An appointment to incorporate Companies.
Kindly contact us:
M/s Anbalagan & Muthukumarasamy
Chartered Accountants
The procedure for company formation in India is mentioned in brief below:
1. Check availability of name / registered trademark for incorporation of the company. Further to this, reserve name of the proposed company through online service RUN on MCA website. The name can also be applied through SPICe.
2. Obtain Digital Signature Certificate (DSC) for at least one proposed designated Directors of the Company. DIN for proposed Directors can only be applied for through form SPICe.
3. Form INC 32 (SPICe) are to be duly filled and submitted to RoC for incorporation of the company. PAN and TAN are shall be auto-generated based on details filed in the SPICeform
4. Filing of electronic Memorandum of Association (eMoA – INC 33) in SPICe . For foreign subscribers physical MoA to be executed and attached
5. Filing of electronic Articles of Association (eAoA- INC 34) in SPICe . For foreign subscribers physical AoA to be executed and attached
6. SPICe upload and fee payment is confirmed by MCA
7. Central Registration Centre (CRC) verifies/ scrutinizes all the documents and forms and may suggest few changes to be made in the attachments or form itself. One needs to make necessary changes accordingly
8. Obtain the certificate of incorporation (CoI). CIN, PAN & TAN numbers are allotted at the time of registration
9. A company having share capital is required to file a declaration of receipt of subscription amount and verification of registered office within 182 days of incorporation and prior to commencement of business.
Note : Notarization & Apostilling/ legalization of documents mandatory in case of foreign subscribers / Directors. Some registrations would be applicable based on state in which the company is incorporating and nature of business entity.
Selection of the type of company
The promoters of the company need to determine the type of company to be formed i.e. private company, public company, non-profit making company etc depending on the operations and activity of the company, capital required, size of operations, method and amount of financing etc.
Submit an application for the Directors Identification Number (DIN) and Digital Signatures
The planned directors of the company are first and foremost required to get Director Identification Number (DIN). Should they have already been alloted a DIN No. earlier, it is necessary. Further, at least one of the directors must get Electronic Signature from prescribed authority. Every single document of the company would be filed only after getting digitally signed from a director or managing director or manager or secretary from the proposed company.
Deciding on a Suitable Name for the planned company
A minimum of six proposed names for the company to be formed, is selected by the promoters subsequently after careful observation of varied provisions, circulars, and also principles of the Ministry of Corporate Affairs (MCA). On delivery of the completed application in e-Form 1A, filled in up by its promoters, the designated Registrar of Companies agrees with the potential of adoption of the provided suggested names, such confirmation remains in force limited to a period of six months. Failure of submitting of the required paperwork from the promoters’ side within this time frame of six month, requires the filing of an additional application along with proposed names, and repayment of the requisite fees.
Drafting of Memorandum and Articles of Association
Composing of the Memorandum (M.O.A) and also Articles of the Association (A.O.A), is the very next action subsequent to obtaining approval of name from the Registrar. These two documents are of the critical significance as these include final goals (as likewise displayed in the e-Form) and valued u0026amp; ideal principles u0026amp; polices of the company. It ought to be noted that the primary objects must complement the objects shown in e-Form. The M.O.A and A.O.A need to be drawn up really scrupulously with great attention and concern, after having a comprehensive and elegant counsel of the concerned experts.
E-filing of numerous documents, stamped and digitally signed with the Registrar of Companies
Subsequent to finalising the MOA u0026amp; AOA, the same are required to be filed before the Registrar of Companies together with necessary formation fees along with other papers as well as forms as may be required. Usually, the form 1, form 32, form 18, Power of Attorney etc. are filed together with the MOA u0026amp; AOA.
Pay Required ROC Charges
The last action prior to the certificate of incorporation is generated is payment of the necessary fees to the Registrar of Companies. The fees depends upon the authorised capital of the company for limited liability companies.
Getting Certificate of Formation
After the censorious observation of the required papers specified in sections 33(1) and 33(2) in the company side, the Registrar registers the memorandum and articles of the association and provides a certificate of incorporation within a duration of seven days of receipt of the paperwork, as per the section 34(1).
After Certificate of Incorporation is received, the procedure for company formation for private limited company is completed. On the other hand, in case of limited company additional 2 steps are needed to be performed as given below.
The first additional step is to create and file prospectus / statement in lieu of prospectus for the purpose of getting certificate of commencement of business.
The ROC after delivery of the Prospectus/ Statement in lieu of prospectus along with required forms, issue Certificate of Commencement of Business for the company.
Getting certificate of commencement of business wraps up the process for company formation for limited company.For any information / query regarding Company Formation Services feel free to contact us.
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