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Private Limited Company

Private Limited Company Registration | Online Registration | Get your Pvt Ltd company registered @ 7499

Basic Plan

Basic Plan

7499 incl. GST
12500 (40% off)
  • Company Registration
  • Share Certificates
  • Current Account Opening
  • GST Registration
  • 2 Digital Signatures
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Standard Plan

Standard Plan

13499 incl. GST
27000 (50% off)
  • Company Registration
  • Share Certificates
  • Current Account Opening
  • GST Registration
  • 2 Digital Signatures
  • 1 Year Dedicated Accountant
  • 1 Year GST Return Filing
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Premium Plan

Premium Plan

25499 incl. GST
56665 (55% off)
  • Company Registration
  • Share Certificates
  • Current Account Opening
  • GST Registration
  • 2 Digital Signatures
  • 1 Year Dedicated Accountant
  • 1 Year GST Return Filing
  • 1 Year MCA Filing
  • 1 Year Income Tax Filing
  • 1 Year DIN KYC for Directors
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Private Limited Company

Documents Required For Private Limited Company

Aadhar Card
Bank Statement/Electricity Bill/Telephone Bill/Mobile Bill
Id Proof of Landlord/Landlady (Self Attested)
Id Proof of Witnesses (Self Attested)
Latest Electricity Bill (not older than 1 month)
No Objection Certificate (NOC)
PAN Card
Passport Size Photo
Rent Agreement (if electricity bill not in name of proprietor)
Voter Identity card/Passport/Driving Licence

Private Limited Company Registration

 

A private limited company is a type of business entity in India. It is a popular choice for businesses because it offers several advantages, including limited liability, easy formation, and compliance with regulations. Setting up a private limited company in India is not difficult, but there are some steps and documents required. Once you have incorporated your company, you will need to comply with annual, tax, and secretarial requirements. This blog post will provide all the information you need to know about setting up and operating a private limited company in India.
 

What is a Private Limited Company

A Private Limited Company is a type of business entity defined under the Companies Act, 2013. It is a closely held company with a maximum of 50 shareholders. The shareholders have limited liability and the company has a separate legal identity from its shareholders. The shares of a private limited company cannot be traded on a stock exchange.
 

Characteristics of a Private Limited Company

The key characteristics of a private limited company are as follows:
  • It has limited liability: This means that the shareholders’ personal assets are protected in the event that the company is unable to pay its debts.
  • It has a separate legal identity: This means that the company can enter into contracts, own property, and sue or be sued in its own name.
  • It is closely held: This means that there are fewer shareholders than in a public company and that shares are not traded on a stock exchange.
  • Raising capital is more difficult: This is because private companies have fewer investors and because shares are not publicly traded.

Advantages of a Private Limited Company

There are several advantages to incorporating as a private limited company, including:
  • Limited liability: As mentioned above, shareholders’ personal assets are protected in the event that the company is unable to pay its debts.
  • Continuity: A private limited company has perpetual succession, meaning it continues to exist even if shareholders die or leave the company.
  • Flexibility: Private companies can tailor their articles of association (the document that governs the internal affairs of the company) to suit their needs.
  • Tax benefits: In India, private companies enjoy certain tax benefits such as lower corporate tax rates and exemptions from taxes on dividends paid to shareholders.

Disadvantages of a Private Limited Company

There are also some disadvantages to incorporating as a private limited company, including:
  • Compliance requirements: Private companies must comply with various regulations, including filing annual returns and holding shareholder meetings .
  • Higher costs: Forming and maintaining a private limited company can be more expensive than other business structures such as sole proprietorships or partnerships .

Steps for incorporating a Private Limited Company

Incorporating a private limited company in India requires the following steps:
  1. Obtain a Director Identification Number (DIN) from the Ministry of Corporate Affairs (MCA).
  2. Obtain a Digital Signature Certificate (DSC) from a licensed certifying authority.
  3. File the Memorandum of Association (MoA) and Articles of Association (AoA) with the Registrar of Companies (RoC).
  4. Obtain a Certificate of Incorporation from the RoC.
  5. Apply for a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) from the Income Tax Department.
  6. Register for value-added tax (VAT), professional tax, and other local taxes, as applicable.
  7. Obtain licenses and permits required to commence business operations.
 

Documents required for incorporating a Private Limited Company

The following documents are required for incorporating a private limited company in India:
  1. Memorandum of Association
  2. Articles of Association
  3. declaration by each subscriber to the MoA and AoA that he/she is not less than 18 years of age and is competent to contract
  4. list of Directors including their DINs, addresses, photos, identity proof, and residential proof
  5. proposed company name approval certificate from MCA
  6. consent to act as Director from each Director
  7. address proof of registered office
  8. electricity bill or water bill or property tax receipt or any other utility bill in the name of the owner at the registered office address
  9. No Objection Certificate (NOC) from landlord if rented premises is proposed to be used as registered office
  10. proof of ownership if owned premises is proposed to be used as registered office
  11. affidavit by first subscriber and Director(s) regarding compliance with the requirements of Companies Act, 2013 and rules made thereunder
  12. affidavit by Director(s) regarding their willingness to take up directorship, unspent convictions, if any, shareholding in other companies, relationships with other directors, etc.
  13. prescribed fees

The process of incorporating a Private Limited Company

The process of incorporating a private limited company in India generally takes 6-8 weeks. The following are the steps involved in the incorporation process:
  • Obtain DINs for Directors
  • Apply for name approval from MCA
  • File MoA and AoA with RoC
  • Obtain certificate of incorporation
  • Apply for PAN and TAN 6) Register for VAT, professional tax, and other local taxes 7) Obtain licenses and permits required to commence business operations
The incorporation process may take longer if the proposed company name is similar to an existing company name or trademark.
 

What are the compliance requirements for a Private Limited Company in India

The Companies Act, 2013 lays down various annual compliance requirements for a private limited company in India. Some of these compliance requirements are as follows:
  • Holding of Annual General Meeting (AGM): The Companies Act, 2013 mandates that every company shall hold an AGM every year within a period of six months from the close of the financial year.
  • Appointment of Auditor: The auditor of a private limited company in India must be appointed by the shareholders at the AGM. The appointment of the first auditor must be done within 30 days from the date of incorporation of the company.
  • Financial Statements: A private limited company in India is required to prepare financial statements for each financial year which shall include a balance sheet, profit and loss account, and cash flow statement. These financial statements must comply with the accounting standards prescribed by the Institute of Chartered Accountants of India (ICAI).
  • Filing of Annual Return: A private limited company in India is required to file an annual return with the Registrar of Companies (ROC) within 60 days from the date of holding the AGM. The annual return must contain certain details such as particulars of shareholders, directors, loans and deposits accepted by the company, etc.
  • Filing of Director’s Report: A director’s report has to be prepared by every private limited company in India and filed with the ROC along with the financial statements within 60 days from the date of holding the AGM. The director’s report must contain certain disclosures such as particulars of subsidiaries and associates, disclosure on Energy Conservation, Technology Absorption, etc.

Tax compliance requirements

A private limited company in India is subject to tax laws such as Income Tax Act, 1961 and Goods and Services Tax (GST) Act, 2017 . Some tax compliance requirements for a private limited company are as follows:
  1. Income Tax Return: A private limited company in India is required to file its income tax return on or before 31st July every year detailing its income and expenditure for the previous financial year ended 31st March
  2. GST Return: A registered taxable person under GST is required to file periodic GST returns as prescribed under GST rules. The due dates for filing GST returns depend on the turnover of the company and the GST registration status (regular/composite/casual).
  3. Tax Audit: A private limited company in India is required to get its accounts audited by a Chartered Accountant if its turnover exceeds Rs. 1 crore in a financial year. The audit report along with certain other documents must be filed with the Income Tax Department on or before 30th September of the assessment year.

Secretarial compliance requirements

The Companies Act, 2013 and the rules made thereunder contain various secretarial compliances which are to be adhered to by a private limited company in India. Some of these compliance requirements are as follows:
  1. Board Meetings: A minimum of 4 board meetings are required to be held by a private limited company in India in a financial year, with a maximum gap of 120 days between two consecutive meetings.
  2. Maintenance of Statutory Registers: A private limited company is required to maintain certain statutory registers such as register of members, register of directors, etc. as prescribed under the Companies Act, 2013.
  3. Filing of Forms with ROC: Various forms and documents such as annual return, financial statements, director’s report, etc. are required to be filed with the ROC within prescribed time limits.
  4. Appointment of Company Secretary: A private limited company in India is required to appoint a whole-time company secretary if it satisfies certain criteria prescribed under the Companies Act, 2013.
  5. Maintenance of Minutes Book: A minutes book must be maintained by a private limited company in India in which all the proceedings of the board meetings and general meetings are recorded.
A private limited company is a popular business structure in India that offers many advantages, including limited liability protection, easy formation, and compliance with fewer regulations. If you're looking to set up a business in India, incorporating a private limited company is a good option to consider. Keep in mind, however, that there are also some disadvantages to this type of company, such as increased paperwork and compliance requirements.


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FAQ

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Approved capital is the greatest worth of value shares that can be given by an organization. Then again, settled up capital is how much offers gave by the organization to investors. Approved capital can be expanded any time after fuse to give extra offers to the investors.

Limited liability is the situation with being lawfully mindful just for a restricted measure of obligations of an organization. Not at all like ownerships and associations, the risk of the investors as for the organization's liabilities is restricted.

When the organization is fused, a present record should be opened for the sake of the organization for exchanges. Your counsel will direct you through the most common way of picking your desired bank to open the record with and get the archives like endorsement of joining, Memorandum and Articles of Association, board goal, duplicate of PAN allocation letter, and service bill.

yes, NRIs, outside nationals, and unfamiliar elements can enroll an organization and put resources into India, dependent upon the Foreign Direct Investment standards set by the RBI. In any case, fuse rules in India expect for one Indian public to be a piece of the organization on the Board of Directors obligatorily.

You can utilize the Tax Rupees organization name accessibility search tab to look for accessible names in India. It is essential to take note of that Tax Rupees would simply give accessible decisions, in view of indistinguishable names previously registered.

GST registration is mandatory for certain businesses. Companies dealing with e-commerce operations or any other interstate activity and companies with turnover of more than Rs. 40 Lakhs are required to obtain the same. GST registration takes just 3-5 working days with IndiaFilings.

A company is required to maintain certain compliances once it is incorporated. An auditor needs to be appointed within 30 days and income tax filing and annual return filing need to be done every year. Apart from these, mandatory compliances like ‘Commencement of Business’ forms, and DIN eKYC also need to be done

The Board of Directors is expected to practicing a rehearsing Chartered Accountant in somewhere around 30 days of Incorporating a Private Limited Company.
 

The Private Limited Companies that are enlisted in India need to document the ITR returns every year in Form ITR 6.

The organizations enlisted in India are expected to document the MCA yearly return every year informs AOC 4 and MGT 7.

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"I've been using TaxRupees for a year. My personal interactions with them have been very positive and responsive. They follow up on GST, TDS, and other statutory compliance in a timely and efficient manner. I also used their services for the new Private Limited Company we formed in June 2020."

"I had a very positive experience with Tax Rupees. They were quick to assist with all of my work and provided all related services in a timely manner. I recommend them to any individual or business that is looking to incorporate."

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Features and Advantages of Various Business Entities

Features Proprietorship Partnership LLP Company
Definition Unregistered type of business entity managed by one single person A formal agreement between two or more parties to manage and operate a business A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company. Registered type of entity with limited liability to the owners and shareholders
Ownership
  • Sole Ownership
  • Min 2 Partners
  • Max 50 Partners
  • Designated Partners
  • Min 2 Directors
  • Min 2 Shareholders
  • Max 15 Directors
  • Max 200 Shareholders
For One Person Company
  • 1 Director
  • 1 Nominee Director
Registration Time 7-9 working days
Promoter Liability Unlimited Liability Limited Liability
Documentation
  • MSME
  • GST Registration
  • Partnership Deed
  • LLP Deed
  • Incorporation Certificate
  • MOA
  • AOA
  • Incorporation Certificate
Governance - Under Partnership Act LLP Act, 2008 Under Companies Act,2013
Transferability Non Transferable Transferable if registered under ROF Transferable
Compliance Requirements
  • Income tax filing if turnover is more than Rs.2.5 lakhs
  • ITR 5
  • Form 11
  • Form 8
  • ITR 5
  • ITR 6
  • MCA filing
  • Auditor'sappointment

Private Limited Company Registration in State

Private Limited Company Registration in City