Company registration in Kottayam
Important element of starting a business venture lies mainly on opting the correct and relevant business structure. The ultimate business structure will show your enterprise to run efficiently and eventually will meet your required and needed business targets. Before we understand the ways to start a company let’s try and understand the minimum registration requirements and different business forms in Kottayam, Kerala.
Minimum requirements for Company Registration in Kottayam
- 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 know the various types of business forms available in Kottayam.
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, surplus and losses. The liabilities are bounded to the company – in other words, the owners are protected from financial liability. This is clearly different from that of a sole proprietorship or partnership firm, where the assets and liabilities of the business belong to the individuals.
Phases involved in Private Limited Company Registration in Kottayam
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 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)
- 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
- Tax Consultation for Free
Limited Liability Company (LLP)
LLP is a latest corporate form that combines the flexibility of a partnership firm and the advantages of limited liability of a company with lesser compliance. The minimum limit of partners required to form an LLP is 2. There is no upper limit on the number of partners of LLP.
Among the partners, there should 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 defined 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
Steps for Process of Registration as LLP in Kottayam, 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.
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 proposed to administer the proprietorship business and assist in an organized way. This is the form which provides the advantages 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 of One Person Company is much lower 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 permitted to establish a One Person Company.
· Compliance requirements
One Person Company is needed to arrange 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 scrutinized each year.
· Restrictions
A One Person Company must be transformed 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 seperate entity distinct from its members. It is simply 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 type 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 functioning 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 business with few clients.
CORPROOTS CONSULTANTS will help with any form of your company registration in Kottayam by providing expert opinions, ideas and expertise.