Private Limited Company registration - An Overview
Mumbai, also recognized as Bombay, is the capital of the Indian state of Maharashtra. Mumbai is India’s most populous metropolitan, with a city total population of 12.4 million people. It is also regarded as India’s monetary, economic, and entertainment capital. Mumbai is home to the country’s major container terminal, Jawaharlal Nehru Trust Port (JNTP). Since Mumbai is such a luxurious, wonderful, and optimistic place, establishing a business or a corporation here would result in tremendous success and benefit. Mumbai could be the perfect place to launch your own business. If you want to start a company in India, Mumbai is a must-consider destination.
Minimum Requirements for Private Limited Company Registration
A minimum of two directors is necessary, with a maximum of fifteen directors, one of whom must be a citizen of India.
A minimum of two shareholders and a maximum of 200 shareholders are expected.
Any amount of capital is appropriate, but Pvt ltd company registration govt fees must be charged for a minimum of one lakh rupees in bonds. (Authorized Capital Fee)
A registered office in India is needed.
In Pvt Ltd company registration in Mumbai, companies are not permitted to take deposits from the general public or to sell securities to the general public.
Directors must have evidence of their address and identity. Both Indian nationals must also have a PAN passport.
Pvt Ltd company registration online can also be done.
Private Limited company registration process is explained below
Steps to start a company in Mumbai Pvt Ltd company registration process is explained below:
Step 1: Obtain a Digital Signature (DSC)
Since the Private Limited company registration process in Mumbai is entirely electronically, a digital signature is required for Pvt ltd company registration in Mumbai. Subscribers and directors are required to have a current DSC (Class II or III). We, at Taxzona, will provide you with a DSC in as little as one day. It is now part of our kit. This part can be omitted if directors already have DSC.
Step 2: Apply for a DIN (Director Identification Number)
In private limited company registration in Mumbai, anyone who wishes to be a director of a corporation must apply for a DIN if he does not already have it. A DIN should be used to become a director of an unlimited number of businesses. It can be accessed by submitting a DIR-3 form or by contacting SPICe personally at the time of incorporation.
Step 3: Submit an Application for Name Approval
Names may be sent for authorization through the Name Approval form or at the time of commencement with SPICe (INC-32). If your name is not accepted the first time, you should resubmit it or submit the SPICe form again. This whole procedure takes about 2-3 days. Please keep in mind that DSC and DIN are not needed for completing the Name Approval form for name reservation for Pvt ltd company registration in Mumbai. Only an MCA Account is necessary.
Step 4: Build SPICe (INC-32)
Complete the application in INC-32 after it has been remotely attested by a Chartered Accountant, a Company Secretary, or a practising Advocate.
Step 5: e-MoA(INC-33) and e-AoA (INC-34)
In private limited company registration in Mumbai, before the launch of SPICe, these forms had to be submitted manually, but they can now be filed electronically at the MCA portal alongside SPICe (INC-32). Subscribers to MOA and AOA should electronically sign these forms. If all of the forms are correctly filled out and all of the required paperwork is added, the registrar will issue the certificate of incorporation and assign the company a CIN (Corporate Identity Number).
Documents Required for Private Limited Company Registration
For private limited company registration in Mumbai, the following documents are required
Any Director must have a PAN Card (if a digital signature is to be obtained in his or her name) issued by the Income Tax Department as proof of identity.
One piece of identification with his/her name.
One evidence of address in his/her name.
Each Director must have two passport-sized images.
It is preferable to have clear scanned versions of proofs and images.
Benefits of Private Limited Company Registration
There are numerous advantages for Pvt ltd company registration. Few are listed below
Limited Liability
The first and most important advantage of conducting business with a corporation is the limited liability granted to the corporation's directors and owners. Personal interests of the proprietor or partners of a sole trader or partnership enterprise may be at risk in the event of the business's loss, but this is not the case with a Company.
Perpetual Succession
Perpetual succession is yet another significant feature of a private limited firm. It is a common saying that directors come and go, members come and go, but the life of an organization lasts forever. A corporation that has been founded stays intact until and unless it is wound up by the rules of the law.
Transferability is easy
If the company is to be sold as a going concern, all that is needed is to pass the whole shareholding to the seller, allowing for a simple transition of management and ownership. The Promoters would save time and money as a result of this. A substantial amount of postage duty is avoided.
Borrowing Ability
An organization has more options for borrowing money. It will issue both secured and unsecured debentures, take public deposits, and so on. Also, banks and financial companies tend to lend vast sums of money to corporations rather than partnership firms or proprietary interests.
Charges for Private Limited Company Registration
Private Limited Company Registration cost is Rs. 7,500/- consultancy charges when done through registration arena. Pvt ltd company registration fees in Mumbai are charged separately.
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