If you aim to get your startup or a new business registered, then you must definitely be a little perplexed on the registration process of a company in India. The article tries to solve your queries through a brief discussion:
In this age where not only big businesses like huge corporations, public and private limited companies thrive; startups are also withstanding the competition. Let’s try to understand the types of business structures that can be registered as a company:
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The registration process of a company comprises of 4 main steps:
Digital Signature Certificate (DSC): A digital signature is a cryptographic process which is attached to electronically transmitted documents in order to protect them from alteration while in transit. A Digital signature is a way of safely submitting documents in the electronic format. The director of the company must obtain a digital signature. The digital signature certificates can be acquired from government agencies like MTNL, NIC, nCODE and the process is quick and takes 1-2 business days.
Director Identification Number (DIN): The director identification number is an 8-digit unique identification number provided to the director of a company. A person can have only one DIN even if he owns more than one company. DIN is valid for the entire lifetime of the proprietor and must be acquired within a stipulated time frame. If a company consists of many directors, each one of them must acquire a DIN. The DIN form-1 is used to apply for the DIN number. It is a code used to identify an individual and is associated with the role he plays in all the companies he owns.
Registration on the MCA Portal: Registration of a company can only be done through the MCA portal. The Ministry of Corporate Affairs or MCA is responsible for registering the new business ventures and provides online registration facility. The business entity must first register on the MCA portal and fill up the DIN form-1. The next step is the submission of the form and payment of fees.
Certificate of Incorporation: The certificate of incorporation is a license which must be obtained for the formation of a company. It is issued by the state government and serves as proof that the company is a government registered entity. A certificate of incorporation enlists the details of the company, the name of the directors, its structure and so on.
SEE ALSO: How To Get A Business Loan From A Bank?
For registering the company under the Companies Act 2013, the proprietor or partners must provide
SEE ALSO: Taking Business Loan from Private Banks
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