Company Formation in India | Expert Business Setup Services

Written by gkkedia Dt. June 21st, 2019
Quick Requirements to get a Company Formation in India in 5 days
- Minimum Directors: 2, 1 Indian is must
- Minimum Promoters/Subscribers: 2
- Name of the Company
- Objects of the Company
- Minimum Capital: INR 1,00,000
- Registered office: Owned/Rented
PRELIMINERY STEPS FOR COMPANY INCORPORATION IN INDIA: –
1. Application for reservation of name: –
The first step in Company Formation in India is ensuring the availability of the company’s name. For this, you can propose any suitable name, provided it is not prohibited under the Indian Companies Act, 2013. We recommend proposing 6 names on a priority basis. An application for the name must be filed as part of the Business Registration Process using Form INC-1, along with the applicable fees. Form INC-1 will be signed digitally, so the applicant must possess a Digital Signature Certificate (DSC). At this stage, Form INC-1 should be filed electronically. Additionally, the Director Identification Number (DIN) of the proposed Directors must be obtained.
If the proposed Company Formation in India is for a Wholly Owned Subsidiary (WOS) of a foreign company, a Board resolution on the letterhead of the foreign company allowing the use of the name and authorizing incorporation in India is required. This resolution must be countersigned by the Indian Consulate at the Indian Embassy in the foreign country. For names containing words like ‘International, Industries, Corporation,’ different slabs of Authorized Capital are prescribed under the relevant regulations.
In the case of foreign Directors, Promoters, or Corporates, they do not need to be physically present in India. They can authorize an Indian resident to digitally sign the incorporation forms on their behalf, ensuring a smooth Company Incorporation Services experience.
Note: The Name once approved should be reserved for a period of 60 days only from the date of its approval.
2.Finalisation of Main Objects and Memorandum & Articles of Association of the Company Formation in India and other documents:
After getting the name approved of the Company, next step is to finalise the main objects and Memorandum & Articles of Association.
- MOA shall be in respective form as prescribed in Table A, B, C, D and E of Schedule I as may be applicable and Adoption of Articles of Association shall be in respective form as prescribed in Table F, G, H, I and J of Schedule I as may be applicable. At least two subscribers are required for subscribing to the Memorandum of Association to form a private limited company and at least seven subscribers are required to subscribe to incorporate a public limited company. In case of foreign subscribers, they have to authorise some other Indian persons who will digitally sign the MOA & AOA on their behalf. If the foreigners/NRI is physically present in India, their digital signature can be used to subscribe MOA & AOA.
- The subscribers digitally sign the e-form 33 (MOA) and e-form 34(AOA) with their Digital Signature.
3. Registered Office:
For Company Incorporation in India, it requires a registered office address. Following documents are require to be attached in form to file with Registrar.
- Proof of Registered office (Sale/Purchase Deed-if owned, rent agreement & NOC- If Rented) and
- Utility Bill, that is not older than two months.
We shall provide assistance at cost for registered office address.
4. Director:
For Company Formation in India which is a Private Limited Company, there should be at least two persons required to be appointed as director. In case of foreign company, one director must be an Indian Resident.
We shall provide assistance at cost for Indian Director/Subscriber.
5. Filing of digital Memorandum and Articles of Association with Registrar of Companies:
After Memorandum and Articles of Association are finalised, the same are to be filled in e-form 33 & 34. After that, it will be filed with Registrar of Companies, electronically along with the following forms/documents. Registration Fees which will depend on proposed Authorised Capital of the company:
Form-32 (Spice) : Statutory Declaration for compliance of provisions of the
Companies Act, 2013 in regard to Formation of Company.
Form 33 (MOA) : e-Memorandum of Association
Form 34 (AOA) : e-Article of Association.
Power of Attorney : Authorisation for making corrections in the office of Registrar of Companies related to incorporation of company.
After filing these three forms on MCA site, promoter need to upload PAN & TAN form within 2 days of filling the forms. Once the Company will get certificate of Incorporation from Registrar of Companies, PAN/ TAN will be received by mail and post. Here, all steps for incorporating a Company are over and you can start your business immediately.
6. After getting Certificate of Company Incorporation in India, following will be made:
(i) Rubber Stamp of the company (ii) Share Certificates, and
(iii) Printing of 50 copies of Memorandum & Articles of Association.
Fees structure:
Details | Govt. fees (in INR) |
---|---|
Name application | 1,000 |
Printing of memorandum & other expenses | 5,000 |
Cost of Digital Signature | 2,500 (for each person) |
Cost of DIN form | 500 (for each person) |
MOA Stamping fees (INR150 per lakhs) | 150 |
7. Capital Fee is around 2% of the Authorised Capital, as follows (If registered office is in Delhi):
Authorised Capital | Capital Fees (in INR) |
---|---|
INR 1 Lakh | 2,000 |
INR 5 Lakh | 2,000 |
INR 10 Lakh | 2,000 |
INR 25 Lakh | 32,000 |
INR 50 Lakh | 82,000 |
8. Time frame:
5 working days (Subject to availability of all the papers with proper signatures).
POST COMPANY FORMATION IN INDIA SERVICES
1. ONE TIME WORK: –
- Opening of bank account with any bank
- Appointment of First Auditor
- Share Allotment & its stamping
- Registration for Good & Services Tax Number
- Import Export Code Number
2. ROUTINE WORK: –
- Maintaining books of accounts on day to day basis
- Filing of quarterly return for withholding tax
- Filing of GST Return on monthly/ quarterly basis
- Maintaining payroll on monthly basis
- Preparation of Balance Sheet annually and audit thereof
- Filing of return with Income Tax Department
- Filing of annual return with Registrar of Companies
- Filing of FLA Return with RBI
- Maintaining statutory register and writing of minutes’ book
- Tax audit, has to be done when turn-over will exceed INR 10 million
- Annual audit for Transfer Pricing (TP) for income tax purpose
- FC-GPR & FC-TRS forms with RBI along with Valuation Certificate. RBI has to be informed about receipt of share capital amount from abroad within one month of its receipt & shares have to be allotted within 6 months
- Consultancy in the above matters
Written by
gkkedia
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