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Private limited company registration in Chennai can be completed online with the help of ChennaiRegistration.in online Pvt Ltd company incorporation services. Private limited company formation in Chennai can be completed through an easy online process. We are tax and business registration consultants offering complete solutions for new private limited company registration and compliance services after registration.
What is Private limited company registration?
Private limited company is in the process of registering your new business with the Ministry of corporate affairs. A private limited company is considered as the most registered business form in India for any volume of activity. There is a myth that registration and maintenance of private limited companies is a complicated and costly process, those times were gone when we registered with high Govt fees and heavy documentation. Most startup opts for pvt Ltd company formation due to brand-ability as its main advantage.
How to register a private limited company in Chennai
Private limited company formation in Chennai is completed by the application to the Ministry of corporate affairs. There should be minimum 2 directors and shareholders for private limited company registration, the application will be submitted through an online process with authentication by class 3 digital signature for private limited company registration. Once company name is approved, all documents along with MOA, AOA is submitted for registration with registrar of companies who will issue company incorporation certificate along with pan number is all details are correct.
Documents required for private limited company registration
- Pan card of all proposed directors and shareholders
- ID proof of all proposed directors and shareholders- Aadhaar card/ Voter id / Passport/driving license
- Address proof of all proposed directors and share holders-bank statements/ telephone bills / mobile bills/ electricity bill
- Passport size photo
- Rental agreement for a business address in the name of the business
- Latest Electricity bill for the business address
- No objection certificate from the owner of business premises
Pricing:
₹17000
Steps to Register
Registration consulting
On receipt of the client's request for private limited registration, our company registration advisor will provide consultation regarding the registration process and assist you in providing the right documents
1
Name application
Company name will be applied in RUN form, we can apply two 2 names in RUN name approval application form out of which one will be approved or resent we can apply one more time with two other names.
2
Digital signature application
Class 3 online digital signature certificate application will be processed using Aadhaar KYC for directors.
3
Company registration documents processing
Once the proposed company name is approved, documents required for company registration will be provided to the client for signing and attestation by a notary
4
Submission of company registration application
Upon receipt of signed documents from the client, the application for registration of a private limited company will be completed along with the PAN application.
5
Compliance advisory
On approval of the company registration application, the client will be provided with the due date for filing income tax returns, a method of keeping books of accounts as mandated by the Companies Act and Income Tax Act.
6
Private limited company registration package details
- Our private limited company registration package includes 1 RUN name application, digital signature, and din number application for two directors.
- Additional charges are applicable for additional RUN name approval applications, DIN no, and DSC.
- The approved name will be available for registration up to 20 days from the date of approval, so the client is responsible for providing signed documents within the time allowed by us.
- After the grant of company incorporation, certificate form 20A should be filed by all companies for commencement of business and declaration of paid-up capital within 180 days from the date of approval. Fees for filing FORM 20A are not included in the package
- Approval of the company name is at the sole discretion of the registrar of companies, and clients are requested to provide us with a unique name that resembles their nature of business for easy approval of the company name.
- Charges quoted are applicable only to Indian directors and shareholders., in case one of the director is not an Indian citizen, additional charges will be applicable.
Important advantages of a private limited company
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Separate legal entity
A private limited company is a separate legal entity, its shareholders and directors are distinct from the company. The company can enter into contracts to purchase assets in its name etc
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Uninterrupted Existence
The private limited company exists irrespective of its members, shareholders, or directors quitting, or on retirement due to unexpected events. The company will continue its existence if necessary procedures are followed to fill up minimum requirements within the time allowed.
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Creditworthiness
Maintenance of books of accounts, records, the procedure for withdrawal of profits, and rules for providing loans to directors are exhaustively laid down by the Companies Act 2013 which mandates the company to have a transparent financial position and ability. Audit of books is compulsory under the companies act, which focuses on maximum reporting of any discrepancies. Due to multiple controls, banks provide good funding support for businesses and enhanced potential to raise finance through banks as compared to partnership and proprietary concerns.
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Limited liability
The private limited company enjoys limited liability, the shareholders are liable only to the extent of unpaid share capital, and directors are protected from third-party liability if they acted in good faith and prudently. Therefore, private limited companies will be the first preference for businesses with high risk
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Transfer of ownership
Transfer of ownership is easy, shareholder can transfer their shares freely without the consent of other shareholders. The shareholders intending to sell shares should first offer to current shareholders and if it is not accepted then the shares can be transferred to another person. There may be conditions enlisted in the articles of association regarding the transfer of shares, and the transfer should not violate the articles of association.
From Auditor DESK
Once private Limited is registered routine compliance is important for all financial transactions as well as not financial procedures like filing forms with MCA, drafting of resolution maintenance of minutes books, etc, therefore it is requested to take the advice of the tax advisor and MCA compliance advisor.Frequently Asked Questions
We make it easy for you to find the answer to frequently asked questions here...
minimum authorized capital and paid-up capital should be Rs.1,00,000, generally, we incorporate every company with authorized of Rs. 10,00,000 as there is no difference in Govt fee for authorized capital from Rs.1,00,000 to Rs.10,00,000
Authorized capital also called notional capital is the maximum amount of share capital that is permitted, authorized capital can be increased by filing form SH-7 with applicable fees form filing fees and fees for the increase in authorized capital
Paid-up capital is the amount of capital that is actually invested in a private limited company, and it should not exceed the amount of authorized capital of the company, generally, initial paid-up capital is contributed in the form of cash and not in kind, in some rare cases paid up capital is brought inside the private limited company in form of assets
A private limited company can issue shares, however, shares are to be issued only to a closed group, and public issues to an unknown person are not allowed
The maximum no of directors is 15 persons, and the maximum no of shareholders is 200 members
for the financial year 2022-2023 Income tax rate is 25 % if turnover is up to Rs.400 crores in the financial year 2020-2021 and if it exceeds
Rs.400 crores rate is 30 %. Surcharges of 7 % are applicable on tax amount if taxable total income exceeds Rs.1 crore and does not exceed Rs.10 crores, and 12 % surcharge if taxable income exceeds Rs.10 crores. The surcharge is calculated on the tax amount calculated without adding educational cess. Educational cess at 4 % is calculated on tax amount and surcharge if applicable.
Rs.400 crores rate is 30 %. Surcharges of 7 % are applicable on tax amount if taxable total income exceeds Rs.1 crore and does not exceed Rs.10 crores, and 12 % surcharge if taxable income exceeds Rs.10 crores. The surcharge is calculated on the tax amount calculated without adding educational cess. Educational cess at 4 % is calculated on tax amount and surcharge if applicable.
Resolution is a type of document authorizing a decision made by board members or shareholders. A resolution passed by shareholders is classified into two types one is ordinary resolution and the other one is special resolution, ordinary resolution is a resolution approved by shareholders holding more than 50 % of shares, special resolution is a resolution approved by shareholders holding more than 75 % of shares.
Complete process is carried down on online medium, it is at the option of the client to visit our office, for some process video verification is applicable e.g.: application of a digital signature certificate for company registration.
Class 3 DSC with validity can be used, if you already have it, there is no requirement to re-apply Class 3 DSC. Only once DIN no can be applied for one person, so it is not necessary to apply a new DIN for every private limited company registration, however, the DIN already applied should be active by filing DIN KYC
Person other than an Indian citizen can be a director or shareholder in a private limited company, the only condition is that there should be a minimum of one Indian director and shareholder in the private limited company
Yes salaried employees can be a director or shareholders in a private limited company, there is no legal restriction on the Companies Act 2013, however, we advise you to look on to terms of your employment, your directorship will be visible to the public, anyone can access MCA data
What are the important compliance activities for private limited company
- Income tax returns should be filed every year within due applicable for a private limited company, income tax return is filed after the filing of the tax audit report for a private limited company therefore completion of the audit is a pre-condition for filing an income tax return
- TDS provisions are applicable without any threshold for private limited companies, so care should be given while making monthly TDS payments and filing quarterly returns without fail.
- Advance tax provisions are required to be followed if the estimated tax liability is Rs.10,000 in a financial year, private limited companies can pay advance tax only through an internet banking facility as per Rule 125 of income tax rules 1962.
- The first auditor after incorporation of a private limited company must be appointed within 30 days of the Incorporation of the new company by filing form ADT- 1 with MCA.
- The private limited company should conduct an annual general meeting at least once a year, and form no MGT- T should be filed within 60 days from the date of conduction annual general meeting of the company.
- Filing of form AOC-4 for financial statement should be completed within 30 days from the date of AGM, ACO-4 contains should be filed with the balance sheet, p & l account, corporate social responsibility statement, details about the related party transactions, auditor report, particulars about statutory auditor of the company and details about significant transactions which requires reporting in form AOC-4.
