Get Acquitted With the Statutory Requirements for a Company Incorporate in India
India now offers the opportunity for foreign investors who have the financial muscles to invest in any business provided it’s legal. Company incorporate in India clearly shows how the process has transformed over time. You can now register online through the Ministry of Corporate Affairs under the setup guidelines. With consultant firms opened out there, 3E Accounting Indonesia, a leading business solution service provider in Southeast Asia will offer you the needed assistance when it comes to company registration. Besides that, you’ll get other services that cut across the following spectrum:
- Human resource services
- Taxation and legal services
- Accounting and corporate secretarial
- Business license renewal
- Auditing services
You only need to get in touch with us at any given time and seek the service that you need.
Documents for Incorporating a Company in India
The Company’s Act in India requires that each director first obtain an identification number. For that, they need to fill the eForm (DIN-1) with the Ministry of Corporate Affairs. If you’re applying through the online process you must first follow the four key steps:
- The attainment of a Digital Signature Certificate (DSC)
- The application of Director Identification Number (DIN)
- The filing of an eForm or New user registration
- Company legitimization.
The validity of your statutory documents is only possible the moment they have the digital signature before submitting them electronically. Now, it’s a legislative requirement to obtain the digital signature from only those agencies stipulated by the Controller of Certification Agencies (CCA), failure to that the entire process shall be invalid.
Once you’ve obtained the digital signature, what follows to company incorporate in India is the creation of an account under the MCA portal. The account will enable you to file an eForm which is free of charge.
Having a company name is part of the registration requirement that you must fulfill. You, therefore, must register your business name with the Ministry of Corporate Affairs. Remember, you have to come up with four different options to choose from. The name application will require you to fill-up Form-1A, Form-18 to specify the new registered office and Form-32 to notify the appointments of new directors, company secretary and managers.
Now, for Form-1A you should register with the Register of Companies (ROC) to establish the Registered Office of the new company. You’ll only be charged an administration fee of Rs. 500 for the services.
Registering a Private Limited Company
To register a Private Limited Company for doing business in India, you’ll require to have some of the following requirements:
- A minimum of two shareholders and two directors.
- A minimum paid-up capital of Rs. 100,000.
- At least one nominated partner should be domiciled in India.
- Director of Personal Identification Number for each director.
Along the process, you’ll incur some additional costs on ROC compliance which may translate from between Rs. 5, 000 to Rs. 10,000 per annum.
For the record, the process of getting incorporation certificate typically takes 15-25 working days from the time you present your application documents. Remember, for a smoother registration process, you must ensure all your documents are in order.
The post-registration process goes further into registering for tax compliance. In case you’re into exportation business, you must present your documents with the Director-General of Foreign Trade to obtain your import/export code. Besides tax compliance, company incorporate in India process under the Company’s Act requires that each company register for TAN card and a permanent account number with the India Income Tax Department. In the event you feel that this process might consume much of your time, you can seek the services of 3E Accounting and take you through the entire process.
Should you decide to company incorporate in India, you must also register for a business permit within the local municipality located. The business permit together with your certificate of incorporation will enable you to open a corporate bank account for financial obligation purposes.
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