Private Limited Company Registration
Private Limited Company Registration in Chennai ? Solubilis provides fast and cost effective methods for company registration services for its clients in Chennai. Your private limited company registration in Chennai can be done within 12 working days.
The private limited company is a proven, successful business model. The Shareholders may operate the business themselves, or hire directors to manage the company on their behalf. Forming a private limited company results in protection of personal assets, access to more resources, financial assistance and greater tax benefits.
The benefit of private limited companies is limited liability. Private limited companies are treated as a single entity, making the company responsible for all debts. If anything happens to the company, its members are not personally affected; members are only liable for unpaid shares. "Officers of the company retain their company salaries, they cannot be made bankrupt and they are free to form a new company. Fraud is the only instance of unprotected liability. If creditors lose money through director fraud, the directors' personal liability is without limit.
Advantage of Private Limited Company
- Minimum number of directors and shareholders are Two.
- Limited Liability: In case the company experience financial inability to repay debts or its liability exceeds assets, The liability of the shareholders to contribute to the company is only up to the capital paid up or accepted to be paid.
- Permanent succession: The company remains in existence irrespective of the status of Directors or shareholders.
Disadvantage of Private Limited Company
- The private company can't go to public for mobilising fund and the number of members restricted to 200 only.
- There are restrictions in transferring the shares of the private limited company.
Process of Incorporation
- Applying Digital Signature Certificate (DSC) for all the proposed directors
- Applying Director Identification Number (DIN) is mandatory for all directors.
- (Note: Once if we apply DIN for a director that can be used for appointment in any number of companies.)
- Name availability check:
- Client can give Six names in order of preference
- Solubilis will check the availability of names with Ministry of Corporate Affairs.
- Discuss with the client for name and object finalization.
- Filing name form with concerned Registrar of Companies (ROC) for their approval.
- After name approval, Solubilis will prepare incorporation documents such as MOA, AOA, Affidavits etc.,
- Discuss with client for finalising capital, There is no minimum capital limit prescribed for a Private limited company , We can start a company with a capital of even Rs.10000/-.
- After Getting Signed documents from the client, We will file incorporation with ROC with prescribed fee.
- Getting incorporation Certificate.
- Applying PAN and TAN for the company.
Proposed Director & Shareholder is a Indian Citizen
- Copy of Pan self attested - MANDATORY
- I.D proof any one copy of (Voter id, Passport, Driving License, Aadhar Card) self attested & attested by gazetted officer
- Proof for address any one Copy of (Bank statement, Electricity bill, telephone bill, mobile bill) self attested & attested by gazetted officer.
(Note: The above documents should not be older than 2 months.)
- Latest Passport Size Photo 2 Copies.
Proposed Director & Shareholder is a foreign national
- Copy of Passport - MANDATORY (notarized in home country)
- Copy of Address Proof (notarized in home country)
- Copy of Proof of nationality (notarized in home country).
(Note: Apart from notary, the documents to be either apostilled or consularized based on the country.)
- Passport Size photo 2 Copies.
Register office documents:
- The proof of data of any utility work like Telephone Bill, gas Bill, electricity Bill, etc. depicting the address of the premises in the name of the owner or document, as the case may be, which is not older than two month.
- The authorization from the owner or authorized occupant of the ground to use the premises by the company as its registered office (No Objection Certificate); and
- Copy of lease or rental agreement, if the Registered office is Rental;