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Wednesday, 31 May 2017

Setting Up a Company in India – Know About its Process!

Gone are the days when family business was transferred from one generation to another without any worry. Today is a time when everything should be legal, authorised and on papers, then only business works smoothly. Earlier people used to either run their family business or look for job (which was easy to find), but today’s scenario has changed completely. people are looking for safe and secured career and so opting for entrepreneurship and starting their own business, but setting up a company is not everyone’s cup of tea, it takes lot of efforts to think about a business to look for funds to look for name and finally to get it registered.

There are many companies, which help in getting your company registered, and one should always opt for the best in order to get right thing at right time. RGSC & Company is one such company, which helps in company formation in India hassle free. This company guides you about every procedure and papers required to set up a company in India. Whether you want to set up a small company or a big company, whether head office is India or outside, this company helps you with all the information required so that you don’t have to go anywhere for anything.

To start a company you have to follow these simple steps with the help of RGSC & Company:

Step 1: Application for Director Identification Number (DIN) in form DIR -3 and Digital Signature Certificate (DSC): DIN is a unique identification number issued by Ministry of Corporate Affairs for director(s) of company. DSC is digitization of paper certificates like license, passport etc.

i. It takes 3-5 days to get DIN and DSC.

ii. Minimum two directors are required.

iii. Paid up capital should be minimum one lac.

iv. It requires

a.Id proof
b.Address proof
c.Passport size photographs
d.Current occupation
e.Email address of the applicant
f.Phone number
g.Educational qualification
h.Verification to be signed by applicant

Step 2: Company Name Availability: it is an important thing as no two companies can register in same name. For formation of private limited company, directors of the company have to provide at least six names as per preference/priority.

Availability of name can be check on Ministry of Corporate Affairs’ website. It takes 2-3 days to check name availability.

Step 3: Apply for the name available: once you get your desired name available for registration, you need to file e-form with Registrar of Companies. It takes 2-3 days to register the name of the company.

Step 4: Drafting of Memorandum of Association (MOA) and Articles of Association (AOA): MOA is fundamental provisions of company’s constitution covering its main object and other objects of company. AOA is rules and regulations governing the internal management of the company.

In drafting MOA and AOA, people need to specify Name, Address, and occupation handwritten along with signature on subscription pages of MOA and AOA. It takes 2-3 days to do this procedure.

Step 5: Filing of e-forms with RoC: 

1. Form INC-7: for application of Incorporation of the company you need following attachments:

i. MOA
ii. AOA
iii. Declaration by Professional in INC-8
iv. Affidavit from the subscriber to the Memorandum in Form no. INC-19
v. Current residential address
vi. Identity proof
vii. Signature verification of subscribers

There are other attachments also which are optional to attach depending upon the case.

2.Filling of Form INC-22 for notice of situation of registered office along with few attachments required.

3.Form DIR-12 for providing information about particulars of appointment of directors of the company along with key managerial personnel along with attachments required.

Step 6: Payment of RoC fees and Stamp Duty: Payment of RoC fees and stamp duty is made based on authorised capital of the company but it is done only when documents are filed online.

Step 7: Verification of documents by RoC: After making payment, scrutiny of documents by RoC is done and if any change is required, it has to be done and then submitted again.

Step 8: Issue of Certificate of Incorporation by RoC: Once all the forms get approval by RoC, digitally signed “certificate of Incorporation” is sent to the directors via email.

Other than helping in formation of private limited company, RGSC & Company also provides CA services in Delhi, India so that after company formation, they can also do auditing of the company work and provide extended support to the company owners.

There are many companies, which help in company formation in India, but one has to be very careful in selecting right company to give a kick-start to a bright future. It is very essential for a company to be registered or else authentication of company always remains in doubt. People have become so tech savvy that as soon as they hear about a new company, they immediately look for it on internet in order to know more about it, to check its authentication. A registered company along with a registered website helps a lot in bringing new customers and helping business to earn its cost and profit over the years.

Other than targeted customers, company registration also helps in expanding business to different parts of the country and world. When company is registered and established in decent way, it is easy to find financiers and investors for the company. Investors and financiers also want to know where their money is invested and what will be the return on their investment.

Company registration is useful when a general meeting of company is held; it helps in creating professional corporate image of the company and for inspection purpose by other organisations. It provides a complete picture of the legal status of the company and is a key archive for drawing up indicators of economic and business development in each area to which it belongs. If a company fails to present its register when asked for, it can be asked to wind up immediately. Thus one should get company registered without fail and run a successful business.

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