The Private Limited company has seen tremendous growth over the last few months as more and more businesses are kick-starting their journey. Private Limited Companies are one of the fastest-growing business models preferred by the people for their business setup. Private limited company registration in India has been a result of various personal and professional factors.

There were lots of jobs, shutting down of businesses, lack of employment for newly graduates, etc. all these factors contributed to the sharp rise in online Private Limited Company registrations. The number of companies getting registered is far more than the average as it has become more favorable and easily accessible to do.


What is a Private Limited Company?

A private Limited Company is one that is owned by a small group of shareholders or members of the same company. The company provides limited liability to the shareholders and the liability is restricted to the number of shares held by the individual. These shares are not traded publicly but are rather held privately.

There are various kinds of companies that can be incorporated under the Companies Act, 2013 under the different categories of liability. One can apply for several other companies under the umbrella term of the Private Limited Company.

What is the Process of Private Limited Company Registration?

Private Limited Company registration process is very basic and simple and can be easily done without any hassle. The important steps for a private limited company are as follows:

Filling the Form: The application form is filled by the individual and the required payment is made.
Consultation: The Individual will then be contacted by the registration process experts to make the arrangements for the required documents.
Drafting: A Private Limited Company registration draft will be drawn for the process.
DIN* and DSC*: An application for the DIN number and DSC is done after the draft.
MOA* and AOA*: The Concerned authorities are given the MOA and AOA after creating it.
PAN and TAN: The PAN and TAN help keep financial accountability and need to be procured from one’s own state agencies.
Submission to ROC: The Registrar Of Companies (ROC) of the concerned state for registration will receive all the documents that are then sent to them.
Certification: The person applying for the Online Private Company registration will receive the certificate in a matter of time.

Key:

* A DSC is a secure digital key containing the details of the person such as the name, Address, Issuing authority of the DSC, email address, etc.
* DIN Number is an eight-digit numerical code assigned to the Director of a company by the central Government.
* MOA is the Memorandum Of Association is a legal document to confirm the formation of the Company under the Companies Act, 2013.
* AOA is used to define the roles and responsibilities of the various members of the company in reference to the functioning of the company.

Conclusion

The registration of a private limited company is one of the most important elements for an individual wanting to start a new business. Being the most sought-after model of company registrations it has seen a sharp rise in the number of new registration as compared to the other years.

For more details: https://www.onlinelegalindia.com/services/private-company-registration/