With the ease in incorporation procedure for Company , MCA has come out with another notification that waives off filing of form INC-12 for Section 8 Companies, form INC -12 was required to be filed to ROC after obtaining name approval of the Company for obtaining Licence for Section 8 Company. Once the Licence for Incorporation of Section 8 company is obtained , the Company Incorporation application in SPICE form can be filed.
Now MCA has substituted the Form INC -12 with SPICE form and SPICE form to be amended accordingly.
Further in case of draft memorandum , the word Memorandum , further this also eases the incorporation process , as draft MOA was required to be filed with INC-12 earlier when applying for section 8 Company licence.
In case of Existing Company Company wants to Apply for conversion into section 8 company , the form INC -12 will be required to file for Application for grant of License to an existing company under Section 8
The new Section 10A has been introduced through Companies Amendment Ordinance 2018 with effect from 2nd November , 2018 which provides that every company is now required to file e Form INC 20A with Registrar of Companies within 180 days of its Incorporation for commencement of its business.
Main Requirements for Filing Form INC 20A:
- The Subscribers has paid the share subscription amount to the Company
- That the Company has obtained the regulatory approval required to be obtained for commencement of business for business activities which are specially regulated by other sectoral regulators like SEBI, RBI, IRDA etc..
What is required to done now :
- No waiting for Opening of Bank Account
- Deposit Share Subscription amount in Company Bank Account
- File Form INC-22 for verification of Registered office
- File Form INC-20A within ASAP, not later than 180 days of Incorporation of Company
How to pay Share Subscription amount to Company :
As normal practice every company is registered with Rs. 1Lakh paid up capital, now it is compulsory that Rs. 1Lakh should be compulsory deposited in Company Bank Account within 180 days of its registration, so it is advisable to avoid incorporating company with higher paid up amount and promoters should go with Rs. 1000/10000 like paid up amount that can easily be paid to company account and Authorized capital of the company should be made at higher limit , so to issue shares at the later stage if required capital is introduced afterwards.
Lesser amount can also be paid to company by cash , so having lesser amount of paid up capital will help you to better comply with this section. It Is always advisable to deposit the subscription amount to company bank Account as soon as Bank Account of newly incorporated company is opened.
|Section 10A.Commencement of business etc.|
(1) A company incorporated after the commencement of the Companies (Amendment) Ordinance, 2018 and having a share capital shall not commence any business or exercise any borrowing powers unless—
(a) a declaration is filed by a director within a period of one hundred and eighty days of the date of incorporation of the company in such form and verified in such manner as may be prescribed, with the Registrar that every subscriber to the memorandum has paid the value of the shares agreed to be taken by him on the date of making of such declaration; and
(b) The company has filed with the Registrar a verification of its registered office as provided in sub-section (2) of section 12.
(2) If any default is made in complying with the requirements of this section, the company shall be liable to a penalty of fifty thousand rupees and every officer who is in default shall be liable to a penalty of one thousand rupees for each day during which such default continues but not exceeding an amount of one lakh rupees.
(3) Where no declaration has been filed with the Registrar under clause (a) of sub-section (1) within a period of one hundred and eighty days of the date of incorporation of the company and the Registrar has reasonable cause to believe that the company is not carrying on any business or operations, he may, without prejudice to the provisions of sub-section (2), initiate action for the removal of the name of the company from the register of companies under Chapter XVIII.
How to Register Sole Proprietorship Firm Online in India
Private Limited Company Registration procedure is becoming very simple now a days , any person who wants to carry out business operations with separate business entity is not required to wait for month or two just to get the legal formalities done. Even the PAN and TAN of the company is available just after the registration process is completed.
Procedure for Private Limited Company Registration :
- Check whether the proposed name is available or not , this has to be check at MCA website at Check Company name option, It is advisable to check only first word of the name and not the full name, If Name is available , try out new name
- Now Check the Trademark of the proposed in the product category on Trademark Public Search Website, if trademark exist try out new name
- Prepare KYC Documents of Proposed Directors and Subscribers
- Documents will be PAN , Aadhar/DL/Voter Id and Utility Bill/Telephone Bill/Bank Statement, Passport Size Photograph , Mobile Number , Email id , Digital Signature form and Video of Min 25 Sec that the applicant is applying for Class 2 Digital Signature
- Documents for KYC of Office Address : Office Address of the Company KYC will be Rent Agreement, if rented premises, Electricity Bill and NOC form Owner
- DSC Application to Certifying Authority
- Incorporation Documents : INC-9 and DIR-2
- Signing of Incorporation Documents
- Preparation of Spice form
- Preparation of SPice MOA
- Preparation of SPICE AOA
- Affixing of DSC on Form
- uploading of E Forms on MCA portal
- Payment of Incorporation Fee
- Waiting for Reply form CRC ( Takes around 1 to 2 working days )
- Approval or Re submission form CRC
- Resubmit the e forms by making corrections
- Wait for Approval
Get Company Registration Support form Fastlegal – call 9782280098 or email at [email protected]
Place your Request and Fastlegal Team Member will call you back
Company Registration process is same all over India and all the companies are registered via Central Registration Center (CRC)
CA for Company Registration in Jaipur
Private Limited Company is the most popular structure for businesses and startups. Private Limited Company allows outside funding & Foreign Direct Investment easily. Private Limited Companies are required to hold Board Meetings, Register Secured Loans with Ministry of Corporate Affairs, Hold Members Meeting for Important matters, Make complete disclosures about important matters in their Board Report. Due to all these regulatory disclosures and requirements imposed on Private Limited Company by Company Law, they tend to be viewed with more credibility than a Limited Liability Partnership (LLP), One Person Company (OPC), or General Partnership.
Features of Private Limited Company Registration
1. Required Minimum 2 Directors and Shareholders
2. Investment Friendly
3. Body Corporate and Benefit of Limited Liability
4. Widely Accepted Business Structure
5. Easy Restructuring
6. Maximum Number of Members can be up to 200
7. Suitable for Startups and Growing Businesses
Documents Required For Private Limited Company Registration
1. PAN of all Directors
2. Voter ID/DL/Aadhar Card/Passport of All Directors
3. Passport Photo of all Directors
4. Latest Bank Passbook/Statement or Electricity/Broadband Bill
5. Latest utility bill (electric bill/telephone bill) and Rent Agreement or latest tax receipt/ownership deep of the property for the property to be used for a registered office.
Step By Step Procedure For Private Limited Company Registration in India
Step 1- Application for Obtaining DSC (Digital Signiture)
Step 2- Preparation and Signing of Incorporation Documents
Step 3- Filing of Incorporation Form to MCA
Step 4- Waiting For Approval from ROC
Step 5- Certificate of Incorporation
Step 1- 1 Day
Step 2 and 3 – 1 Day
Step 4 and 5- Time Taken by MCA