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PRIVATE LIMITED COMPANY
Vinay Gupta Director
Company India Advisors Private Ltd email: [email protected]
Mobile: +91 9818092002
http://companyindia.co.in
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What is PRIVATE LIMITED COMPANY?
A private limited company is the company, which arranges its funds from the owners and the relatives of the owners of the company only and
not from outsiders.A company whose ownership is private. As a result, it does not need to meet the strict Securities and Exchange Commission filing requirements of public companies.
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Requirements of setting a Private Limited Company in India
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MINIMUM MEMBERS
The minimum number requirement in case of Private Limited Company is TWO.
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DIRECTORSWho are the directors for the Private
Limited Company?
The directors are the major group of stakeholders of the company. The directors are the persons who handle the operations of the company.
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QUALIFICATION SHARES
In case there is requirement as per the AOA for the director is bound to buy qualification shares.
If acts are done by the director prior to he or she being disqualified, the acts are considered to be valid.
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MINIMUM NUMBER OF DIRECTORS
The minimum number of directors for a Private Limited Company are
TWO.
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Time limit to Incorporate….
The time for incorporating a private limited company is near about 10-15 days…..
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How to incorporate Private Limited Company in India?
Selection of type of the company.
Selection of name for the proposed company.
Apply for Directors Identification Number and Digital Signatures.
Drafting of Memorandum and Articles of Association.Stamping, digitally signing and e-filing of various documents with the Registrar.
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Payment of Fees.
Obtaining Certificate of Incorporation.
Preparation and filing of Prospectus/Statement lieu of Prospectus and e-Form 19/20 (in case of public companies) for obtaining the certificate of commencement of business.
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NAME GUIDELINES
Company Act India specify that certain words are important like India, Global, World, Industry etc and authorized capital norms are difference for the company having such special word in the name of the company.
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The Companies Act has the following features:-
Separate legal entity Incorporated body Artificial legal person Perpetual succession Limited liability Common seal Right to sue Right to enter in to contracts Flexibility of investment
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PROCEDURES…
Digital Signatures
Director Information Number
Board Meetings
Annual General Meetings
Annual Filling of Forms
Maintenance of Statutory register & Minutes Book.
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What is Digital Signature Certificate?
Digital Signature Certificates are electronic format of physical signatures. DSC can be presented electronically to access information or services on the Internet, to prove the identity or to sign certain documents digitally.
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DIN (DIRECTOR’S IDENTIFICATION NUMBER)
No person can be appointed as a Director without getting a DIN. The compliance can be quite an irritant for foreign residents, as all the documents need to be notarized. If the documents are not in English then translated version along with the original documents need to be notarized.
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Board Meetings
Periodicity of the Board Meetings
Interval between two Board Meetings
Day of holding meeting
Time of holding Board meetings
Place for holding Board Meeting
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Minutes can be classified into the following three types on the kind of meeting to which they relate:-
Minutes of Board meetings.
Minutes of meetings of committee of the board.
Minutes of General meetings.
Board Meeting Minutes
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GENERAL MEETINGS
Periodicity of the Board Meetings
Interval between two Board Meetings
Day of holding meeting
Time of holding Board meetings
Place for holding Board Meeting
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MINUTES- Meaning
The term ‘minutes’ though not defined in the Companies Act, 1956, may be considered as a written record of proceedings of a meeting of any Company duly kept in pursuance of the law.
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Annual filling of forms….
There are a number of annual forms that need to be filed besides the annual financials.
The information is quite detailed and talks about shareholdings, directors, financials, etc.
All these forms are required to be certified by a practicing Chartered Accountant or practicing Company Secretary.
THANK YOUVinay Gupta
DirectorCompany India Advisors Private Ltd
email: [email protected]: +91 9818092002
http://companyindia.co.in/
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