The company formation is very important which raises fund and credibility among the public. How to do Company formation in T.Nagar Chennai? is the most asked questions nowadays. It suggests the most suitable company to conduct business in India with a long-term goal is to set up a private limited company by investing through equity shares in the company. The fundamental elements required for a private limited company in India is as follows: –
Minimum two directors (one must live in India)
Minimum two shareholders
Under the current rules, company formation in T.Nagar – Chennai is easy and hassle free. The steps to include the company in India are as follows:
1. Get the Digital Signature (DSC) and Director Identification Number (DIN) for the company’s proposed promoter director
2. Name Approval:
An application for SPICE + (PART A) has the filing with the Registrar of Companies (ROC) in the State, which has the registered office of the proposed company. The following details need to be mentioned in the application: –
1. Company formation in Chennai states that two alternative names for the proposed company. The names of the proposed company should not be the same as the name of any other company already registered in India.
The name can have the derivation from the names of the objects or promoters of the proposed company, but it certainly refers to the main object of the company. Foreign nationals may bear the same name as its parent company subject to the terms and conditions imposed by the ROC.
2. The main objects of the proposed organization.
Company formation in Chennai states that after submitting the application, the ROC will review it and send approval / objections to the applicant within 48 hours. Upon fulfillment of the objections raised by the ROC, an official letter of name approval will have the issuance. The name application has reservation for 20 days from the date of ROC approval.
3. Draft of Incorporation Documents
Upon receipt of the letter of approval of name from the ROC, the merger documents such as Memorandum of Association (MOA) & Articles of Association (AOA), Form INC 9 and various declarations have requirement to have the draft. Charter documents of MOA and AOA organization. Therefore, these documents should have preparation with due care and by professionals with in-depth knowledge of the business. Company formation in Chennai states that the MOA specifies the principal and incidental or ancillary items of the proposed organization. It also states the authorized share capital of the company and names of its promoters. The AOA contains the rules and policies relating to the general conduct of the proposed organization. It also mentions the names of the first / permanent directors of the proposed company.Contact Us
Documents required to include the organization
The following documents must have execution before they can have submission to the ROC.
MOA and AOA – affix their digital signature , their full name, father’s name, residential address, occupation, number of shares owned, etc.
Other incorporation documents such as Form INC 8, Form INC 9, various declarations and consent to serve as Director, Power of Attorney etc.
Company formation in Chennai states that Execution of these documents before filing for registration.
The above documents, after having the draft, they have signature of the promoter, directors and consultant of the company. If the documents have signature outside India, these documents should have notarization and legalization. These documents are then have the submission to the ROC via e-Form SPICE + for inclusion in the organization.
Issuance of Certificate of Certificate by ROC
Company formation in Chennai states that upon satisfaction with the documents filed by the Registrar of Companies and its contents, the Merger Certificate will be issued. Certificate proof of inclusion of the company in India under the Certificate Companies Act, 2013 issued by ROC.
Company registration effect
According to Section 9 of the Companies Act, 2013, the effects of company registration are:
From the date specified in the Certificate of Incorporation, the Company Body becomes Corporate.
Company formation in Chennai states that a registered company may exercise all the functions of a company embodied under the Act. Also, the company has a permanent inheritance to acquire, keep and dispose of all types of assets. Also, it can have short, sued on the said name.
In addition, the company becomes a legal entity separate from the merger from the date of the merger. Also, an agreement has the reach between the Company and its members as specified in the Memorandum and Articles of Association. Until the company has dissolution or the registrar removes it from the register, it will have a permanent existence.
Benefits of company formation in Chennai
Limited liability protection
Company formation in Chennai states that one of the biggest advantages of a registered business is that it provides limited liability protection to its members. Therefore, the promoters of the business are not personally responsible for the responsibilities of the business. Doing business always carries the risk of incurring risks. And also there is limited liability protection, ensuring that the entrepreneur can take the risk without fear of losing everything.
Company formation in Chennai states that the transfer of ownership of the business is a major obstacle in unregistered business entities. It is not possible to transfer owners because it is an extension of ownership. And it is also difficult to define assets belonging to an unregistered partnership. On the other hand, a registered business entity, such as a company; or LLP, have treatment as a separate legal entity with assets and liabilities different from its promoters. Therefore, it is easy to transfer or share ownership of a registered business.
Opening a bank account
Company formation in Chennai states that the process of opening a bank account for a proprietary; or joint venture is a cumbersome process because there is no legal proof of the existence of the business entity. Therefore, in the case of an owned company or an unregistered partnership, the business must establish a presence.
On the other hand, for an organization or LLP, the Ministry of Corporate Affairs establishes the existence of the business. Therefore, opening a bank account is not as easy as submitting a certificate of association and a copy of the association’s memorandum.