Private Limited Company-Madhya Pradesh (Upto 1 Lac Capital)(Excluding Goverment fees)

Description

Private Limited Company-Madhya Pradesh

Understanding the Basics

A Private Limited Company (PLC) is a popular business structure in India, including Madhya Pradesh. It offers limited liability protection, meaning shareholders’ personal assets are shielded from the company’s debts. Here’s a step-by-step guide to forming a PLC in Madhya Pradesh:  

Step 1: Digital Signature Certificate (DSC)

• Obtain a DSC: This is a mandatory requirement for all directors and shareholders. It’s a digital equivalent of a physical signature and is used to electronically sign documents.  

Step 2: Director Identification Number (DIN)

• Apply for DIN: Each director needs a unique DIN. This involves filling out an application form and submitting necessary documents like PAN card, address proof, and passport-sized photographs.  

Step 3: Name Approval

• Choose a Unique Name: Select a name that’s not already in use.
• File Name Application: Submit an application to the Registrar of Companies (RoC) for name approval.  
• Name Availability Check: The RoC will verify the name’s availability and provide approval.

Step 4: Drafting Memorandum of Association (MoA) and Articles of Association (AoA)

• MoA: This document outlines the company’s objectives, registered office address, and share capital.  
• AoA: This document details the internal rules and regulations governing the company’s operations, like the powers and duties of directors, shareholders’ rights, and meeting procedures.  

Step 5: Incorporation Process

• SPICe+ Form: File the SPICe+ form, a consolidated form for company incorporation, along with the MoA, AoA, and other required documents.  
• Payment of Fees: Pay the necessary fees to the RoC.
• Certificate of Incorporation: Upon approval, the RoC will issue a Certificate of Incorporation, marking the official birth of your company.  

Post-Incorporation Compliance

• PAN and TAN: Obtain a Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) for tax purposes.  
• Bank Account Opening: Open a current account in the company’s name.
• GST Registration: Register for Goods and Services Tax (GST) if applicable.
• Professional Tax Registration: Register for professional tax in the state where the company operates.
• Annual Filing: File annual returns and financial statements with the RoC.  

Key Considerations

• Minimum Shareholders: A private limited company requires a minimum of two shareholders.
• Maximum Shareholders: The maximum number of shareholders is 200.
• Share Capital: The minimum share capital is Rs. 1 lakh.
• Registered Office: The company must have a registered office address in Madhya Pradesh.  
• Director’s Residence Proof: At least one director must be a resident of India.  

Professional Assistance

While it’s possible to incorporate a company independently, seeking professional help from a company secretary or a registered agent can streamline the process and ensure compliance with all legal requirements. They can assist with:

• Drafting legal documents
• Filing necessary forms
• Obtaining approvals
• Handling post-incorporation compliances

By following these steps and considering the key factors, you can successfully form a private limited company in Madhya Pradesh and lay the foundation for your business venture.