A Private Limited Company is a business entity with limited liability protection for its shareholders. It is a separate legal entity and allows for the easy transfer of shares. With its flexibility, limited liability, and potential for fundraising, it is often considered the best suitable structure for startups.
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It takes approximately 7 to 10 days from submitting the SPICe+ form to the grant of the Certificate of Incorporation, subject to approval by the MCA.
Things that Delay a Registration Process
The registration process for a company can be delayed due to various factors, both within and beyond your control. Here are some common things that can cause delays in the registration process:
- Incomplete Documentation or Errors: Providing incorrect, mismatched, or incomplete documentation can lead to delays. Fill out all the required documents accurately, sign, and attach them as per the regulatory requirements.
- Name Approval Issues: If the chosen company name is not compliant with naming guidelines or is already taken, it can lead to delays. You can do a quick Company Name Search on our website to avoid such complications.
- MCA Server Glitches: The MCA website can experience technical glitches or a slow server sometimes, which might result in difficulties submitting your application or cause data loss.
- Response Time: There is often a time limit during which you must complete the registration process after the name approval. If you don't submit your application within this timeframe, you might need to reapply for name approval. Delays in payment processing can also hold up the registration process.
- Jurisdiction Variability: Different jurisdictions have varying processing times and requirements.
- Board Meetings
Hold the First Meeting of the Board of Directors within 30 days of the Incorporation of the Company. It is compulsory to host four meetings in a year with a gap not more than 120 days.
- Annual General Meeting (AGM)
Hold an Annual General Meeting every year, on or before September 30th, during business hours and in the registered office.
- Auditor appointment
Appoint the company's first auditor within 30 days of incorporation who will serve until the end of the first AGM.
- Filling of ADT-1 Form
File Form ADT 1 within 15 days of the appointment of the subsequent auditor.
- Filing of Annual Return
File Annual Returns (AOC 4 and MGT 7) within 30 and 60 days of holding the AGM, respectively.
- Filing of Income Tax Return
File Form ITR-6 for Income Tax Return annually.
- Filing of DIR-3 KYC
File Form DIR-3 KYC to disclose details of the Directors.
- Identity Proof and Address Proof
a. Passport/ Aadhar card/ Voter ID/ Driver's License of partners,
b. PAN card, and
c. Utility bills or Bank Statements as address proof.
- Proof of Registered Office
a. Ownership of Property- Any utility bill like an electricity bill or corporation tax receipt not later than 30 days.
b. Right to use the Property- Rental Agreement or No Objection Certificate (NOC) from the owner.
- Memorandum of Association (MOA) and Articles of Association (AOA)
a. MOA defines the company's objectives and scope of activities.
b. AOA outlines the company's internal regulations and governance structures.
- Declaration and Consent of the proposed Directors
Form INC-9 and DIR-2 serves as the official declaration and consent to assume the role of a director respectively.