A company registration in Bangalore comprises certain legal proceedings and standards. Any person who needs to register a company in Bangalore should follow the steps gradually. This gradual procedure is formulated by the Companies Act ,2013.
Before the registration of a company in Bangalore, one has to decide the type of company or business that he/she wants to set up. So now to talk about the types of companies, there are four broad categories namely
Private Limited company
As previously mentioned private limited company registration in Bangalore is mostly preferred. A private limited company can be determined or defined as a business firm built by two or more persons with a maximum of 100 members and 200 shareholders.
Usually regardless of any special cases or requirements, the mostly preferred type of a company registration in Bangalore is the private limited company registration. It is preferred over all as it best suits in most conditions.
Public Limited company
A public limited company is one which can serve with registered securities to the general public. The shares of the company can be traded on a stock exchange and can be bought and sold. Public limited companies should reveal its economical status and share values.A public company can have a minimum of 7 members and 15 directors for a company registration in Bangalore.
One Person company
A One Person company registration in Bangalore is a combination of a company and sole proprietorship.As the name says, one person is sufficient to start a company . No subscriber or director is required. It is an individual legal element and that one person holds the complete authority.
Limited Liability Partnership
An LLP is owned by a set of people co-ordinating and operating a company. In an LLP all the shareholders or partners have equal rights and responsibilities. The liability is also limited in an LLP which is a very unique feature of an LLP.
These are the general and concise steps followed for any type of a company registration in Bangalore regardless of the type of company chosen.
Steps to register a company in Bangalore
Step 1 : Selecting the suitable type of company with directors and shareholders.
Step 2 : Appropriate documents of the directors.
Step 3 : Digital signatures with identity number of the directors.
Step 4 : Selecting a name for a company based on the availability with a unique trademark. Step 5 : Preparation of bye-laws.
Step 6 : Apply for the PAN card for the company
Step 7 : Selecting the appropriate banking.
Step 8 : Application of applicable tax registration.
Step 9 : Maintenance of records for the Registrar of company registration in Bangalore.
Step 1 : Selection of the legal entity with Directors and Shareholders –
a) Private Limited Company Registration
When there are two owners and if the company would require funding from a venture capitalist, then one can opt for a Private limited company registration in Bangalore.
b) Limited Liability Partnership or LLP Registration
When there are two founders and has the sufficient funds for investing and functioning of the company in the future and if you want a limited liability then you can opt for LLP registration in Bangalore.
c) One Person Company Registration
OPC is the second most preferred company registration in Bangalore. When there is only one founder and wants a complete control over the company and a limited liability then one can opt for One Person company. It can also be called as a sole proprietorship.
Step 2 : Proper mandatory documents of the Directors
Fora company registration in Bangalore, the director of the company shall submit the following:
- PAN card copy. PAN card should be submitted mandatorily during company registration in Bangalore. All the company proof will be entitled with the name provided in the PAN card only.
- Address proof. It has to be ensured that the names in the address proof and the PAN card should be same during company registration in Bangalore.
- A copy of telephone bill or electricity bill or water bill which can be submitted as utility bill as a proof of evidence.
- All the members or shareholders of the company are required to submit an identity and address.
- All the proofs shall be submitted not less than 30 days post company registration in Bangalore.
- If the office is in a rented building, then No Objection Certificate shall be submitted at the time of company registration in Bangalore.
Step 3 : Digital signatures with USB Tokens
After the approval of the documents, all the directors would require a digital signature for all the legal proceedings. A digital signature is provided along with a USB token. Digital signatures are provided by a company named Earnlogic in Bangalore.
Step 4 Selecting a name for a company based on the availability with a unique trademark
After the digital signature, the applicant shall choose around 6 names for the company. After checking the availability of the names i.e, if no other company in the same business have the same or similar name then that name can be used. One can check this availability in the MCA website and Government of India trademark search tools.
Step 5 : Preparation of bye-laws
Post the selection of the name for the company, one has to frame the rules and protocols of the company subjected to the type of company. These laws are termed as the MOA and AOA of the company. This consists of all the shares and profits of every shareholder. This basically acts as a record of the terms and conditions of the company, liability of each shareholder, director and the employees. This has to be created and well maintained in the registered office address.
Step 6 : Incorporation Certification
After framing the protocols of the company, the registrar of company registration in Bangalore shall verify the documents submitted by the applicant and shall be issued with the incorporation certificate. This also has a company incorporation number (CIN).
Step 7 : Apply for the PAN card for the company
After the company registration in Bangalore ,one has to apply for a Permanent account number and Tax deduction number for the company. One can apply for PAN and TAN through the NSDL offline or online.
Step 8 : Selection of proper banking
After the PAN & TAN application and acknowledgement, the next important step the bank account opening. Before choosing a bank one has to know about the minimum balance limits and the penalty charges.In some banks its 25000 whereas in other banks it is 10000.
Application of applicable tax registration
Post the bank account creation, one should acquire a proper tax registration. Tax registration generally depends upon the nature of the business. If it is a service based business then it’s required to register a service after a turnover of nine lakh rupees. So this process is supposed to be done after few months or years post the company registration in Bangalore
Maintenance of records for the Registrar of company registration in Bangalore
After the company registration in Bangalore, the company have to preserve all the records of the company’s profit, loss, shares of the shareholders, the liability of the members of the company. Any changes in any parameter has to be reported to the registrar.
Earnlogic being one of the leading company registration consultants in Bangalore can help you in registering your company.
