Planning to start a business in Bangalore or any Indian state? If yes, then this blog is just for you. Have you ever heard of the Companies Act, 2013? This is an important Indian Act that enforces all businesses to register their brand legally. A legal presence ensures that your business gets registered in that particular region of India and even helps you avail some official advantages that are corresponding to your industry. So, let’s deep-dive into the concepts.
How to Register a Company in Bangalore, India
Setting up a Private Limited Company is one of the best ways you can kick start your entrepreneurial journey in Bangalore. At the initial phases, you will be busy finding investors to rise capital or in the process of hiring your company employees. However, before all, you must first perform your private limited company registration in Bangalore because no fundraiser may approach you if you don’t register your brand. So, if you don’t find an investor, eventually your recruiting and related processes get stuck.
Private Limited Company Registration in Bangalore: 6 Steps
For company registration in Bangalore, you must have certain documents ready in hand. And the following steps can help you with the same.
1.Get a Digital Signature Certificate:
Nearly all business and legal procedures have turned paperless today and saying that you will be filling a few e-forms in the portal official of the Ministry of Corporate Affairs (MCA). For this, you need a Digital Signature Certificate (DSC). This signature is valid for the next 2 years from its issuance and will be given by any Certifying Authority in the token form.
To get your DSC, you must have your self-attested PAN card number, recent passport photo, and the self-attested address proof of the applicant.
2.File for Name Approval:
The name approval of your business can be done in 2 ways:
- Via RUN (Reserve Unique Name) form.
- Via SPICe form (INC-32).
Remember, your business name cannot imply a foreign government or any foreign embassy and must not portray violence to the trademark or emblem of India. And also, try to avoid generic (commonly used phrases) names for branding your startup.
3.File SPICe Form (INC-32):
With the SPICe Form (Simplified Proforma for Incorporating a Company Electronically), you can file your brand name, get your DIN, and furnish the incorporation of your business. Based on your ‘pre-scrutiny’ check, you can fill the details of the form online. Once, a professional* certifies that your application’s details are correct, you are good to get the next step. PAN and TAN of your company also can be apply for a new company using this particular e-Form.
* Professionals mentioned above can be a General Advocate, Company Secretary, Chartered Accountant, or a Cost Accountant.
4.e-MoA (INC-33) and e-AoA (INC-34):
Both e-MoA (Electronic Memorandum of Association) and e-AoA (Electronic Articles of Association) are linked to the SPICe Form. If your business has up to 7 subscribers, who are either individual subscribers and Indian nationals, then you must mandatorily fill these forms mentioned
5.AGILE pro:
The main purpose of this E-from is Application for Goods and services tax Identification number, employees state Insurance corporation registration plus Employees provident fund organization registration, Profession tax Registration (in Maharashtra) and Opening of bank account(AGILE-PRO)
The Perks of Registering Your Company in India
As said before, it is compulsory to register a company in Bangalore, India. Besides its mandated norms, here are a few business advantages that you can experience from registering your Private Limited Company.
- Share Transferability: You only have to file the certificates, fill the forms, and give your shares to the buyer. As simple as said, shares can be transferred easily and quickly from across businesses once your company is registered legally.
- Limited Liability: You cannot involve your personal assets into the Private Limited Company. This way, in case of a crisis or some financial fluctuations, then your personal liabilities remain safe and sound.
- Foreign Investment: Your Private Limited Company will get you the opportunity to attract NRIs and other non-Indian citizens to enter and participate in your business operations. And this will boost your foreign investment opportunities in India.
- Perpetual Succession: Your brand will be recognized even after your period. Meaning, even with the demise of its members and stakeholders, your company will pass over to the upcoming generations.
- Legal Correspondence: Your business will get a legal identity, separately for your members alone. So, you won’t be held responsible for the doings and actions of other members.
Necessary Documents to Register Your Private Company
Now, as you would have completed all the steps for company registration in Bangalore, let’s proceed to the final and paramount aspect of your protocols – the documents needed. The following documents are necessary for getting your business legally registered under the MCA:
- If the Director & Subscribers are Indian Nationals:
- Office Address Proof – Rental Agreement.
- Copies of Utility Bills, not older than 2 months.
- Copy of Approval – For the proposed name of your company, if it contains any word (s) or expression (s) that require Central Government’s approval.
- Trademark Registration Certificate/Trademark Application Copy – If your proposed company name is based on some registered trademark or is a mere subject matter for another application that is pending for registration under the Trade Marks Act.
- NOC – Get it from the owner of your property.
- Proof of Identity + Proof of Address – If the subscribers or director does not possess the DIN.
- Where Subscribers & Director Are Foreign Nationals:
- Passport – Official and original.
- Address Proof – It can be your bank statement, driving license, residence card, or even an official form issued by the Indian Government.
- Registered Office Proof – To represent the title (lease) deed with the rental agreement.
- Foreign Company in India:
- Office Address Proof – In the case of rented property, you must also submit your latest electricity bill (EB).
- Passport – Official and original.
- ID Proof – Any proof of identity issued from the respective government authority.
- Dispute Resolution Agreements – If your business is a joint venture.
- Foreign Director:
- Self-Certified Passport of Director – Apostille and Notarized.
- Self-Attested Residential Proof – Apostille and Notarized.
- Personal Mobile Number.
- Personal Email ID.
- Digital Signature.
- Indian Resident Director:
- Self-Certified Passport of Director – Apostille and Notarized.
- Self-Attested Residential Proof – Apostille and Notarized.
- Personal Mobile Number.
- Personal Email ID.
- Digital Signature.
- Registered Office Documents:
- No-Objection Letter – Get it from the owner of your registered office.
- Address Proof – In the name of the owner.
- Electricity Bill.
- Telephone Bill – Fixed line only.
- Gas Bill/Water Bill – Not older than 2 months.
- Tax Paid Receipt – A copy of the registered sale deed. This must be signed and approved by the certified shared office agent or service provider.
Once the RoC (Registrar of Companies) issues and approves your certificate, you are ready to enter the world of entrepreneurship and start functioning your business in India. And make sure to be aware of the other protocols such as Audit and Assurance, GST Registration, Capital Gain, etc. in the long run of your business, so that it operates great no matter what happens.
FAQs
1.What are the different forms of companies that could be registered in India?
There are 5 key forms of companies that could be registered in India, namely Sole proprietorship, Partnership Company, Limited Liability Company, One-person Company, and the Private Limited Company.
2. Can I register my family members as directors or members of the company?
Yes, you can register your family members as directors or members of the company. You can later modify it based on the necessity and share transfer options.
3.How many days will it take to get a Private Limited Company registration?
It takes around 8 to 10 days to get your Private Limited Company registration to process thoroughly. Experienced service providers can assist you to get the same within 4 to 7 working days.