Company registration in Kollam
Choosing the right and well needed company structure for your business is as major element as any other business-related activity. The fair business structure will pave your enterprise to function efficiently and meet your required and needed business objectives. Before we learn the ways to register a company in Kollam, let’s try and understand the minimum registration requirements and various business structures in Kollam.
Minimum requirements for Company Registration in Kollam
- 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 different types of business structures available and popular in Kollam.
Private Limited Company
A private limited company is an individual lawful entity which is different from the people who functions it. A private limited company has permanent series and its own assets and liabilities, profits and losses. The liabilities are limited to the company – in other words, the owners are protected 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 Kollam
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 to 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
Limited Liability Company (LLP)
LLP is a new corporate structure that combines the flexibility of a partnership firm and the advantages of limited liability of a company with fewer compliance. The minimum limit of partners needed 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 nominated 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 Kollam, 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 entity 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 formation 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 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 permitted to initiate a One Person Company.
· Compliance requirements
One Person Company is required 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 legal entity distinct from its members. It is simply a collective name given to the individuals framing it. Hence, unlike a company which has a different 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 start and have minimal regulatory compliance requirements for operating. 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.