The number of minimum shareholders is 7.
The minimum number of directors is 3. Also, Directors and shareholders can be the same person.
At least one Director who shall be resident in India
No Minimum capital required.
When you are selling shares to the public it means that anyone can invest in your company, so its greater source for value of funds.
As more attention is given to the public limited company as it is listed on an exchange which ensures mutual funds and other traders take note of your business. So it’s a great way to make your business a prominent name.
There is a perfect opportunity for the growth and expansion of the business.
For a public limited company regulations are more stringent. Your company must have all the professionals.
Public limited company is held accountable and more thoroughly scrutinized by auditors.
It’s much harder to control who is a shareholder of your company, so there’s a possibility of losing control of the direction of your business.
For all the proposed Directors of the Company DSC and Director Identification Number (DIN) must be obtained.
Name approval has to be obtained from the Registrar of Companies [“RoC”] through submission of an application in Form No. – INC 1 and the applicant can give maximum six names in order of preference. The approved name by the authority is valid for sixty days. The Promoter /Subscriber to the MOA and AOA shall be the applicant for the availability of name application. The approved name by the authority is valid for 3 months. Name approval generally takes 1-2 business days.
After having name approval, the draft Constitutional Documents of proposed Company i.e. Memorandum of Association and Articles of Association of the company is to be drafted and then it is filed with the Registrar of Company along with the forms and other necessary documents stated below.
MOA & AOA shall be signed by each subscriber to the memorandum of the company who shall provide details of his name, address, description and occupation, if any, in the presence of at least one witness who shall attest the signature and shall likewise sign and add his name, address, details of occupation etc. The witness shall be a practicing professional i.e. practicing CS, Practicing Cost & Management Accountant, or practicing CA. MOA & AOA shall be signed by each subscriber to the memorandum of the company who shall provide details of his name, address, description and occupation, if any, in the presence of at least one witness who shall attest the signature and shall likewise sign and add his name, address, details of occupation etc. The witness shall be a practicing professional i.e. practicing CS, Practicing Cost & Management Accountant, or practicing CA.
Next step is to file forms available on the MCA Portal with the Registrar of Companies.
After all the clarifications, the Registrar of Companies will issue a certificate of Incorporation with the unique Company identification Number.
After incorporation, a bank account in the name of incorporated company shall be opened and the subscribers of Memorandum and AOA of company shall deposit subscription money in that bank account.
Every shop and the commercial establishment are required to obtain establishment registration with the Labour Department within 30 days of starting their business. It is mandatory for all states in India.
No one should be adversely affected by health hazard and nuisance by the improper carrying of trade a License is necessary from the municipality within 30 days of starting the business.
Specific legislation have been passed by majority state governments to impose a tax on profession, employment of calling of any nature, however, and the fees for it is Rs. 2500 per annum.
GST Registration is mandatory for each business engaged in providing services or supply of products, where the turnover exceeds Rs. 20 Lac or does even one transaction in an interstate trade.
During a business of producing, trading, storing or dealing in any manner of food items, then the state level FSSAI registration or Central License is mandatory based on the turnover.
This location-based Drug License is granted by the State Government based on fulfilling certain norms and criteria. No entity can start or continue sale/trade of medicine without drug license.
Private Security Agency may be a lucrative business with immense potential; however, it can be started or continued only after obtaining a license from the competent authority as designated by the state government.
IEC is a ten-digit pan based registration with the DGFT. IEC is a mandatory prerequisite to start a business of Import or Export in India. Only one IEC code can be issued against a pan.
Disclaimer : 1) In case of Rs.10 lakh authorised capital, stamp duty of Rs.5120 (on actuals) will be chargeable extra for the state of Gujarat. Rs.5510 will be the additional stamp duty charges for state of Rajasthan. 2) In case of incorporation in Madhya Pradesh, an additional stamp duty of Rs.7550 will be applicable. In case of incorporation in Punjab, an additional stamp duty of Rs.15025 will be applicable. In case of Kerala, an additional stamp duty of Rs.3025 will be applicable. 3) Package 4 is applicable upto 2000 entries 4) Statutory Auditor fee is payable on actual directly to the Independent Auditor appointed by the Board of Directors. Onfiling will only be responsible for accounting, preparation of financial statements and filing of returns on behalf of the Company.
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