The term “company registration” refers to the registration of a business idea that will be carried out by the entrepreneur. If a person wants to start a business but is intimidated by the numerous legal requirements that must be met, he can follow the simple registration process.
How to Company Registration in India
When an individual is involved in running a business, the first step he can take is to contact a professional who can register his business and form a suitable company based on the business model.
An individual can easily register by submitting a form to the regulatory bodies or authorities through the internet. When it comes to forming a company in India, there are a few simple steps that must be followed.
First and foremost, an individual should be aware of the regulatory bodies that oversee the company process, such as the Ministry of Corporate Affairs and the Registrar of Companies.
In addition, the entrepreneur must collect a few original documents to send to the agency.
The next step is to submit the required forms for the company’s incorporation to the ministry of corporate affairs’ portal.
Finally, after uploading the file, wait for approval from the department.
Following approval, a Certificate of Business Registration will be issued, and promoters will need to obtain a Certificate of Commencement of Business before the business can begin.
Let’s begin the steps to be considered
- Acquaint yourself with Indian laws
The first step is to come up with a business idea and a plan for putting it into action. When embarking on a journey as a businessperson, however, the first step is to register the company according to Indian laws.
Go ahead and choose a business name; however, to avoid making a mistake with the company name, pay attention to the following points before registering the name.
Choose a unique and easy-to-remember name that is short enough to convey the brand name to the general public.
The essence of the business, as well as the goods and services in which the company is involved, is defined by the company’s name.
Also, check whether the domain name is also available or not.
Compilation of important information
The individual must compile information such as the company’s business model, capital structure, shareholding pattern, contact details, and promoters. Here, promoters must be clear about the type of company they are in, the aims and intentions of the business, and how it will be carried out in the future.
Collection and preparation of the documents
The documents that must be submitted in order to register a business are listed. Affidavit, Declaration, Consent to Become a Shareholder/Director, and Nonobjection Certificate are a few examples.
All legal documents must be written in accordance with the format, which can be done with the help of legal professionals.
Company Registration process
By affixing the DSC (Digital Signatures Certificates) of subscribers to all legal documents drafted along with the required documents, they are electronically submitted to the department. Payment must also be made before the Challan expires. After generating a pay later Challan, payment may be made immediately or within a week.
Until all of the necessary documents with the proposed name have been submitted and payment has been received, we must wait for department approval or confirmation, as the case may be.
Documents and details required
- Digital Signature Certificate.
- Proposed name of the company.
- Main objects of the Company i.e. Nature of Business.
- Confirmed capital structure to ascertain the stamp duty.
- Identity proofs all the subscribers (Pan Card, Voter Id, passport, Driving license).
Address proof of all the subscribers (Anyone from, Electricity bill, Telephone bill, Gas bill, Bank statement not older than two months).
Address proof of the registered office of the company (Anyone from, Electricity bill, telephone bill, the gas bill not older than two months).
Note: All documents must be legible and clearly scanned.
Key factors for Company Registration Process
As per the form of business selected there may be a requirement of either one director, two directors, or three directors.
- The business name should be unique.
- There should be one address for the registered office of the company.
- Legal business
- The minimum capital to be contributed to the business.
- Drafted the constitution of the business (MOA and AOA).
So, what have you decided now? An entrepreneur must have a good idea of the type of legal company in which he is eager to work. Some organizational structures are simple for investors, whereas others are complicated.
It’s important to choose the corporate structure carefully because it has an impact on the business concept, revenue, expenses, turnover, and so on.
Each industry has its own set of rules, so keep this in mind when deciding how to start a business in India. To keep the working status active, the businessperson must complete a number of annual compliances.
If you want to make your business registration in India go smoothly, contact Startup India, a technical expert who can provide you with the best advice and legal services.