Company Registration basically means the registration of business idea which is going to be executed by the entrepreneur. If an individual is willing to start a business but too frightened by all the legal requirements to be complied with, then he must follow the brief procedure for the registration.
How to Register a Company in India
When a person fascinates leading the business in the market then the first step he needs to discover is to approach a professional who can register his business and form a suitable company according to the business model. An entity can be register easily by filing the form online to the regulatory bodies or authorities. There are basically a few foremost steps that need to be followed while registering a company in India.
- First of all, a person must be aware of the regulatory bodies that regulate the company process i.e. Ministry of corporate affairs and Registrar of the company.
- Further, the entrepreneur must gather a few documents in the original to be submitted with the department.
- Next is to file the applicable forms for the incorporation of the company towards the ministry of corporate affairs portal.
- And in last after uploading the same, wait for the department approval.
- After approval, a Certificate of business registration will be generated and promoters need to obtain the commencement of business certificate so that business can be incepted.
Let’s begin the steps to be considered
- Acquaint yourself with Indian laws
The first step is to have a business idea and the process to implement those ideas. Though, when a person boards a journey as a businessperson, the first thing he must do is to register the company as per Indian laws. Go with choosing the name of the business, to avoid messing up with the companies name, take care of the below points before name registration,
- Choose a unique and easy name that is easy to remember, speak, and small enough to communicate the brand name to the public.
- Company name describes the nature of the business that what the company is all about and about the products and services in which the company is dealing with.
- Also, check whether the domain name is also available or not.
- Compilation of important information
The person needs to compile the data like the business model, capital structure, shareholding pattern, communication details of the business, and their promoters. Here promoters must have clarity on the kind of business he is into, goals and purposes of business form, and how it will be executed in further terms.
- Collection and preparation of the documents
The documents which are required for the business registration are mentioned. Some of them are Affidavit, Declaration, Consent to become the shareholder/director, Nonobjection certificate. All the legal documents are to be prepared as per the format for which one can also take the legal assistance of the experts.
Company Registration process
All the legal documents drafted along with the required documents are submitted with the department electronically by affixing the DSC (Digital Signatures certificates) of subscribers. Payment is also needs to be made before the expiry of Challan. Payment can be instant or it can be done within a week after generating a pay later Challan.
- Departmental approval
Once all the required documents are submitted with the proposed name and payment has been made then we need to wait for the department approval or clarification 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).
Thus what you have decided now? An entrepreneur must have a clear indication of the type of legal business for which he is enthusiastic to deal with. Some of the corporate structures are investor-friendly while others are complex. It’s noteworthy to choose the corporate structure prudently as it influences the business idea, income, expenditure, turnover, etc.
Each industry has its own compliances, and as a result, you should keep this in mind on how to set up a company in India. The business person needs to make various annual compliances to keep the working status active. If you are willing to make your business registration in India smooth then you must converse with NeuSource Startup Minds India Limited as the professional expert for the best guidance and legal services.