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Private Limited Company - An Overview

PRIVATE LIMITED COMPANY is a most effective and common form of a privately held business entity having limited liability for its shareholders. It is governed by MCA (Ministry of Corporate Affairs) and regulated by the Companies Act. At firststartup, you can get your registration done within 3 days along with complete compliances.

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Table of Contents

Private Limited Company - An OverviewWhy Private Limited Company is Being Preferred in India?Papers & Forms RequiredMandatory RequirementsRegistration ProcessAnnual Compliances

Private Limited Company - An Overview

PRIVATE LIMITED COMPANY is a most effective and common form of a privately held business entity having limited liability for its shareholders. It is governed by MCA (Ministry of Corporate Affairs) and regulated by the Companies Act. At firststartup, you can get your registration done within 3 days along with complete compliances.

Why Private Limited Company is Being Preferred in India?

•It's a separate legal entity, you won't be liable personally
•Saves from higher incomes tax
•More tax deductibles allowances and cost
•More funding options like private equity & ESOP
•Benefit under Start-up India scheme of government of India
•Quick & easy transferability of shares
•High credit rating and easy funding by bank
•100% FDI (Foreign Direct Investment) is allowed

Papers & Forms Required

For Directors and/or Shareholders
•PAN Card of Directors and /or Shareholders
•AADHAR Card of Directors and /or Shareholders
•Address Proof of Directors & Shareholders
•Latest Bank Statement / Passbook / Electricity bill of Directors and /or Shareholders
•Photo of Directors and /or Shareholders
•Contact Number and Mail id of Directors and /or Shareholders
For Company
•Latest Electricity bill / Telephone bill(Landline)/ Legal Ownership
•If property on rent, then rent agreement with NOC from landlord

Mandatory Requirements

•Minimum 2 or maximum 200 members or shareholders
•Minimum 2 or maximum 15 Directors holding a valid DIN ( Director Identification Number)
•1 Director has to be an Indian Citizen and Indian Resident
•Unique Company Name
•Minimum authorized capital of INR 1 Lakh
•DSC of every director

Registration Process

Step 1

Apply for the DSC (Digital Signature)

Step 2

Apply for Name Availability

4 different names should be provided out of which one will get selected by MCA

Step 3

Filing of SPICe form

File e-MOA & e- AOA

Step 4

Apply for PAN & TAN of the company

Step 5

Open a current bank account on the company name

Step 6

Filing of "Commencement of Business Form" on MCA

Annual Compliances

PLC is required to maintain stringent compliances post registration; these compliances differ for listed PLC's and unlisted PLC's.

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