private limited company registration in chennai India
Private Limited Company Registration in Chennai
Introduction:
Private Limited Company is the most preferred form of business organization in India. It provides a separate legal entity, limited liability protection to its shareholders, and ease of doing business. Chennai, the capital city of Tamil Nadu, is a major hub for commerce and industry. If you are looking to set up a business in Chennai, registering it as a Private Limited Company can be a wise decision. In this article, we will discuss the process and benefits of Private Limited Company registration in Chennai.
Process of Private Limited Company Registration in Chennai:
The process of registering a Private Limited Company in Chennai is straightforward. It involves the following steps:
1. Obtain Digital Signature Certificate (DSC):
DSC is an electronic form of signature that is required for online filing of documents with various authorities. To obtain a DSC, you need to submit the application with the required documents and fee to the Certifying Authority.
2. Obtain Director Identification Number (DIN):
DIN is a unique identification number allotted to an individual who intends to be a director of a company. To obtain DIN, you need to file Form DIR-3 with the Ministry of Corporate Affairs (MCA) along with the necessary documents and fee.
3. Name Approval:
The next step is to select a suitable name for your Private Limited Company and apply for its approval. The name should not be similar to the existing companies and should comply with the naming guidelines prescribed by the MCA. Once the name is approved, it will be reserved for 20 days.
4. Prepare and File Documents:
After obtaining DSC, DIN, and name approval, you need to prepare the necessary documents, including Memorandum of Association (MOA) and Articles of Association (AOA). These documents contain the rules and regulations governing the company. Thereafter, you need to file eForms with the Registrar of Companies (ROC) along with the requisite fee.
5. Payment of Registration Fees:
Once the documents are filed, you need to pay the registration fees to the ROC. The fees are based on the authorized capital of the company.
6. Certificate of Incorporation:
Upon successful verification of the documents and payment of fees, the ROC will issue the Certificate of Incorporation. This certificate is a conclusive proof of the existence of the company.
Benefits of Private Limited Company Registration in Chennai:
Registering your business as a Private Limited Company in Chennai offers numerous advantages, some of which are discussed below:
1. Limited Liability Protection:
One of the primary benefits of a Private Limited Company is limited liability protection. The liability of the shareholders is limited to the extent of their shareholding in the company. Personal assets of the shareholders are not at risk in case of any liabilities or debts of the company.
2. Separate Legal Entity:
A Private Limited Company is a separate legal entity, distinct from its shareholders. It can sue or be sued in its own name. This provides the advantage of continuity of the business even if the shareholders or directors change.
3. Easy Transferability of Shares:
Shares of a Private Limited Company are easily transferable, subject to the restrictions mentioned in the AOA. This facilitates raising funds for the company, as investors are more willing to invest in companies with transferable shares.
4. Tax Benefits:
Private Limited Companies enjoy various tax benefits offered by the government. They are eligible for lower tax rates, deductions, and exemptions. This can help in minimizing the tax liability of the company.
5. Credibility and Trust:
Private Limited Companies are considered more credible and trustworthy by customers, suppliers, and financial institutions. Having “Pvt. Ltd.” in the company’s name adds a sense of professionalism and stability to the business.
Conclusion:
Private Limited Company registration in Chennai provides several advantages such as limited liability protection, separate legal entity, easy transferability of shares, tax benefits, and enhanced credibility. The process of registration is simple and can be completed in a reasonable time frame. If you are planning to start a business in Chennai, opting for a Private Limited Company structure can be a smart choice.,
private limited company registration in chennai India
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private limited company registration in chennai India
This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions.
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