is no minimum amount prescribed by Law to start a Private Company. The Capital can
be based on business needs. Persons usually start with amounts like Rs. 1 Lakh.
What is the minimum number of Directors required?
Minimum two directors are required. Directors need not be shareholders. One of the
Directors should be a resident in India.
What type of Documentation is needed to start a Company?
a. Choice of Names of the proposed Company
b. Identity & Address Proof Documents of the Promoters and First Directors.
c. Proof of ownership and Address proof of the place that would be functioning as the Registered Office of the Company.
d. A No Objection Certificate from the owner of the said premise to use the place as the Registered office of the company.
e. Passport Size colour photographs of the Promoters and First Directors.
f. Digital Signature for the First Directors. (We can arrange to obtain these)
g. Proposed objects of the Business to be carried on by the Company
h. Initial Capital being brought in to start the Business.
Can a Foreign Citizen or NRI be a promoter and / or Director?
How will we know the Company is Registered?
The Office of Registrar of Companies will send a certified document of incorporation of the Company once all the procedures are properly completed.
This document along with the signed Memorandum and Articles of Association of the Company (These will be prepared by us) could be used to obtain other required Registrations like PAN CARD, GST Registration etc and for opening bank accounts.