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ABOUT Company Incorporation

Register a Company in India

The process of legally declaring a corporate entity as separate from its owners. Incorporation has many advantages for a business and its owners.

Incorporation involves drafting an "Articles of Incorporation", which lists the primary purpose of the business and its location, along with the number of shares being issued, if any. Incorporation will also involve state-specific registration information and fees.

Company Incorporation service includes the Incorporation of an entirely new legal and separate entity.

There are 5 types of companies incorporated under the Companies Act, 2013. The details of the same are as follows:

  1. Private Limited Company
  2. Public Limited Company
  3. Part – I Company
  4. Section 8 Company
  5. One Person Company (OPC)


Any individual or any sovereign entity can incorporate a company.

Required Documents

The document required depends on the type of company which is required to be incorporated. However, the basic documents required for incorporating a company are as follows:
  • Consent letter of director.
  • Address proof of company
  • Utility Bill (Any electricity or telephone bill not older than 2 months).
  • Passport size photograph of Directors
  • PAN card and Address Proof of directors
  • Notarized Affidavit
  • NOC

Private Limited Company

Company Incorporation
  1. PAN
  2. TAN
  3. Minutes Preparation for 1 year
  4. Maintenance of Registers for 1 year

Public Limited Company

Company Incorporation
  1. PAN
  2. TAN
  3. Minutes Preparation for 1 year
  4. Maintenance of Registers for 1 year

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A Private Limited Company is a voluntary association of not less than two and not more than two hundred members,which is usually between closely held group like family, friends and relatives offering limited liability, placing restrictions on ownership thereby preventing any hostile takeover attempts.

Private companies may issue stock and have shareholders but these shares are not tradable on public exchanges or offered to public.
  • The personal assets of the directors are not called for in the event of winding up of business due to the benefit of limited liability.
  • Company enjoys an existence separate from its directors.
  • Easy to attract qualified workforce and investors due to increased confidence.
  • Directors may come and go but the existence of a company remains forever.
  • Sale or transfer of business becomes easy as the entire shareholding can be transferred to the purchaser facilitating easy change in ownership.

It is comparatively less tedious to incorporate and operate as it has been exempted from many regulations and restrictions applicable to public limited company like:

  • It need not file a prospectus with the Registrar.
  • It need not hold the statutory general meeting nor need it file the statutory report.
  • Restrictions applicable to directors of the public limited company do not apply to its directors.
Hence, a private company is preferred by those who wish to take advantage of limited liability along with the desire to keep control over the business within a limited circle and maintain the privacy of business.
  • Minimum 2 Directors 
  • Minimum 2 Shareholders
  • Director and shareholder can be the same person.
  • Minimum Share Capital of Rs. 1,00,000
  • The shares in a private limited company cannot be sold/ transferred to others without the consent of other shareholders.
  • Shareholders cannot offer their shares to general public.
Yes, an Indian company can be incorporated with one or more foreign nationals as Directors. However, in private company wherein there are 2 directors and both of them are foreign nationals, one of them has to be a resident in India for a period of at least 182 days in the calendar year(as per Companies Act 2013). Also, wherein both the directors are foreign nationals, then disclosure has to be made whether 100 % FDI is allowed in the desired sector or not. However, foreign nationals cannot form an OPC in India.
A public limited company is a voluntary association of members of not less than seven numbers and can have a maximum of unlimited members having a separate legal existence which limits the liability of the members only to the extent of amount paid towards the shares. It is a company whose securities can be traded on a stock exchange.
  • Minimum 7 Shareholders
  • Minimum 3 Directors
  • The directors and shareholders can be same person
  • Minimum Share Capital of Rs. 5,00,000
The maximum directors in a public company can be 15.
Directors are responsible for the day to day running of the company whereas the shareholders own the company and have the right to vote on many issues. The extent of ownership and level of voting rights are based on the percentage of shares owned by them. An individual can be both a director and shareholder of a company.
  • A company must have a minimum of seven members but there is no limit as regards the maximum number.
  • The company collects its capital by the sale of its shares and those who buy the shares are called the members.
  • The shares of a company are freely transferable without the prior consent of other shareholders.
  • The liability of a member of a company is limited to the face value of the shares he owns.
  • There is separation of ownership from management as the shareholders of a company do not have the right to participate in the day-to-day management of the company.

The firm may be converted into a company by following the provisions of Part I of the Companies Act, 1956. For the purpose of Part I Company limited by shares, a joint stock company means a company having a permanent paid upshare capital of fixed amount divided into fixed amount of shares or held and transferable as stock, or both, to be held only by its members and no other persons. Such a company, when registered with limited liability under the Companies Act, 1956 shall be deemed to be a company limited by shares.

A company cannot be registered under part I unless the assent of not less than 3/4th majority of its members (present/proxy) at a general meeting summoned for this purpose is obtained.
Hold a meeting of the partners to transact the following:
  • Assent of majority (3/4th) of its members (present/proxy) at a general meeting summoned for the purpose of registering the firm under Part I of the Companies Act, 1956.
  • To authorize one or more partners to take all steps pursuant to registration
  • To execute a supplementary Partnership Deed to align it with the requirements as under:
    1. There must be at least 7 partners in the partnership firm;
    2. The firm must be registered with the Registrar of Firms;
    3. There must be a fixed capital divided into units;
    4. There must be provision of converting a firm into company;
    5. There must be an agreement by the partners to convert the partnership to a company.
  • Execute the supplementary Partnership Deed.
  • No capital Gain Tax shall be charged on transfer of property from Partnership firm to Company.
  • Separate legal entity
  • Perpetual succession
  • Easy transferability of shares
  • Distribution of profits by way of dividends
  • Limited liability of members
  • Raising of capital through Issue of equity/ preference shares and debentures
  • Favourable attitude of financial Institutions while granting various facilities.
Under the Part I route, one of the major advantages is that the business can be run under the same name as that of the firm with the insertions of words ‘limited’ or ‘private limited’ except when an existing company has been already registered earlier with the same name.
If the existing name of the setup is not available on MCA, then the user will have to apply for a new name. The application for new name will be taken care of by Finmart. The user will merely have to provide the required documents and the rest of the procedure will be undertaken by Finmart.
Yes. Notice in newspaper is mandatory after the name approval of the proposed company for formation of a Part I company. The other procedural requirements can be initiated only after 21 days of issuing the notice. The purpose for the same is to address objections from the public, if any.
Section 8 Company also known under the name of a Non-Profit organisation is a Company established for promoting commerce, art, science, religion, charity, sports, education, research or any other useful object, under the condition that the profits earned (if any), should be applied only for promoting the objects of the company for which it was formed and not for distributing it to the promoters.
  • Minimum 2 Shareholders (Private Limited) and 7 Shareholders (Public Limited)
  • Minimum 2 Directors (Private Limited) and 3 Directors (Public Limited)
  • The directors and shareholders can be same person.
  • Many privileges and exemptions under Company Law
  • Non-application of Companies Auditor’s Report Order (CARO) 2003.
  • Tax Deductions to the donors of the Company u/s. 80G of the Income Tax act.
  • Profit/Income of the Company should be applied for the promotion of the main object only.
  • Declaration or payment of dividend to the promoters is not allowed.
  • No remuneration / benefit shall be paid to a member being a servant / officer of the Company (except reimbursement of out of pocket expenses, interest on money lent or rent on premises)
  • Alteration in MOA & AOA will require prior approval of Central Govt/RD.

A one person company often called as an OPC came into existence from the current financial year 2013-14. It provides the benefits of a sole proprietorship business and a company making it a perfect hybrid structure. Here for starting up a company only one person is required who can act in the capacity of a director as well as a shareholder, which leaves the person from the hassle of finding the right kind of co-partner for starting a business as registered entity and at the same time can avail the benefits of limited legal and financial liability, easy procurement of capital and so on which are enjoyed by the company.Thus OPC is a Company which has only one person as a member.

OPC can be formed as company limited by guarantee, limited by share capital or unlimited company. The process of incorporating the OPC is almost similar to that of a private limited company with minor differences. No person shall be eligible to incorporate more than one OPC or become nominee in more than one such company.
  • Provisions of conducting Annual General Meeting (AGM) and Extra Ordinary General Meeting do not apply to an OPC.
  • In case the Board consists of only one director, then the OPC will be done away from the requirement of conducting a Board meeting as well.
  • There is no requirement of appointing a first director for OPC.
  • Apart from this, OPC is also exempted from provisions relating to notices of the meetings and any other such stipulation related to meeting like Quorum for Meetings, Appointment of Chairman for Meeting, Proxies, restriction on Voting Rights etc.
  • Unlike Sole proprietorship, OPC has a separate legal entity from its owners.
  • The liabilityof the owner is separate from the entity which makes his personal property safe in case of unmet liabilities.
  • OPC is taxed separately as a separate legal entity unlike a sole proprietorship.
Yes. Though the words 'One Person Company' will have to be mentioned in brackets below the name of such company, wherever its name is printed, engraved or affixed.
MOA of One Person Company has to mandatorily prescribe the name of the person, who in the event of death or disability of the subscriber shall assume his position.
As one person company is formed as a ‘Private Limited Company’, the minimum paid up capital is same as that of a Private company which is Rs. 1,00,000.

No. It cannot convert voluntarily into any kind of company unless two years is expired from the date of incorporation of One Person Company. Except in the case, when the paid up share capital is increased beyond fifty lakh rupees or its average annual turnover during the relevant period exceeds two crore rupees, then it will have to complete the procedure within six months from date of such exceeding.

No minor shall become member or nominee of the One Person Company or can hold share with beneficial interest.
Such Company cannot carry out Non-Banking Financial Investment activities including investment in securities of anybody corporates.
The subscriber to the memorandum of a One Person Company shall nominate a person, after obtaining prior written consent of such person, who shall, in the event of the subscriber’s death or his incapacity to contract, become the member of that One Person Company. The member of the OPC will have the right to change the nominee at any time with due intimation to the Registrar.