Company Formation

In India, the formation/incorporation of a company is governed by The Companies Act, 2013. According to The Act, following types of companies can be formed in India:

1. Public Company – A company may be formed for any lawful purpose by seven or more persons, where the company to be formed is to be a public company.

2. Private Company –
A company may be formed for any lawful purpose by two or more persons, where the company to be formed is to be a private company.

3. One Person Company –
A company may be formed for any lawful purpose byone person, where the company to be formed is to be One PersonCompany that is to say, a private company, by subscribingtheir names or his name to a memorandum and complyingwith the requirements of this Act in respect of registration.

The above said companiescan be either –

(a) a company limited by shares; or
(b) a company limited by guarantee; or
(c) an unlimited company.

Procedure for Company Formation in India

Following is the procedure of incorporating a company in India:

I. DSC/DIN - Obtain Digital Signature Certificates (DSC) and Director Identification Number (DIN) for each Director / Promoter before making any application to ROC.

II. Name - Apply for the name availability of the proposed company to ROC. For this one has to fill Form INC-1 and submit online along with requisite fee with ROC.

III. Name Validity - Once Name is approved and made available by the ROC it remains valid for 60 days from the date of name application.

IV. Preparation of documents - After getting the name following documents are prepared

• Memorandum of Association - The Memorandum of Association is the charter of a company. It is a document, which amongst other things, defines the area within which the company can operate.

• Articles of Association - The articles of a company shall contain the regulations for management of the company. The articles of association of a company are its bye-laws or rules and regulations that govern the management of its internal affairs and the conduct of its business.

• Letter of authority to a person for carrying out corrections

• Declaration by the Promoter Directors

• Form DIR-12 for the Directors

• Form INC-22 for registered office address

• Once ROC is satisfied and scrutiny is completed he will issue certificate of Incorporation. The company would come into existence from the date of Certificate of incorporation.

Our Services:

AKGVG offers the following services with respect to Company formation in India:

• Obtaining Director Identification Number DIN for proposed Directors of the new Company

• Obtaining Digital Signature Certificate DSC for proposed Directors of the Company

• Complying with documentary requirements which would include obtaining of name approval

• Get the Memorandum of Association and Articles of Association printed

• Filling of all company incorporation forms and documents online

• Change Company Information like change in name, address, directors, main objects etc.

• Formation of Section 8 (earlier Section 25) Company (Non-profit making organization)

• Getting Charge Registered

• Liaison with Registrar of Companies & Regional Directors

• Maintenance of statutory records prescribed under Companies Act, 2013

• All other compliances under the Companies Act, 2013.

• Making arrangements for payment of duties and taxes whichever applicable

• Obtaining a Permanent Account Number (PAN) from an authorized franchise or agent appointed by National Securities Depository Services Limited (NSDL) or Unit Trust of India (UTI) if any

• Obtain a Tax Account Number (TAN) for income taxes deducted at source from the Assessing Office in the Income Tax Department

• Arranging for registration with relevant tax authority eg sales tax, VAT, service tax, excise, custom, ESIC, EPF

• Filing for Government Approval before Reserve Bank of India (RBI)/ Foreign Investment Promotion Board (FIPB) for Foreigners and NRI's

Note: For business set up in India by foreign nationals, refer to Business set-up services by AKGVG 

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