India, being a developing country is a hub of new companies incorporating every day. Millennials are more interested in working for themselves instead of an inflexible job where they do not have any freedom of work. However, most of the founders are not well versed in law and regulations regarding establishing a company in India. It is essential for you to be aware of the complete process of registering a company in India.
Company Registration Process
As per the companies act of 1956, the company’s registration includes the following steps:
- Naming the company
Naming a Company is not as easy as it sounds. It should be unique and no other company of the same name shall exist. A business consultant can do the required research and help you find a suitable name which is available for registration.
- Required Documents
You need to submit the required documents such as memorandum and articles to the ROC. Also, there are several forms such as forms 18, 32, 37, 39 that need to be submitted along with all the documents to prove the details of the company and required certificates.
- Tax Registration
Businesses must obtain Permanent Account Number (PAN) and (Tax Deduction Account Number (TAN) from the Revenue department. Both are to be shown on the returns, documents, and files form the revenue department.
- Submitting the Rules
According to the law, every company must be abridged by some set of rules for the legal functioning of the company. Therefore, a copy of the set of rules or the bylaws of the company needs to be submitted to the ROC
- Registration Fee
Registration fee is decided by the nominal capital of the company and needs to be submitted before the incorporation of the company or within 6 months of name being made available.
Incorporating a company has more to it than just filling out a private limited company registration form. If you are willing to set up a company but you need assistance to register a company, reach out to the professionals like 3E Accounting India. They lead a team of experts having in-depth knowledge of the process of company registration in India and thus they willingly offer India company incorporation services.