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Unique Name
Mainly it builds the company brand and preferably be a coined word
Business Object
Second part of name should suggest the business activity of the company
Constitution Type
Name of the company must end with “Private Ltd. Co.”
PAN Card of shareholders and Directors.
Foreign nationals may provide a passport.Aadhar card, Voter ID/ Passport/ Driving License of Shareholders and Directors
Telephone Bill /Electricity Bill/ Latest Bank Account Statement of Shareholders and Directors
Latest Passport size photograph of Shareholders and Directors
Electricity Bill/ Telephone Bill of the registered office address
No Objection Certificate to be obtained from all the secured creditors of the applicant
Rent Agreement of the registered office should be provided, if any
A Copy of Partnership deed and Certificate of Registration duty verified by at least two partners of the general partnership.
A copy of latest income tax return filed by the Partnership firm
For Private Company registration, the following requirements must be fulfilled:
Minimum 2 directors shall be appointed, out of which one must be a resident of India.
Minimum 7 shareholders are required for this registration. Here, an individual may become shareholder and director at the same time.
A place of business in India must be provided as a registered office address
While registration, minimum authorized capital of Rs.1 Lakh should be provided. The requirement of minimum paid-up capital is eliminated as a part of Government’s initiative to simplify business registration in India. However, each shareholder must subscribe at least 1 share for the registration and amount sufficient to run a business should be introduced.
Any person above the age of 18 years can become a director in the company after procuring Director Identification Number (DIN). As there are no criteria provided in terms of citizenship or residency, a foreign national can also become a director. The application of DIN Allotment is now merged with the application for the formation of a company subject to a limit of maximum 3 DIN.
A private limited company must hold a Board Meeting at least once in every 3 months. In addition to the Board Meetings, an Annual General Meeting must be held by the Private Limited Company at least once every year.
100% Foreign Direct Investment is allowed in India in many of the industries under the Automatic Route. Under the Automatic Route, only a post-investment filing is necessary with the RBI indicating the nature of investment made. There are a few industries that require prior approval from the RBI, and in such cases, approval must first be obtained from RBI prior to the investment.
There is no concept of a common seal in partnership. But a private limited company has a common seal which denotes the signature of the company and every company shall have its own common seal.
No Capital Gains tax or stamp duty shall be charged on transfer of property from Partnership firm to a Private Limited Company.
The accumulated loss and unabsorbed depreciation of Partnership firm are deemed to be loss/ depreciation of the successor company for the previous year in which conversion was effected. Thus, such a loss can be carried out for a further eight years in the hands of the successor company.
