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How To Register A Company In India
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The company registration process has been simplified while the regulations governing the companies have been made more vigilant. The new act covers the broader aspects of company management and compliances.
Along with Private Company, Public Company, Government Company, Semi-government Company etc, the concept of One-Person Company has also been introduced under the new act. The laws governs the procedure for Business Registration while the ‘Ministry of Corporate Affairs’ facilitates the procedure for Registration of the Company.
The website of ‘Ministry of Corporate Affairs’ is the wholesome platform that provides all the services in respect of company incorporation. One has to be ready with the documents and with the help of the professionals; the registration of the company can be attained in few days. As per the recent amendments, more conceptualized forms like SPICe have been introduced to reduce the whole task of Company Registration.
It is always advisable to register your business as a company due to its wide recognition and other benefits such as limited liability, perpetual succession, separate identity, power to sue and be sued in its own name etc. The company, after registration, becomes a separate identity different from the persons owning and managing it.
If you are planning to register a private company, then you will reap the benefits of closed ownership and maximum control, but you will not be able to raise funds from public. This facility to invite investment into the company from general public is available with the Company registered as a public company. The whole procedure of the company establishment has recently been simplified through SPICe form, which stands for “Simplified Performa for Incorporation of Companies Electronically”. All the services related to DIN, PAN, Name Approval and Company Registration is now merged into a single form, thereby making Company Registration a hassle-free experience.
The more simplified has become the procedure for company registration, the greater is the scrutiny leaving no place for the non-compliances or misrepresentations. There has been no leniency levied on the part of proper documentation and valid certifications. On the whole, there is an increasing need for entrepreneurship in needed in the country like India where most of the population is job seeker. The trend has to be rotated towards increase in the number of job providers or self-employed. The Government initiative in simplifying the business registration process is also noteworthy.
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