company registration

Things You Need To Know About Company Registration

What is Company Registration?

Company registration is, in simple words, a company that has officially registered its business. It can also be referred to as incorporation of company or formation of business. Registering your company gives your business a whole different outfit and a legal existence. In India, the process of company registration is done under the Ministry of Corporate Affairs. Nearly 1.26 million companies are registered in India and other new businesses fill out forms every day.

company registration

How to Register a Company in India?

 

We need to follow these  simple steps to Register a Company:

1) A Director Identification Number (DIN)

This is a unique identification number. All directors in a company must have this number, says the Company Amendment Act 2006. This an 8 digit number, issued under the Companies Act Section 153. The applicant will require; their full name, father’s name, DOB, identity proof, address and address proof, PAN card copy, two photographs.

The application form for obtaining DIN is available on the official website of the ministry of corporate affairs. The applicant must log in to the MCA website first and get a login ID. Then fill the form and its fees (100 INR).

 

2) A Digital Signature Certificate (DSC)

The information provided in DIN can be assured through Digital Signature Certificate. The process includes getting a valid signature which will help in any E-filling process. It is a secure way to get the documents submitted electronically. The applicant will need; director’s full name, father’s name, DOB, address with proof, PAN card copy, identity proof, and a photograph. A DSC is a very important entity and should not be shared by businesses. The DSC is valid for one or two years and after expiration, it should be renewed by the CCA again. The fees for acquiring a DSC range from 800-5999.

 

3) New User Registration

It is important to get registered on the MCA portal. The applicant will need to create a user account for filing a form, carrying out different transactions, and paying the fees. The Ministry of Corporate Affairs does not charge any fee for creating an account.

 

4) Charter Documents

The applicants are required to create chartered documents like Memorandum of Association (MOA) and Articles of Association(AOA).

 

Memorandum of Association-

The MOA has all the details of the registering company required during the incorporation process. It gives us details regarding the goals and power of the company. And it also gives us the relationship between the outsider and the company.

Once the MOA is created it cannot be changed.

 

Articles of Association

The AOA has the rules and regulations of the company. It contains details about the management, conduct, and bye-laws controlling the internal affairs of the company. The AOA is an addition to the MOA, but the AOA can be changed if required while we can’t change the MOA.

 

5) Company Name

The name of the company must be unique and it should give an idea about the services provided by the company. The MCA has recently started a Reserve Unique Name. It is a web service for incorporating a company. It can only be used once. In case of rejection, the applicant must file another RUN and pay the said fees. The applicant must add 4 extra names. The company should follow all the provisions listed under the Companies Act, 1950. The whole process is completed in 8-10 days.

 

6) Acquiring PAN and TAN

The last step for registering your company in India is to get PAN (Permanent Account Number). PAN should only be obtained by authorized agents by UTI and NSDL. The process takes 7 days and the applicant has to pay 70 rupees.

To get TAN (Tax Account Number), the applicant has to reach out to any Assessing Officer at the Income Tax department of their state. The process takes 7 days and the applicant has to pay 60 rupees.

 

Benefits of Company Registration in India

  • Protects against personal obligation, and defends against other threats and
  • Builds goodwill and also supports more customer attraction
  • Gives reliable investors bank credits and good investment with
  • Provides cover of the responsibility to protect the company’s assets
  • Bigger commitment to wealth and greater stability
  • Increases the ability to develop and grow large

We, at Legalwiser, provide the best company registration services in Agra and PAN-India. Contact us to get your company registered now! We will be happy to serve you!

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