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

Private Limited Company Formation Process in Lakshadweep

Understanding the Basics

A Private Limited Company (PLC) is a popular business structure in India, including the Union Territory of Lakshadweep. It offers several advantages, such as limited liability, separate legal entity, and ease of capital raising. Here’s a step-by-step guide to forming a PLC in Lakshadweep:

Step 1: Digital Signature Certificate (DSC)

• Obtain DSC for Directors: All proposed directors of the company need to obtain a Class 3 Digital Signature Certificate (DSC). This is a digital equivalent of a physical signature and is essential for filing documents online.
• DSC Service Providers: You can acquire DSCs from authorized certifying authorities like nCode Solutions, eMudhra, Sify Technologies, etc.

Step 2: Director Identification Number (DIN)

• Apply for DIN: Each proposed director needs to apply for a Director Identification Number (DIN).
• DIN Application: The application can be made online through the Ministry of Corporate Affairs (MCA) portal.
• Required Documents: Documents like PAN card, passport size photo, and address proof are required for DIN application.

Step 3: Name Approval

• Unique Name: Choose a unique name for your company that is not similar to any existing company name.
• Name Approval Form: File Form SPICe INC-32 with the Registrar of Companies (RoC) in the jurisdiction of Lakshadweep.
• Name Reservation: The RoC will verify the name and reserve it for a specific period.

Step 4: Incorporation Documents

• Memorandum of Association (MoA): This document outlines the company’s constitution, objectives, and powers.
• Articles of Association (AoA): This document details the internal rules and regulations of the company, including the rights and duties of directors and shareholders.
• Declaration of Compliance: This declaration confirms that all statutory requirements have been met.
• Director’s Consent: This document signifies the consent of the proposed directors to act as directors.
• Affidavit of Identity: This affidavit confirms the identity of the subscribers to the Memorandum.
• Affidavit of Residence: This affidavit confirms the residential address of the subscribers.

Step 5: Filing Incorporation Documents

• Online Filing: File the incorporation documents online through the MCA portal using the SPICe INC-32 form.
• Fee Payment: Pay the requisite incorporation fees online.

Step 6: Certificate of Incorporation

• RoC Verification: The RoC will verify all submitted documents.
• Certificate Issuance: Upon successful verification, the RoC will issue a Certificate of Incorporation, which signifies the legal birth of your company.

Post-Incorporation Compliance

• PAN and TAN: Obtain a Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) for the company.
• Bank Account Opening: Open a bank account in the company’s name.
• Stamp Duty Payment: Pay stamp duty on the Memorandum of Association and Articles of Association.
• Professional Tax Registration: Register the company for professional tax, if applicable.
• GST Registration: Register for Goods and Services Tax (GST), if the company is liable to pay GST.
• Annual Filing: File annual returns and financial statements with the RoC.

Additional Considerations

• Professional Assistance: Consider hiring a professional like a Chartered Accountant or Company Secretary to guide you through the process and ensure compliance.
• Timeframe: The entire process can take anywhere from a few days to a few weeks, depending on the efficiency of document preparation and RoC processing.
• Lakshadweep Specific Regulations: While the general process is similar to other parts of India, there may be specific regulations or additional requirements in Lakshadweep. Consult with local authorities or legal experts to ensure full compliance.

By following these steps and adhering to the relevant regulations, you can successfully form a Private Limited Company in Lakshadweep and embark on your entrepreneurial journey.

Disclaimer: While this guide provides a general overview of the process, it’s essential to consult with legal and tax professionals to get specific advice tailored to your business needs and the latest regulations in Lakshadweep.