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Nowadays, forming a company in India require lots of preplanning. Every person who wants to setup a business in India requires obeying few specific steps. The methods for the formation of a company set up in India are given below in brief:
Selection of the category of the company-
The investors and promoter or the sponsor of the company requires to determine the type of the company to be formed before the setup i.e. like private or public company, profit making or non-profit making company etc. depending upon the various operations, the size of the operation, activity of the company, capital required, method and amount of financial expense etc.
Presenting a proposal in a form of application for DIN and digital signatures-
The prearranged directors of the company are first and foremost needed to get a DIN that is the director identification number. Getting an allotted a din no. is mandatory for any company setup. Also at least one of the directors of the company must get a digital electronic signature from the approved authority in power. Every document, small or big, of the company would be filled only after it gets digitally signed by the director, secretary, manager of that company.
Proposing an appropriate name for the company-
Minimum of six proposed names for the company is selected by the promoters after observing all the varied positions, principles of ministry of corporate affairs (MCA) and circulars. After this when the delivery of the completed application in e-Form 1A by the promoters is received, the elected registrar of the companies agrees with the adoption of the suggested names given by the promoters. This process stays in action limited to a period of six months. Failure of proposing a suitable name and submitting all the paperwork needed from the side of promoter within six months may cause refilling of an additional application along with proposed names and repayment of the mandatory fees.
Drafting of note and articles of an organization-
Composing an article of the organization and a memo is the next action successive to obtain authorization of the name of the company from the registrar. These are extremely significant document as they contain valued and ideal policies of the company and the final goal. The primary object must always complement the e-Form objects These M.O.A and A.O.A really carefully with expert attention and concern after having a complete and union counsel of the prescribed experts
E-filing of plentiful credentials, embossed and digitally signed with the Registrar –
The final copy of the MOA and AOA, are filled with the required documents with the fees and is given to the registrar for the digital signing of the registrar. As a rule, the form 1, form 32, form 18, Power of Attorney etc. are filed mutually with the MOA & AOA.
Payment or fee required for ROC-
The final deed prior to get the certificate of integration is the payment or the mandatory fees of registrar of companies. The fee of ROC depends upon the permitted capital of the company for limited liability companies.
Obtaining credential of Formation-
Once the severe observation of the necessary papers specified in section 33(1) and 33(2) in the side of company, the elected registrar registers the MOA and AOA and provides the credential of incorporation within the time duration of seven days of receipt of the documents, as per section 34(1).
Subsequent to the obtaining of the incorporation certificate, the procedure of the formation for the private limited company is completed. But for limited company there are two more additional steps which are given below.
The first supplementary step is to generate a file prospectus for the function of getting credential of commencement of business. The ROC gives a certificate if commencement after checking all the documents given by the company. After obtaining the certificate of commencement of business, the process for the formation of a company is wrapped up for limited company.
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