After a fabulous response to my previous article ” are you starting your business and worried about what kind of entity to start with??”, here I am posting my new article, which briefs you about “what you need to know to start your business as a private limited company”
The first thing you need to do is, think of a suitable business name which suits your business or any name you are dreamt upon.
Once you are done with the name selection, a search for the desired name to be done in ROC site, and check its availability.
Once you find that the desired name is available, you can start the registration process for registering the company.
The key requirements for registering a private limited are as follows:
- There must be minimum two share holders ( who put money into your business as a capital ) and two directors ( who run your business ). Interestingly , the two share holders can be directors as well.
- The proposed directors need to have DIN ( director identification number ).
- Atleast one proposed director should have DSC ( digital signature certificate ).
- The minimum amount require to start a private limited company is Rs.1,00,000.00 and you can use the amount for running your business.
Additional registration needed for running the business ( in common ) are as follows:
- Permanent Account Number (PAN)
- Professional Tax registeration
- under shops and establishment act
- under Vat / service act ( as applicable)
- Tax Deduction Account Number ( TAN)
It is always advised to approach a chartered accountant or a Cs to help in registering your company with in a short duration by following all the statutory compliance.
