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Private Limited Company is a popular type of corporate entity in India. Ministry of Corporate Affairs commonly known as MCA, Companies Act, 2013 and the Companies Incorporation Rules, 2014 govern the incorporation of a Private Limited Company
A minimum of two members are required for registration of a private limited company. A natural person can be both a director and shareholder, while a corporate legal entity can only be a shareholder. Foreign promoters such as foreign nationals, foreign corporate entities or NRIs prefer such type of entity as they are allowed to be Directors and/or Shareholders of a Company with Foreign Direct Investment. Limited Liability of shareholders, Ability to Raise Funds, Separate Legal Entity and Perpetual Existence are among the features of a private limited company which make it the most recommended type of legal entity for numerous small and medium sized businesses that are family owned or professionally managed.
Public Limited Company is a company whose ownership is organized via shares or stock which are intended to be freely traded. Unlike Private Limited Companies, it requires a minimum of 3 members to register. The main feature of this type is the Ability to Raise Funds from the pubic for its business that helps the growth of the society. Its shares are freely transferable in contrast to Private Limited Companies.
A small company within the meaning of the Companies Act, 2013 which is registered with only one person is said to be an OPC. Hence, OPC is considered as the best refinement of the popular Sole Proprietorship. OPC is classified as a type of Private Limited Company. With lesser compliance and a law governed registration makes it more authentic and easy to run cost effectively that provides the benefits of a Private Limited Company as opposed to Sole Proprietorship.
Partnership Firms have begun to lose their existence with the introduction of (LLPs) Limited Liability Partnerships in India due to various advantages LLPs offer over partnerships. LLP is such form of business that combines the benefits of both Partnership (under IPA) and Limited liability Company (under MCA). Both the combined advantages of Partnership and Limited Liability Company negate the limitations / disadvantages of the Partnership and Limited Liability Companies.
Partnership Firms are a popular form of business entity and are beneficial for group of People who own, manage and control business. Partnership firms are very easy to start which are popular amongst small and medium sized enterprises in the unorganized sectors. Registration of Partnership firms is optional, thereby classifying them in two types as Registered and un-registered firms. Nevertheless, a registered partnership firm gives added advantages.
The best form of enterprise for a small business for a single person to manage and control without any hard and fast compliance. All it needs is one government registration either GST or Shops & Establishment registration.
Swio is a market leader for services relating to company registration in India. Swio can help you register a private limited company, one-person company, Section 8 company, producer company or an Indian subsidiary for a foreign parent company, all the above within 2 - 4 working days on an average, subject to government processing time and document submission by the client.
A Private Limited Company can be registered within 2 – 4 working days, subject to government processing time and document submission by the client.
You can use the services of check name availability for first-hand information on whether the proposed name is available and then apply for it in RUN service or INC-32 (Simplified Proforma for Incorporating Company electronically-SPICe).
Minimum no. of directors for One Person Company: One, Private Limited Company: Two, for Public Limited Company: Three and, for producer company: Five.
The minimum paid up capital at the time of registration of a company shall be as follows:
One Person Company: Re.1/-
Private Limited Company: Rs.2/-
Public Limited Company: Rs.7/-
A person can be member in only one OPC
Incorporation through SPICe (With RUN) Name reservation:
RUN service shall be used for name availability.
Incorporate OPC: After name approval, form SPICe shall be filed for incorporation of the OPC within 20 days from the data of approval of RUN. The company shall file form INC-22 within 30 days once form SPICe is registered in case the address of correspondence and registered office address are not same.
- Name reservation: The first step to incorporate Limited liability partnership (LLP) is reservation of name of LLP. Applicant has to file eForm 1, for ascertaining availability and reservation of the name of a LLP business. Incorporate LLP: After reserving a name, user has to file eForm 2 for incorporating a new Limited Liability Partnership (LLP). eForm 2 contains the details of LLP proposed to be incorporated, partners’/ designated partners’ details and consent of the partners/ designated partners to act as partners/ designated partners. LLP Agreement: Execution of LLP Agreement is mandatory as per Section 23 of the Act. LLP Agreement is required to be filed with the registrar in eForm 3 within 30 days of incorporation of LLP.
Incorporating a company through Simplified Proforma for Incorporating Company electronically (SPICe -INC-32), with eMoA (INC-33), eAOA (INC-34), is the default option and most companies are required to be incorporated through SPICe only
Any foreign company can establish its place of business in India by filing eForm FC-1 (Information to be filed by foreign company).Note: The eForm needs to be digitally signed by authorized representative of the foreign company. There is no need to apply and obtain DIN for Directors of a foreign company. However, it is mandatory to register the DSC of the authorized representative of the foreign company via associate DSC service available at MCA portal.