Company Registration | Private Limited Bangalore

A Private Ltd Company is form of enterprise which gives the startup the credibility due to which the trust is established. Every business need to funding to scale its business to the next level and this form entity gives you the perfect platform of flexibility to raise capital in various forms such as the following:

1. Debentures (Debt)

2. Issue of Equity Shares

3. Issue of Preference Shares

4. Loans from Financials Institutions and Banks

5. Foreign Direct Investments (FDI) from foreign nationals or residents

6. Loans from Directors of the Company

Pre-requisites to Start or Register a New Private Limited Company

Important Points to Remember even before you start thinking of incorporating or Registering Private Limited Company an entrepreneur needs to have the following planned:

1. To have a clear business plan, based on which he needs to identify number of people to be  Directors and Shareholders in the Private Limited Company.
2. He needs to be clear about his destination as to what is his revenue targets he needs to achieve,  what are his scalable business goals. Scalability is biggest strong point      of Private Limited Company structure.
3. What is working capital requirements on incorporation or registration in the near- term.
4. Flexibility is one of the core pillars of a Private Limited Company has people who want to get  associated with the Company need to be given the flexibility in choosing  the way they want to get associated with the Private Limited Company,  whether as they want to fund the working capital requirement of the  Company by being a Shareholder or they want to take an active interest in running the operations of the Company on a day to day basis by becoming a  Director in the Company.

You cannot register a Private Limited Company yourself as the Incorporation web-forms have to certified by Professional like a Practicing Company Secretary and other Professionals, when we say the web forms have to be certified, we mean, they have to be digitally signed (DSC) by them. Well, these web-forms and the information to be given in them are stipulated in the Incorporation Rules i.e. Companies (Incorporation) Rules, 2014 and 

Further, an application for reservation of name shall be made through the web service available at www.mca.gov.in by using RUN (Reserve Unique Name) by paying the fee as provided in the Companies (Registration offices and fees) Rules, 2014, which may either be approved or rejected, as the case may be, by the Registrar, Central Registration Centre. The Part-A of the Spice+ webform has to be filled by giving two preferred names in the order of preference, which have to available in Trademark by paying a fees of Rs.,1000/- in case of a Private Limited Company. Once the approval given, the Part-B of the SPICe+ has to be filled with the requisite details regarding the Directors, Registered Office and Income tax Assessing officer codes including Preferred Bank account, Subscriber details with the accepted ID and Address Proofs attached along with the Photograph of Directors. Also, the details of the Practicing Professional who is signing the webform.

What is the minimum amount to start Pvt Ltd?

In the SPICE+ the details relating to Authorised Capital, Paid -up Capital has to be entered in Rupees and in number of Shares and the face value of each share has to be entered. 

Please Note 1: There is no minimum capital requirements for a Private Limited Company when registered in India. The start-up could go for registration of the Company based on the their business goals. 

Please Note: The government fees and Stamp Duty will vary on the basis of the capital and therefore the same has to be planned in advance.

How much turnover is required for Pvt Ltd?

There is no minimum turnover required to start a Private Limited Company (PVT LTD). There are minimum requirements of 2 Directors and 2 Shareholders or Members for starting a Private Limited Company and business Premises to be identified as a Registered Office of the Company.

Note: Only Individuals can be Directors in the Company and these individuals have to obtain a Director Identification Number (DIN) which can applied through SPICE+ when incorporating the Company. 

What are documents and details for registering a Private Limited Company (PVT Ltd)?

The following documents are details required for registration of a Company i.e. Private Limited Company:

1. Applying  Digital Signature to be applied for each Director and Shareholder
2. Copy of the PAN of the  Director and Shareholder
3. Copy of the Aadhaar Card
4. Copy of Passport (if   applicable)
5. Email ID and Mobile Number
6. Present and Permanent  Address
7. Place of Birth
8. Interest in other entities  if any
9. Passport Size Photograph  in JPEG format
10. Copy of the Bank  Statements of each Director
11. Copy of Voter ID
12. Educational Qualification
13. Occupation
14. Registered Office address  or Communication Address
15. Jurisdiction of the Police station where the Business Premises is located

Note: If the registered office is already identified and the Startup founders have found a place for the business premises then, one could mention the same in the SPICE+ form as the business premises being the registered office and that would warrant additional documentation like the Rental Agreement and No-Objection Certificate from the owner of the premises and preferably the electricity bill showing the exact address needs to be attached in the webform.

What is DSC (Digital Signature Certificate) ?

Applying for the DSC is of utmost importance as it a pre-requisite for incorporating a Company whether a Private Limited Company or LLP in India Bangalore. For applying the Digital Signature Certificate one has to have the following documents:

1. Copy of Pan Card

2. Copy of Aadhaar Card

3. Passport Size Photograph in (JPEG Format)

4. Email ID

5. Mobile Number

Note: Apart from above for foreign nationals the documents have to apostilled except OCI Card holders.

6. Other requirements are Email Verification based on OTP and Mobile Number Verification based on OTP and Video Verification based on the link given in the email and the same has to be done through downloading app or in any browser while doing it on laptop or desktop. Usually the Digital Signature Certificate (DSC) can applied for 2 years or 3 years at the discretion of the applicant.

Share Certificates to be issued within?

Share certificates have to be issued within 2 months of incorporation and the certificates have to stamped with requisite stamp duty should be paid in the state in which the Company is registered. If the Company is registered in Bangalore, then it has to be paid in that place. Any delayed in stamping will have to adjudicated by the district registrar in Bangalore if the Company is located in Bangalore.

As per10A. Commencement of business INC-20A is not filed by the Private Limited Company then, such default will be penalised as mentioned below:

Source MCA:

(2) If any default is made in complying with the requirements of this section, the company shall be liable to a penalty of fifty thousand rupees and every officer who is in default shall be liable to a penalty of one thousand rupees for each day during which such default continues but not exceeding an amount of one lakh rupees.

(3) Where no declaration has been filed with the Registrar under clause (a) of sub-section (1) within a period of one hundred and eighty days of the date of incorporation of the company and the Registrar has reasonable cause to believe that the company is not carrying on any business or operations, he may, without prejudice to the provisions of sub-section (2), initiate action for the removal of the name of the company from the register of companies under Chapter XVIII.]]]

Click below for the Amendment notification:

https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MTQyMDI=&docCategory=NotificationandCirculars&type=open

Annual Filing of Balance Sheet and Annual Returns related

Every Private Limited Company should get there audit done by appointing a Statutory Auditor for 5 years and file the audited financials and annual return with the Registrar of Companies before 29th October and 29th November every year.

Note: If new Company is incorporated after 01st January then such Company can close there books of accounts the following year 31st March and conduct their Annual General Meeting (AGM) within 9 months  from closure of the financial year i.e. before 31st December of that year. The Balance Sheet and Annual Return needs to filed accordingly within 1 month  of AGM and 2 months after the AGM. 

Note: Any failure to do the filing before above mentioned dates will attract a penalty of 100/- per day till the date of filing. 

Board Meetings

Every Pvt Ltd Company has to conduct a Board Meeting every quarter and the gap between meetings should not be more than 120 days. Total of 4 meetings needs to be held during the year. 

DIR-3 KYC Filing 

Every Company has ensure that the Directors have to update their KYC either by filing web form KYC with the Ministry of Corporate Affairs (MCA) or by filing Web-KYC which is subsequently filed for all the other years that follow.

DPT-3 Filing

The DPT -3 form must file  Particulars of transactions by a company not considered as deposit as per rule 2 (1) (c) of the Companies (Acceptance of Deposit) Rules, 2014 before 30th June. The  

16 (Return of Deposits to be Filed With the Registrar) is reproduced for your kind perusal

Every company to which these rules apply, shall on or before the 30th day of June, of every year, file with the Registrar, a return in Form DPT-3 along with the fee as provided in Companies (Registration Offices and Fees) Rules, 2014 and furnish the information contained therein as on the 31st day of March of that year duly audited by the auditor of the company 2[and declaration to that effect shall be submitted by the auditor in Form DPT-3.]

Foreign Assets & Liabilities (FLA) RBI Annual Filing:

 Foreign Liabilities and Assets (FLA) is an annual return that shall be filed by every company that has either received foreign direct investments or has made any overseas investments.  

Due Date: 15th July of every year

Note: Provisional Financials also can be filed and once the audited financials are ready then you could file a revise return.

Website: https://flair.rbi.org.in/fla/faces/pages/login.xhtml

Important details to be given:

1. Shareholding details

2. The country of the Investor and the shareholding percentage held

3. Class of Shares

4. Sales and Purchases

5. Number of Employees of the reporting entity

6. Reserves and Surplus

7. Preference Shares details (both Participating and Non-participating)

8. Exports and Imports 

Other details as requested to be given. 

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