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

A Private Limited Company (PLC) is a popular business structure in India, including Himachal Pradesh, offering limited liability to its shareholders. Here’s a comprehensive guide to the formation process:

Step 1: Digital Signature Certificate (DSC)

• Obtain DSC for Directors: All directors must possess a Class II Digital Signature Certificate (DSC) for online filing. This can be obtained from authorized certifying authorities like nCode Certifying Authority India Private Limited.

Step 2: Name Approval

• Unique Name: Choose a unique name for your company that isn’t similar to existing ones.
• Name Application: File Form SPICe+INC-32 with the Registrar of Companies (RoC) to reserve the name.
• Name Approval: The RoC will review and approve or reject the name within a few days.

Step 3: Incorporation Process

• Drafting Documents: Prepare the following documents:
  • Memorandum of Association (MoA): Outlines the company’s objectives and capital structure.
  • Articles of Association (AoA): Defines the internal rules and regulations of the company.
  • Declaration of Directors: A declaration by all directors confirming compliance with the Companies Act, 2013.
• Form SPICe+INC-32: File this form with the RoC, incorporating all the above documents.
• Payment of Fees: Pay the necessary fees online through the MCA portal.
• Certificate of Incorporation: Upon approval, the RoC will issue a Certificate of Incorporation, signifying the company’s legal existence.

Step 4: Post-Incorporation Compliance

• PAN and TAN: Obtain a Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) from the Income Tax Department.
• Bank Account Opening: Open a current account in the company’s name.
• Stamp Duty: Pay stamp duty on the Memorandum and Articles of Association.
• Professional Tax Registration: Register for Professional Tax in the state where the company’s registered office is located.
• GST Registration: If applicable, register for Goods and Services Tax (GST).
• Other Licenses and Permissions: Obtain any industry-specific licenses or permissions required by the relevant authorities.

Key Considerations:

• Minimum Requirements:
  • At least two directors (Indian residents)
  • At least two shareholders (Indian residents)
  • Minimum capital of Rs. 1 lakh
• Registered Office: The company must have a registered office address in Himachal Pradesh.
• Timeframe: The entire process can take around 7-10 working days.
• Professional Assistance: Consider hiring a professional like a Chartered Accountant or Company Secretary to streamline the process and ensure compliance.

Advantages of a Private Limited Company:

• Limited Liability: Shareholders are liable only up to the extent of their share capital.
• Perpetual Succession: The company’s existence is not affected by changes in ownership or management.
• Separate Legal Entity: The company is a separate legal entity from its shareholders.
• Easier Fund Raising: Can raise funds through private placement of shares.
• Tax Benefits: Certain tax benefits may be available.

By following these steps and considering the key factors, you can successfully form a Private Limited Company in Himachal Pradesh and establish a strong foundation for your business.