Fri. Sep 30th, 2022

Business Registration in India

Millions of people call the city home, and it is one of India’s busiest cities, which looks to empower enterprises in terms of Business Registration in India. It is also India’s second-most populous city, after only Delhi, and is home to thousands of enterprises of all types. It is also India’s financial, entertainment, and commercial capital, as well as one of the world’s most significant financial centers. From the RBI’s headquarters to the SEBI, everything is in Mumbai; business registration in India thus forms a very basic pillar for every online or offline registration procedure.

Online Company Registration in Mumbai

A corporation, whether private or public, is a dependable and trustworthy corporate structure in the country. The company formation procedure follows the requirements of the Companies Act, 2013, and provides entrepreneurs with restricted liability.

The Maharashtra Registrar of Companies has offices in both Mumbai and Pune. Here’s a basic rundown of the areas within their purview. RoC Pune is in charge of the business incorporation process in several districts. 

Meanwhile, the RoC in Mumbai controls and oversees company formation in all other districts. The RoC, the Ministry of Corporate Affairs, and the Central Registration Center control and process the procedure.

Nevertheless, much emphasis should always be given to online company registration in Mumbai; as online has become the “Trend” nowadays.

Let’s study the basic registration process first.

Eligibility Criteria

Here’s a short rundown of the requirements that firms must complete in order to register as a company in Mumbai.

  1. All private limited businesses must have at least two shareholders, the first of which must execute the Articles and Memorandum of Association in order for the company to be registered. A private limited business must also have at least two directors. Furthermore, only persons can be named directors of a business, and at least one director must be an Indian resident.

  2. All online filings made through the MCA’s portal must be authorized and signed using a Digital Signature Certificate.

  3. The directors must come up with a proper business name before registering the firm. The selected name must adhere to the business naming standards outlined in the Companies Act of 2013.

  4. In Mumbai, there is no minimum paid-up share capital required for forming a private limited company. Your processing or registration charge, on the other hand, will be determined by the amount of money you raise.

  5. If you want to finish the business incorporation procedure in India, you will need to create a registered office address for your firm. Entrepreneurs must use this address for any formal correspondence.

What Is the Procedure for Creating a Company in Mumbai?

First and foremost, entrepreneurs should consult with a legal professional to determine the best business structure for them.

Furthermore, based on the business structure selected, the owners should select a suitable company name and confirm its availability.

Once the firm name has been authorized, the team should begin obtaining all of the necessary papers.

The entrepreneurs should next seek the assistance of a lawyer and file for incorporation with the RoC through the SPICe incorporation process.

Companies with an approved share capital of less than INR 15 lakhs are exempt from paying registration costs. They will, however, be obliged to pay the requisite stamp duty as well as the processing cost for their submissions.

The procedure of Online Company Registration in Mumbai

The Ministry of Corporate Affairs (MCA) supervises the online company registration in Mumbai and throughout India, whilst the Registrar of Companies (ROC) Mumbai is the regional body in charge of enforcing the Companies Registration Act.

  1. The company’s reserve name

Choosing the perfect name for your company may make or ruin its future. As a result, reserving a name must be a top priority before starting with the Business Registration in India.

  1. Application for a digital signature certificate (DSC).

Using a digital signature certificate to authenticate a document is the most trustworthy method of authorizing and confirming the documents. When compared to a hand signature, the odds of tampering with a DSC are small, making it more trustworthy.

  1. Application for a Director Identification Number (DIN).

The Companies Act of 2013 requires any individual who wishes to become a director of a business to get a director identification number (DIN). DIN is a unique identification number connected with a current or potential director of a company that has been incorporated.

  1. Memorandum of Understanding/AOA papers

The articles of association and memorandum of the association serve as the foundation for the company’s operation. It establishes the incorporated entity’s rules and regulations, aims, vision, and mission. The paper specifies how work must be completed inside the firm. The paper serves as the company’s “charter.”

  1. TAN/PAN

A permanent account number (PAN) and a tax deduction and collection account number (TAN) are required for business formation in Mumbai.

  • Obtain your Certificate of Incorporation

After all of the documentation has been created and presented to the authorities within the time frame specified. The firm formation certificate will be issued after a thorough review of the paperwork.

  1. Current bank account in the name of the organization

You are now ready to open a current account with a bank in the name of your registered company. Because it is necessary to submit the incorporation certificate, MOA, and AOA to the bank in order to create a current account, it is the final step in the business registration procedure.

Benefits of Online Company Registration in Mumbai

  1. Improved reputation, dependability, and acceptability
  2. Better finance and the possibility to reach a larger number of clients
  3. Increasing the ease with which superior staff may be attracted
  4. Better security as a result of limited responsibility
  5. Owners’ personal assets are safeguarded.

Bottom Line

We hope that through this article, the concept of online company registration in India has become clear and absolute. Nevertheless, we at LegalPillers do things certainly different from others as through our inventive and seamless procedures, we have made registration processes easy for our present and future clients. One such example is startup company registration in Hyderabad. For more details pertaining to startup company registration in Hyderabad and other states, have a look at LegalPillers official website, https://www.legalpillers.com/ 

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