Why is it essential to register your Company, especially if it is a start-up? 

Any organization that is lawfully registered has a legal acknowledgement within a certain jurisdiction and presents a lower tax burden and restricted liabilities on the owners. Registering start-ups at the earliest is advisable as this also helps earn a brand name, develop a market for the products or services, and helping to broaden the business. It gets simpler to obtain loans and open a current account if the business is registered. Once registered, the passing of ownership shares, fundraising, etc., becomes less complicated. 

Knowing the different types of company registrations:

While there are three types of companies, viz. Sole Proprietorship, Limited Liability Company (LLC), and Corporations, there are a few more types how these companies can be registered:

• Private Limited Company
• Public Limited Company
• Partnerships
• Limited Liability Partnership
• One Person Company
• Sole Proprietorship
• Section 8 Company

Best fit company registration as per your business need:

It is important to choose the right type of registration for your business. It depends on various factors like the type of business, the number of owners, how the liability and taxation pan out, and more.

Essential conditions to register a company

Each type of company registration calls for specific conditions and documents. But there are a few common requirements that apply to all types of registrations:

• Required number of Shareholders of the Company
• Required number of Directors or Composition of Board of Directors
• An Indian Resident Director
• Proper and eligible Name according to Guidelines
• Registered Office Address & NOC from Owner
• Required Capital (Authorized Capital Vs Paid-up Capital)
• Documentation for company registration.

What are the compliances needed for the registration of a company?

A company incorporated in India must follow compliances mandated by the Companies Act 2013. The Companies Act, 2013 regulates the appointment, qualification, remuneration, and retirement of directors of the Company and gives guidelines on how to conduct Board Meetings, Shareholders Meetings, and so on.

Mandatory documents checklist for company registration

Documents needed by individuals:

If the Directors and shareholders are Indian Nationals, the following documents need to be kept ready:

Clear and self-attested scanned copies of:

• PAN Card
• Identification proof issued by the Government of India – Aadhaar, Voters' ID or passport, or driver's license
• Six months Bank statements with current address
• Any utility bills like mobile or gas, or electricity with the current address
• Latest Passport size photograph
• Director's Specimen signature on a blank white paper

If directors and shareholders are NRIs, the documents should be notarized if the NRI is currently in India or a Commonwealth country. If they are in a non-Commonwealth country, all documents should be notarized, apostilled, or attested by an Indian embassy.

Documents needed for the office premises:

Clear and scanned copies of:

• Notarized rental agreement in English 
• Latest water bill or electricity bill
• Receipt of the latest rent paid
• Sale deed or property deed in case of owned property 
• If rented premises from the property owner not object to the use of the property as a registered office by the Company

How can a consultant help make the right decision while registering a company?

To register any company, you may be wondering whether you can DIY or will you need a professional service firm. The answer is a resounding YES in favour of a consultant. Firms like Legalo help individuals and firms, including early-stage start-ups, register smoothly and assist them in managing tax and regulatory compliances. The services begin right from analysing the requirements to register the Company, bank account opening, getting the compliances right and all legalities involved in getting the Company functional at the earliest.

For professional legal services and checking status of your business, visit us here - company registration check.

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