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Effective Steps Involved In Incorporating A Company In India
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For incorporating the companies in India including both public and private sector needs to strictly follow the rules and regulations of the Companies Act dated in 1956. India is still a under developing country who is in the race of providing the golden opportunities to expanding the business horizon that would lead to a better establishment of business world in near future. A minimum of two directors and shareholders each with paid up capital of Rs.1lakhs is required for private company incorporation whereas you need 7 shareholders and 3 directors with Rs.5 lakhs capital is required for the same in public sector. You can make a new start in establishing a company in India by incorporating the company at the first step which includes registration of your business in their respective territories and states under the supervision of ROC accordance to the Companies Act under section 609.
Further you need to take care of following initial steps in order to incorporate companies in India which includes:
• The foremost thing that you need to do is to select the list of several names for your company that will suit your company’s objectives and conditions and then need to be approved by ROC. However you should take care that the names suggested by you should not violate the law of emblem and names and should not resemble to any other Indian company’s entity.
• Candidate without DIN will not be able to appoint as a director, therefore you should apply for the DIN. DIN represents the unique identification for every director and will have lifetime validity. Then make sure that every documents is get signed digitally by the directors.
• Make sure that your chosen company name does not match with any other company name by applying the selected names to respective ROC; you need to apply the application in 1A form with certain fee amount. And after the approval of the name by ROC you will be informed through mail and the name remains valid for 60 days.
• Then you have to select the appropriate draft of your company from Memorandum & Articles of associations with the stipulated time period and pay online the applicable stamp duty. And make your documents get signed in front of eye witness by two or more subscribers. You need to get signature in presence of Indian Consulate if the documents are signed by the outside promoters.
• Then the documents are duly submitted online or may be uploaded via e- intermediaries on payment of fees completely authorized capital share. The ROC will scrutinize the prescribed documents on payment of fees and may go ask you for certain corrections in the prescribed documents. Make necessary corrections and resubmit the document.
• You will successfully able to issue an incorporation certificate on the completion of representations. Then the certificates are sent to the specified registered office mentioned in documents.
It however takes a time period of around 40 days to complete the registering an Indian company. There are few differences that need to be maintained while registering a public and private company, so you can better take the lawyers or professionals assistance to accomplish your task and remain updated with necessary changes in laws and regulations of incorporating business in India.
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