TIRED OF SEEKING JOBS? START YOUR OWN BUSINESS WITH EASY COMPANY REGISTRATION!

Are you also running after jobs with limited vacancies? Don’t seek jobs, create them! With the growing competition in the job market, employment opportunities are decreasing. With your unique ideas start your own venture and be an employment provider.?

Take a sip of cold coffee while we tell you how to register a company in India.?

Let us start by understanding the most crucial step of establishing a formal business, i.e. company registration. Company registration in India is crucial to give a distinguished entity and legal validity to a company separate from its owners. It refers to the affiliation of a company or the formation of a business. Company registration is essential to protect the owner's assets from business debts or lawsuits.

Tie your seat belt and get on board with us to learn the online company registration along with its benefits and steps.

Are you thinking about what the need to register a company is? Registration of a company has several advantages, including:

• Legal entity: The Company gains a real identity through the company registration. It becomes an artificial person created by law. It can be sued and can sue in its name, separate from its owners.
• Ownership rights: After Company registration in India, it can acquire property in its name.
• Perpetual succession: The Company now becomes everlasting until it is legally dissolved. It will remain unaffected by the death or departure OF any member.
• Limited Liability: A company is registered to protect the personal assets of shareholders from company debts and obligations.
• Dual relationship: A person can simultaneously act as a company shareholder, creditor, director and employee. The company can enter into legal agreements with any individual member.
• Brand Credibility: Clients, suppliers and investors show more reliability in registered companies.?
• Tax Benefits: Depending on local laws and regulations, the government grants tax benefits and exemption to registered companies.

Let us head towards understanding the type of business structures.?

1. Sole Proprietorship: It is a non-registered business wholly owned and run by a single individual.? It is easiest to establish with less funds.
2. Partnership: Partnership firm involves two or more people. They come together and share the ownership, liabilities, and profits of a business.?
3. Limited Liability Company: A Limited Liability Partnership is incorporated under the Limited Liability Partnership Act 2009. It is a mixture of partnerships and corporations.
4. Private Limited Company: In this structure, the business is a separate legal entity from its owners, and shares cannot be publicly traded. It is preferred by most businesses in India as it has broader freedom.?
5. Public Limited Company: As per Section 2(71) of the Companies Act, a public company means "a company which is not a private company." It is often subject to stricter regulatory requirements than a private limited company.

After deciding your preferred business structure, are you confused about the process of company registration in India?

Do not worry; the professional Lawgical India Business Developers Pvt. Ltd. team has your back. Here are a few simple steps guiding you towards registration of the company:

Step 1: Digital Signature Certificate (DSC)

Digital signatures are needed during form filling on the MCA portal. DSC is mandatory for all the proposed directors and the subscribers of the Memorandum of Association (MoA) and Articles of Association (AoA). It is easy to obtain DSC online as well as from government recognized certifying authorities.

Step 2: Director Identification Number (DIN)

The Director Identification Number (DIN) is a unique 8-digit number obtained by anyone who wants to be a director in a company by the Ministry of Corporate Affairs of India. The company registration form asks for the DIN of all the proposed directors of the company along with their name and address proof.?

How to obtain DIN?

DIN can be obtained while filing the SPICe+ form. It is a web-based company registration form, through which DIN can be obtained for a maximum of three directors. Company can apply for DIN in the SPICe+ form.

Step 3: Approval of the company’s name

To apply for online company registration, the SPICe+ form is to be filled out and submitted on the?MCA portal.?

After registration, the director can log in and access the MCA portal services, including filing e-forms and viewing public documents.

The company must also reserve its name by submitting two proposed names in Part A of the SPICe+ form. It is necessary to reserve the name because two registered companies cannot have similar names as prohibited under the Companies (Incorporation Rules) 2014. Give your company a unique name for acceptance of the SPICe+ form.?

If the SPICe+ form does not get accepted due to the non-approval of the company name, a new SPICe+ form has to be submitted to reserve a different name, along with the payment of the required fee. Once the name in Part-A of the SPICe+ form is approved, it will be reserved for 20 days, during which Part-B must be submitted online. In Part B, the applicant needs to provide details of the company and directors, attach the necessary documents, add the DSC, verify the form, and submit it.?

Step 4: Certificate of Incorporation

After submission of the company registration form, the Registrar will examine the application. He will issue the Certificate of Incorporation of the Company post verification of the application.

This is usually issued with?Permanent Account Number?and?Tax Deduction and Collection Account Number?as allotted by the Income Tax Department. An email with a Certificate of Incorporation as an attachment, along with TAN and PAN, will also be sent to the applicant.

I hope you’ve enjoyed learning about the basis of company registration in India and the steps involved in the process.?

Register a new company with the assistance of the Lawgical India Business Developers Pvt. Ltd. and realise your dream of starting your own business.