Company registration in Kannur
Opting the correct and needed company structure for your business venture is as major element as any other business-related activity. The perfect business structure will pave your enterprise to operate efficiently and meet your required and needed business aims. Before we learn the ways to roll a company in Kannur, let’s try and understand the minimum registration requirements and different business structures in Kannur.
Minimum requirements for Company Registration in Kannur
- Minimum 2 share holders
- Minimum 2 Directors
- The directors and shareholders can be the same person
- Base Share Capital shall be Rs. 100,000 (One Lakh Indian Rupees Only)
Let’s try and understand the various types of business structures available and popular in Kannur.
Private Limited Company
A private limited company is an individual lawful business form which is different from the people who functions it. A private limited company has perpetual series and its own assets and liabilities, profits and losses. The liabilities are bounded to the company – in other words, the owners are guarded from financial liability should the company liable for all the liability. This is different from that of a sole proprietorship or partnership firm, where the assets and liabilities of the business belong to the individuals.
Steps involved in Private Limited Company Registration in Kannur
Stage 1:Company Name Reservation Application
Stage 2: DSC (Digital Signature) of two directors
Stage 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 needs 15 to 20 working days (approx.) to conclude Private Limited Company Registration process.
What we provide you for Private Limited Company Registration
- DSC (Digital Signature) of two Directors
- DIN (Directors Identification Number) of two direct Company Name Application
- Preparing of AOA (Articles of Association) & MOA (Memorandum of Association)
- Response 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
- Tax Consultation for Free
LLP is a 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 form an LLP is 2. There is no maximum limit on the number of partners of LLP.
Among the partners, there should be minimum 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 defined in LLP agreement.
Documents Needed
- Documents of Partners:
- 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
Steps for Process of Registration as LLP in Kannur, Kerala
- Obtain DSC
- DIN Application
- Name Approval
- Incorporation of LLP
- File LLP Agreement
Timeline
It needs 15 to 20 working days (approx.) to conclude LLP Company Registration process.
One Person Company
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 operations. The OPC as a business form is introduced to administer the proprietorship businesses and assist in an organized way. This is the structure which provides the benefits of corporate structure to those who want no partition to business ownership can go ahead with OPC company registration.
- Registration cost
The cost for shaping of One Person Company is much lower than the cost of formation of a Private Limited Company.
· Number of person required to incorporate
To integrate a One Person Company, two-person are needed: The Director and Nominee Director.
· Board of Directors
There is no idea 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 permitted to initiate 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 audited each year.
· Limitations
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.
Corproots Consultants will help your one person company registration by providing expert opinions and ideas and expertise.
Partnership Company
A partnership company is not a different entity distinct from its members. It is simply a collective name given to the individuals framing 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 type of unregistered business entity that is possessed, managed and regulated by one person. Sole proprietorship is the most common type of business in India and it is used by most micro and small businesses operating in the unorganized sectors.
Proprietorship are simple to initiate and have minimal regulatory compliance requirements for functioning. This form is perfect for entrepreneurs who are involving into business for the first time and for small businesses with few clients.
CORPROOTS CONSULTANTS will help with any form of your company registration in Kollam by giving expert opinions and ideas and expertise in Kannur.