When a Private Limited Company is incorporated, the promoters of the company must decide on the amount of authorized capital for the company and the value of shares they will receive in return for their investment in the company.
The minimum capital required for private limited company formation is abolished since 2013 in India. Even if the private limited enterprise shows share capital of Rs. 1 Lakh at the time of formation.
1. All new companies must authorize a minimum amount of capital, which:
a. For private limited companies and OPCs is Rs. 1 lakh;
b. and for public limited companies is Rs. 5 lakh.
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FAQs on Private Limited Company
-Do I need to be physically present during this process?
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
-How much time is needed for setting up a private limited company in India?
If you have all the documents in order, it will take no longer than 15 days. However, this is dependent on the workload of the registrar.
-What documents are required to complete the process?
All directors must provide identity and address proof, as well as a copy of the PAN Card (for Indian Nationals) and Passport (for foreign nationals). No-objection Certificate must be submitted by the owner of the registered office premises.
-What is a DSC?
The DSC is an instrument issued by certifying authorities (TCS and n-Code are two of them) by which you can sign electronic documents. As all documents needed are electronic, partners need a DSC.
-Is it necessary to have a company's books audited?
Yes, a private limited company must hire an auditor, no matter what its revenues. In fact, an auditor must be appointed within 30 days of incorporation. Compliance is important with a private limited company, given that penalties for non-compliance can run into lakhs or rupees and even lead to the blacklisting of directors.
FAQs on Private Limited Company
-Do I need to be physically present during this process?
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
-How much time is needed for setting up a private limited company in India?
If you have all the documents in order, it will take no longer than 15 days. However, this is dependent on the workload of the registrar.
-What documents are required to complete the process?
All directors must provide identity and address proof, as well as a copy of the PAN Card (for Indian Nationals) and Passport (for foreign nationals). No-objection Certificate must be submitted by the owner of the registered office premises.
-What is a DSC?
The DSC is an instrument issued by certifying authorities (TCS and n-Code are two of them) by which you can sign electronic documents. As all documents needed are electronic, partners need a DSC.
-Is it necessary to have a company's books audited?
Yes, a private limited company must hire an auditor, no matter what its revenues. In fact, an auditor must be appointed within 30 days of incorporation. Compliance is important with a private limited company, given that penalties for non-compliance can run into lakhs or rupees and even lead to the blacklisting of directors.
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