Company Incorporation

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company incorporation

Company Incorporation Service refers to the process of legally establishing a new company or business entity. It involves registering the company with the appropriate government authorities, obtaining necessary licenses and permits, and fulfilling various legal and regulatory requirements. Company incorporation provides the legal framework for the operation and management of the business, enabling it to function as a separate legal entity. This service includes assistance with the preparation of documentation, filing of forms, compliance with statutory obligations, and obtaining necessary approvals to ensure a smooth and compliant incorporation process. For detailed guidelines, you can visit the Ministry of Corporate Affairs (MCA) official website.

There are three types of Company Incorporation services:

  • One person company
  • Private Limited Company
  • Public Limited Company

1. One Person Company (OPC)

In India, OPC is a type of company structure that allows a single individual to establish and operate a corporate entity. As per Indian law, an OPC can be formed by a sole proprietor who is an Indian citizen and resident. It provides the benefits of limited liability, separate legal entities, and perpetual succession. The OPC must have a nominee who will become the owner in case of the original owner’s death or incapacitation. OPCs are subject to compliance requirements like filing annual financial statements, conducting board meetings, and maintaining statutory records. It offers entrepreneurs an opportunity to start and manage their own companies with limited liability and fewer regulatory formalities.

How many directors and members are required in OPC:

As per Indian law, OPC requires a minimum of one director and one member. The director and member can be the same person, meaning a single individual can fulfill both roles in an OPC. This unique feature of an OPC allows a single individual to have full control and ownership over the company while enjoying the benefits of limited liability. However, it is important to note that an OPC can have a maximum of only one shareholder. But OPC can have more than one director.

Role of Nominee in OPC:

In OPC, a nominee plays a crucial role. The nominee is an individual appointed by the sole member of the OPC who would take over the management and ownership of the company in the event of the member’s death or incapacitation. The nominee is designated to ensure continuity and smooth transition of the company’s affairs in such circumstances. The nominee’s name and consent are required during the incorporation process of the OPC. It is important to choose a trusted and reliable nominee who understands their responsibilities and is willing to act in the best interest of the company. The nominee’s role ceases to exist if the member appoints another nominee or converts the OPC into a multi-member company.

Important Note: It is crucial to comply with all legal requirements and maintain accurate records for your One Person Company (OPC) to avoid penalties or legal consequences.

2. Private Limited Company

A private limited company is a type of business entity that offers limited liability protection to its shareholders and restricts the transferability of its shares. It is governed by the Companies Act, 2013 in India. In a private limited company, the liability of its shareholders is limited to the amount of their share capital, and their personal assets are protected. The company is required to have a minimum of two shareholders and two directors, with the shareholders being individuals or corporate entities. This structure provides flexibility in ownership and decision-making while maintaining the advantages of limited liability, making it a popular choice for small to medium-sized businesses in India.

How many directors and members are required in Private Limited Company:

According to the Indian Companies Act, a private limited company must have a minimum of two members and can have a maximum of 200 members. The requirement for directors is a minimum of two directors, and at least one of them must be a resident of India. It’s important to note that a member and a director can be the same person, meaning that a private limited company can be formed with just two individuals who act as both members and directors. However, as the company grows, it has the flexibility to add more members and directors to its structure to accommodate business needs and strategic decisions.

Note: Ensure compliance with Indian Government regulations while enjoying the benefits of limited liability and operational flexibility with a Private Limited Company structure.

3. Public Limited Company

A public limited company is a type of business organization that is publicly traded and offers its shares to the general public through a stock exchange. It is regulated by the Companies Act, 2013 in India. Unlike a private limited company, a public limited company has no restrictions on the transferability of its shares. It can have a large number of shareholders, and the shares can be freely bought and sold by the public. A public limited company is required to have a minimum of seven shareholders and three directors. It has more stringent compliance requirements compared to a private limited company, including the need to publish audited financial statements and hold regular shareholder meetings. The public limited company structure allows for greater access to capital through public fundraising and provides transparency and credibility to the shareholders and stakeholders.

How many directors and members are required in Public Limited Company:

According to the Companies Act, 2013 in India, a public limited company must have a minimum of seven members and a minimum of three directors. However, there is no upper limit on the number of members or directors. The members can be individuals or other legal entities, such as companies or trusts. Out of the three directors, at least one director must be an Indian resident. It is important to note that the number of members and directors can exceed the minimum requirement based on the specific needs and structure of the company. Additional members and directors can be added as per the provisions of the Companies Act and the company’s Articles of Association.

There are two types of Public Limited Companies based on their formation and ownership:

1. Unlisted Public Limited company:

An Unlisted Public Limited Company is one whose shares are not listed on any stock exchange. These companies can still offer their shares to the public, but they are not subject to the same level of regulatory requirements as listed companies. Unlisted Public Limited Companies are governed by the Companies Act, 2013, and other applicable laws and regulations. They are required to comply with statutory filing and reporting obligations, but the regulatory scrutiny is relatively lower compared to listed companies.

2. Listed Public Limited Company:

A Listed Public Limited Company is one whose shares are listed and traded on a recognized stock exchange. It is subject to stringent regulations and disclosure requirements imposed by securities market regulators. These companies offer their shares to the public through an initial public offering (IPO) and are required to comply with various listing norms and ongoing reporting obligations.

Both types of Public Limited Companies offer the advantage of limited liability to their shareholders, allowing them to separate their personal assets from the company’s liabilities. The choice between a listed and unlisted public company depends on factors such as the company’s growth plans, funding requirements, compliance obligations, and access to the capital market.

Note: Compliance with statutory requirements and corporate governance norms is crucial for Public Limited Companies to avoid legal penalties and ensure regulatory adherence.

required documents & information:

The following are the documents and information required to register a One Person Company, Private Limited company, and Public Limited Company in India:

  • Directors/Shareholders’ Documents:
  • PAN Card of all person
  • Identity & Permanent Address proof – Aadhar Card/Driving License/Passport/Voter ID of all person
  • Residential Address Proof – Bank Statement, Utility Bill like electricity bill, water bill, telephone bill (not older than 2 months)
  • Passport-sized photographs of all person
  • Registered Office Documents:
  • Proof of registered office address (rent agreement, electricity bill, etc.)
  • No-objection certificate from the owner of the registered office premises
  • Utility bills like electricity bills, water bills, or telephone bills (not older than two months).
  • Directors/Shareholders’ Declaration and Information:
  • Proof of Qualifications and Occupation
  • Duration of Stay at a present residential address
  • Personal Mobile Number and Email ID
  • Digital Signature Certificate
  • Share Capital Information:
  • Details of authorized share capital and paid-up capital of the company
    Shareholding pattern and distribution of shares among shareholders
  • Memorandum of Association (MOA) and Articles of Association (AOA):
  • MOA, which defines the company’s objectives, scope of business, and relationship with shareholders and stakeholders
  • AOA, which outlines the company’s internal rules, regulations, and governance structure
  • Nominee's Documents (In the case of OPC only):
  • Identity proof (PAN card, Aadhaar card, passport, etc.)
  • Address proof (utility bills, bank statements, etc.)
  • Passport-sized photograph
  • Documents for Foreign Nationals/NRIs, if he/she want to become Director/Shareholder in Indian Company:
  • Identity Proof – Copy of Passport
  • Address Proof – Driving License, Residence Card, or any government-issued identity proof
  • Passport Size Photograph
  • All documents should be apostilled or notarized
  • If the documents are in another language than English, a notarized or apostilled translation copy is also needed to attach

It's important to note that the specific requirements may vary depending on the state and nature of the business. It is advisable to consult with a professional or corporate service provider for accurate and up-to-date information regarding the registration process.

Streamline Your Company Incorporation Journey with Vizttax:

Vizttax can provide comprehensive assistance in Company Incorporation services by offering expertise in legal, regulatory, and compliance matters. We ensure a seamless process from start to finish, helping clients navigate through documentation, registration, and filing requirements. Our team of professionals guides clients through the entire incorporation process, including drafting necessary documents, obtaining necessary approvals, and complying with statutory obligations. We provide personalized support, ensuring that the incorporation is carried out in accordance with Indian laws and regulations. With Vizttax’s expertise and experience, clients can rely on us for a smooth and efficient company incorporation process.

These are just a few of the ways Vizttax can assist you in establishing and managing your Company, ensuring compliance, transparency, and successful operations.

  • Expert Guidance: Vizttax offers expert guidance throughout the company incorporation process. Our experienced professionals are well-versed in Indian laws and regulations, ensuring compliance and adherence to legal requirements.
  • Documentation Assistance: We assist you in preparing and organizing the necessary documentation for company incorporation, including drafting of the Memorandum of Association (MOA), Articles of Association (AOA), and other required forms and declarations.
  • Regulatory Compliance: Our team ensures that all regulatory requirements are met, such as obtaining the Director Identification Number (DIN), Digital Signature Certificate (DSC), and Permanent Account Number (PAN) for directors and shareholders.
  • Efficient Process: Vizttax streamlines the entire company incorporation process, minimizing delays and ensuring timely completion. We handle the paperwork, filings, and coordination with government authorities on your behalf, saving you time and effort.
  • Post-Incorporation Support: Our services extend beyond company incorporation. We offer ongoing support and guidance, including compliance with annual filing requirements, maintaining statutory registers, and advising on corporate governance matters.
  • Customized Solutions: We understand that each business is unique. Vizttax provides customized solutions tailored to your specific requirements, whether it's the choice of company structure, shareholding patterns, or other aspects of company incorporation.
  • Transparent Communication: We believe in transparent and open communication with our clients. We keep you informed at every step of the process, addressing your queries and providing regular updates on the status of your company incorporation.
  • Peace of Mind: With Vizttax handling your company incorporation, you can have peace of mind knowing that the process is being executed professionally and efficiently, allowing you to focus on your core business activities.
  • Cost-Effective Services: We offer cost-effective solutions for company incorporation, providing value for your investment. Our transparent pricing ensures that you receive quality services without any hidden costs.
  • Client Satisfaction: At Vizttax, client satisfaction is our top priority. We strive to deliver exceptional service, meeting and exceeding your expectations throughout the company incorporation journey.

Remember, each business's requirements may vary, and Vizttax can tailor its services to suit your specific needs. Contact us today to explore how we can assist you with your company incorporation needs.

Frequently Asked Questions:

Vizttax offers comprehensive services for Company Incorporation, including guidance in name reservation, drafting legal documents, obtaining registrations and certifications, and ensuring compliance with relevant laws and regulations.

We provide expert support for establishing Private Limited Companies, including compliance with the Companies Act, drafting necessary documents, obtaining Director Identification Number (DIN) and Digital Signature Certificate (DSC), and ongoing compliance assistance.

We assist with regulatory compliance for Public Limited Companies, including prospectus preparation, shareholder meetings, compliance with stock exchange listing requirements, and ongoing legal and regulatory support.

Yes, Vizttax offers ongoing support for fulfilling statutory compliance obligations, such as maintaining records, filing annual returns, conducting board meetings, and ensuring compliance with public disclosure requirements.

Yes, Public Limited Companies must adhere to strict regulatory requirements, including transparency in financial reporting, adherence to listing rules, and compliance with public disclosure norms.

Yes, Vizttax stays updated with the latest Indian Government regulations and ensures full compliance with all applicable laws and requirements for Company Incorporation, Private Limited Company, and Public Limited Company services.

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