Most of the companies operating in India are registered as Private companies. The Ministry of Corporate Affairs is the regulating body of all the private limited companies in India. The main Act governing private companies is the 'Companies Act 2013'. It throws light on the responsibilities of the company, their executive director and their secretaries and also provides the procedure of registering.
Useful Tips Before Starting A Company-
- Get a clear purpose for starting
the company and always stick to the reason for it. Be clear about your
ideas and theories before getting into the venture and do not get into
this by being influenced without any sole purpose.
- Consider the option of opening a
franchise of an already established company and look into the pros and cons of it. Think about any
existing franchise in your area and the profit it makes or it would make
once opened. This would ensure the company was on a safer side.
- Access your finances and consider funding options. Be clear about how
much you can invest and about the sponsors that you would get.
- Be clear with the business name
you want to use. It should be based on the ideologies of the business. Get a catchy name for
your business that would reflect the services or products of your company
or would reflect the ideologies on which your company will be based.
- Have a target set of customers
and clarify them about the need of using your services or products. Before deciding your
service or product, have a particular set of people you
would provide service to and have good advertising to make
them aware of the need of using your services or products.
- Note down your business plan. Have a clear view of
your plan to not get influenced by growing trends and to stick initially
to the plan made.
- Have a research about the market
and make a blueprint regarding the profit expected. Get on to see what
are the needs and requirements of the market and based on it roughly
calculate the profit to be expected by the ongoing sale activity of
similar kinds of products.
- Closely watch your expenses for
maximum profit. Do not increase the expenses on the pretext of getting
more profits if in a vulnerable condition. See-through what you
are getting and what you could lose.
- Have an exit strategy. In case of loss or
mishappenings have a predefined plan to exit from the newly
entered venture.
Factors To
Consider Before Starting A Company-
●
Cost of Registration
●
Minimum number of persons required to incorporate
●
Shareholders
●
Board of Directors
●
Non-resident Indians that would be working in
your company
●
Compiled requirements in case of one member or
case of the number of people working in your company.
●
Limitations of opening a private firm
The
Registration Process Of A Private Company-
People wanting to establish a private limited company registration in Delhi must follow the
following steps to get their desired company registered-
●
Apply For
Digital Signature Certificate (DSC)
Application
of digital certificate involves the work of logging in to the required
authorized website to issue digital certificates in India. Once accessed the
user will be guided to 'Digital Certification Services' where the user needs to
choose the entity i.e. as an individual or as an organization. Upon filing this
all the necessary details such as an address, identity details, photographs the
payment is to be made.
●
Apply For The
Director Identification Number (DIN)
The
existing or intending directors are required to obtain DIN. This is to be done
by making an application in eForm DIR-3 in the department of the Ministry of
Corporate Affairs and filling in the details required along with the payment
asked for.
●
Check For Name
And Availability And Use It
These
days online search tools are available for searching new names or checking the
existence of residing names which can be used to finalize the name of the
company.
●
Filing Of
E-memorandum Of Association And E-articles Of Association
A
Memorandum of association is a legal document to define the relationship of the
shareholders and also to define the objectives of the private limited company.
It can also be said that the memorandum lays the boundary for the activities of
the company.
The
document mentioning the running rules, power allocated to each post etc of the
company is said to be the article of association.
●
Apply For The
PAN And TAN Of The Company
The
Permanent Account Number [which is also known as the PAN] along with the Tax Deduction and Collection Account Number [which
is also known as TAN]
for the private limited company registration in Delhi is mandatory
which needs to be applied for in the income tax department of India.
●
Submission Of
Certificate To Be Issued By The Registrar Of Companies (ROC)
The
companies cannot stand by themselves. The registrar of
companies comes under the Ministry of Corporate Affairs deals with the
company’s registration. This department
registers and certifies the legal requirements.
●
Opening Of
Bank Account For The Company
For
the opening of a business account, the bank will conduct a variety of identity checks.
After
the completion of this step the user successfully establishes a private limited company in Delhi.
The
difficult process
of registration can be made easier with the assistance of TheStartupLab. The company is
a one-stop solution for all the queries for initiating the process of private limited company registration in Delhi.
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