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We provide consistent services in Private Limited Company Formation in India. We follow well defined service plan and are supported by professionals holding rich industry experience. Incorporation of Company in India includes Private Limited Company Incorporation, Company Registration India. Moreover, we also emphasize on every detail while maintaining close proximity with clients regarding best legal advice.
Section 3(1) (iii) defines a Private Company as one which:-
- Has a minimum paid-up share capital of Rs.1 Lakh or such higher capital as may be prescribed
- Limits the number of its members to 50 which will not include:-
- a) Members who are employees of the company
- b) Members who are ex-employees of the company and were members while in such employment and who have continued to be members after ceasing to be employees
- Prohibits any invitation to the public to subscribe for any shares or debentures of the company
- Prohibits any invitation or acceptance of deposits from persons other than its members, directors or their relatives.
This goes to say that a private company in india, in addition to the earlier conditions, shall have a minimum paid-up share capital of Rupees One Lakh or such higher capital as may be prescribed and its Articles shall prohibit invitation or acceptance of deposits from persons other than its members, directors or their relatives. In case of such companies, public interest is not involved.
The basic characteristics of a Private Company in terms of section 3(1)(iii) of the Act do not get altered just because it is a subsidiary of a Public Company in view of the fiction in terms of section 3(1)(iv)© of the Act that it is a Public Company. May be it is a Public Company in relation to other provisions of the Act but not with reference to its basic characteristics. In terms of that section, a company is a Private Company when its articles restrict the right of transfer of shares, restrict its membership to 50 (other than employees shareholders) and prohibits invitation to public to subscribe to its shares. Therefore, all the provisions in the articles to maintain the basic characteristics of a Private Company in terms of that section is restriction on the right to transfer and the same will apply even if a Private Company is a subsidiary of a Public Company.
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The Private Limited Company Registration process and the LLP Registration process are very similar with some differences in the documents and forms being filed for incorporation. The steps for incorporation of a Private Limited Company are
1. Obtaining Digital Signature Certificate (DSC) for the proposed Directors, 2. Obtaining Director Identification Number (DIN) for the proposed Directors, 3. Obtaining name approval from MCA and
4. Filing for incorporation.
LLP registration also has a similar process:
1. Obtaining Digital Signature Certificate (DSC) for the proposed Partners
2. Obtaining Director Identification Number (DIN) / Designated Partner Identification Number (DPIN) for the proposed Partners
3. Obtaining name approval from MCA
4. Filing for incorporation. Both Private Limited Company and LLP are registered with the Ministry of Corporate Affairs and are issued a Certificate of Incorporation.
The processing time for incorporation of a private limited company and LLP are also comparable with both entities taking on average about 20 days to incorporate.