Company registration in Kanjikode
The Palakkad district has seen a recent up-rise especially in Kanjikode about 70 percentage average growth. And being an industrial belt, the scope for an industrial surplus is high. Selecting the required and relevant business structure is one of the important element in forming a business venture in Palakkad, Kerala. The perfect business structure will facilitate your enterprise to function efficiently and will meet your required business objectives. Before we learn the various ways to initiate a company, let’s try and grasp the minimum registration requirements and different business forms in Kanjikode, Kerala.
Minimum requirements for Company Formation
- Minimum 2 share holders
- Minimum 2 Directors
- The directors and shareholders can be the same person
- Minimum Share Capital shall be Rs. 100,000 (One Lakh Indian Rupees Only)
Let’s try and know the various types of business structures available in Kanjikode, Kerala.
Private Limited Company
A private limited company is an independent lawful business form which is different from the people who operates it. A private limited company has perpetual sequence and its own assets and liabilities, profits and losses. The liabilities are limited to the company – in other words, the owners are guarded from financial liability. This is clearly very different from that of a sole proprietorship, where the assets and liabilities of the business belong to the individuals.
Phases involved in Private Limited Company incorporation
Phase 1:Company Name Reservation Application
Phase 2: DSC (Digital Signature) of two directors
Phase 3: Application for Certificate of Incorporation by providing the Final Documentation (like AOA, MOA, Consent Letters, and Business Address Proof etc.) including application for DIN, PAN & TAN.
Timeline
It requires 15 to 20 working days (approx.) to finalize Private Limited Company Registration procedure.
What we provide you for Private Limited Company Registration
- DSC (Digital Signature) of two Directors
- DIN (Directors Identification Number)
- Declaration of AOA (Articles of Association) & MOA (Memorandum of Association)
- Responses to queries raised by ROC department
- Government Fees
- Payment of Stamp Duty and Registration Fees
- Our Professional Fees
- Certificate of Incorporation
- PAN Application of Company
- TAN – Tax Deduction Account Number Application
- Support to open a Bank Account
- ISO certified Team of Corp Roots Pvt Ltd
- Free Tax Consultation
Limited Liability Company (LLP)
LLP is a brand new corporate form that integrates the flexibility of a partnership firm and the merits of limited liability of a company with fewer compliance. The minimum limit of partners required to shape an LLP is 2. There is no upper limit on the number of partners of LLP.
Among the partners, there must be at least two nominated partners who shall be individuals, and at least one of them should be resident in India. The rights and duties of proposed partners are governed by the LLP agreement. They are directly responsible for the compliance of all the provisions of LLP Act 2008 and provisions described in LLP agreement.
Documents Needed
- PAN Card/ ID Proof of the Partners
- Address Proof of the partners
- Residence Proof of Partners
- Photograph
- Passport (in case of Foreign Nationals/ NRIs)
- Proof of Registered Office Address
- Digital Signature Certificate
Phases for Registration procedure as LLP in Kanjikode, Kerala
- Obtain DSC
- DIN Application
- Name Approval
- Incorporation of LLP
- File LLP Agreement
Timeline
It takes 15 to 20 working days (approx.) to conclude LLP Company Registration procedure.
The One Person Company (commonly known as OPC) is the type of firm that is owned by a single person. It permits one person to possess and also manage the entire business procedures. The OPC as a business form is introduced to administer the proprietorship business and assist in an organized way. This is the form which provides the merits of corporate structure to those who want no partition to business ownership can go forward with OPC company registration.
- Registration cost
The cost for shaping a One Person Company is much lesser than the cost of formation of a Private Limited Company.
· Number of person required to incorporate
To form a One Person Company, two-person are needed: The Director and Nominee Director.
· Board of Directors
There is no concept of the Board of Directors in a One Person Company as the entity can be managed by a single person. The idea of Annual General Meeting and Board Meetings is also not relevant for a One Person Company. The complete percent shares of a One Person Company can be held by a sole person.
· NRI or foreign nationals
Only Indian Citizens and Indian Nationals are allowed to form a One Person Company.
· Compliance requirements
One Person Company is needed to file their annual returns with the Ministry of Corporate Affairs and their Income Tax Returns with the Income Tax Department. One Person is also required to get their account accounted and audited each year.
· Restrictions
A One Person Company must be converted mandatory into a Private Limited Company if the annual sales turnover exceeds Rs.2.00 crores or the paid-up capital of the One Person Company exceeds Rs.50 lakhs.
Partnership Company
A partnership company is not a separate entity distinct from its members. It is merely a collective name given to the individuals forming it. Hence, unlike a company which has a distinct legal entity separating from its members, a company cannot own property or employ employees, neither it can be a borrower or a lender. It cannot appeal or be appealed by others.
Proprietorship company
A sole proprietorship is a form of unregistered business entity that is controlled, managed and regulated by one person. Sole proprietorship is the most familiar type of business in Kerala and it is used by most micro and small businesses operating in the unorganized sectors.
Proprietorship are easy to start and have minimal regulatory compliance requirements for the operation. This form is ideal for entrepreneurs who are involving into business for the first time and for small business with few clients.
CORPROOTS CONSULTANTS will assist with any form of your company registration in Kanjikode by providing expert suggestions, concepts and expertise.