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Private Limited Company
Unleash Your Business Potential with a Private Limited Company
A Private Limited Company (PLC) is a popular choice for entrepreneurs in India, offering a perfect balance between a partnership and a public company. Here’s a breakdown of what you need to know:
Key Features of a PLC:
- Limited Liability: Protects your personal assets, limiting liability to your shareholding in the company.
- Legal Entity: Establishes a distinct legal identity for your business, enhancing credibility and professionalism.
- Minimum Members: Requires only two people to start.
- Flexible Structure: Allows a person to be both a director and shareholder.
- Streamlined Process: Registration can be completed online for faster incorporation.
The Road to Registration:
- Pick a Unique Name: Choose a name that reflects your brand and isn’t already in use.
- Apply to the ROC: File an application with the Registrar of Companies (ROC) in your state.
- Craft Your Company’s Core Documents: Prepare the Memorandum of Association (MoA) outlining your company’s objectives and the Articles of Association (AoA) detailing internal operations.
- Submit Forms & Documents: Electronically file the necessary forms and documents through the SPICe+ (Simplified Proforma for Incorporating Company electronically Plus) online portal.
- Certificate of Incorporation: Upon approval, you’ll receive a Certificate of Incorporation, marking the official registration of your PLC.
Additional Considerations:
- Fast Track Registration: Private Limited Companies can typically be incorporated within 15 working days.
- Post-Registration Compliance: Remember to file Form INC-20A to notify the authorities about the commencement of your business operations.
Ready to Take the Next Step?
Registering a Private Limited Company can empower your business to reach new heights. With its ease of formation, limited liability protection, and established structure, a PLC is an attractive option for aspiring entrepreneurs in India.
Choose your package
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Basic
- E-PAN
- E-TAN
- ESIC Registration through SPICe Plus
- PF Registration through SPICe Plus
- 2 e-copies of Share Certificates
- Bank Account opening (feature) through SPICe Plus
- 2 Digital Signature Certificates
- 2 Director Identification Numbers
- 1 Name Approval Application
- Stamp duty on INR 1 Lakh Authorized Capital
- Company Incorporation using SPICe+
- Copy of e-MOA & e-AOA
Standard
- E-PAN
- E-TAN
- ESIC Registration through SPICe Plus
- PF Registration through SPICe Plus
- 2 e-copies of Share Certificates
- Bank Account opening (feature) through SPICe Plus
- 2 Digital Signature Certificates
- 2 Director Identification Numbers
- 1 Name Approval Application
- Stamp duty on INR 1 Lakh Authorized Capital
- Company Incorporation using SPICe+
- Copy of e-MOA & e-AOA
- GST Registration
Enhanced
- E-PAN
- E-TAN
- ESIC Registration through SPICe Plus
- PF Registration through SPICe Plus
- 2 e-copies of Share Certificates
- Bank Account opening (feature) through SPICe Plus
- 2 Digital Signature Certificates
- 2 Director Identification Numbers
- 1 Name Approval Application
- Stamp duty on INR 1 Lakh Authorized Capital
- Company Incorporation using SPICe+
- Copy of e-MOA & e-AOA
- GST Registration
- 1st Income Tax filing upto turnover of Rs. 30 Lakhs
- DIR 3 e-KYC of 2 Directors
- Company Seal
Documents Required
Photograph of all the Directors
PAN Card of all the Directors
ID Proof of the Directors (Driving License/Passport/Voter ID)
Electricity Bill or any other utility bill for the address proof of the Registered Office.
A No Objection Certificate (NOC) from your landlord is essential. This confirms their consent for using the premises as your company's registered office.
Benefits of Private Limited Company
Choosing the right business structure is crucial for aspiring entrepreneurs. Here’s why a Private Limited Company (PLC) might be the perfect fit for you:
1. No Minimum Capital Requirement: Unlike some company structures, PLCs don’t require a minimum investment to get started. You can register your PLC with a total authorized share capital of just Rs. 10,000, offering greater flexibility.
2. Separate Legal Entity: A PLC acts as a distinct legal entity from its owners (shareholders). This means the company’s assets and liabilities are separate from those of its directors, providing valuable protection for your personal finances.
3. Limited Liability Protection: A core benefit of a PLC. If your company encounters financial difficulties, your personal assets are shielded. Your liability is limited to the amount of investment you’ve made in the company through shares.
4. Access to Funding: PLCs, alongside Public Limited Companies, are the only business structures in India eligible to raise funds from venture capitalists or angel investors. This opens doors to significant growth opportunities.
5. Foreign Direct Investment Allowed: PLCs offer another advantage: 100% Foreign Direct Investment (FDI) is permissible. This means foreign entities or individuals can directly invest in your company, bringing valuable resources and expertise.
6. Enhanced Credibility: As a PLC, your company details are readily available on a public database. This transparency builds trust and credibility with potential clients, partners, and investors.
Making the Right Choice
With its ease of formation, limited liability protection, and access to funding opportunities, a Private Limited Company offers a compelling package for businesses ready to scale and achieve success.
General FAQs
Starting a Private Limited Company (PLC)? Here’s a breakdown of some common questions to guide you through the process:
Membership and Management:
- How many members can a PLC have? A PLC requires a minimum of two members (shareholders) and a maximum of 200.
- Director Requirements: There must be at least two directors, each with a Director Identification Number (DIN).
Registration Process:
- Can I use my home address? Yes, the Ministry of Corporate Affairs (MCA) allows a residential address to be your company’s registered address.
Company Documents:
- What are the MOA and AOA?
- The Memorandum of Association (MOA) defines the company’s core purpose, powers, and objectives. It’s the foundation on which your PLC is built.
- The Articles of Association (AoA) detail the internal rules and regulations for managing the company.
SPICe+ Form:
What’s the difference between SPICe and SPICe+ ? SPICe+ is an upgraded online form that combines services from various government departments, streamlining the company incorporation process. SPICe is the older version of the form.
How many directors can apply for a DIN through SPICe+? A maximum of three directors can apply for a DIN using the integrated SPICe+ form.
Subscriber Information:
- Do subscribers to the MOA and AOA need PAN and Aadhaar? No, if they have a valid DIN, proof of identity and residence aren’t mandatory.
eMOA and eAOA Filing:
- When are eMOA and eAOA required with SPICe+? They’re mandatory for:
- Indian individual subscribers
- Foreign individual subscribers with a valid DIN, DSC, and proof of a valid business visa
- Non-individual subscribers based in India
PAN & TAN Details:
- How do I receive my PAN and TAN? Upon successful SPICe+ acceptance, you’ll receive a Certificate of Incorporation (COI) with the allotted PAN and TAN details. An email containing the COI, PAN, and TAN will also be sent for your reference. There’s no longer a requirement for a laminated PAN card.