A city of tech, also known as the silicon valley of India, has immense opportunities in terms of business. Suppose you are also an entrepreneur and want to start a company of your own, Bangalore. Private Limited Companies are one of India’s most popular and stable business structures. They offer limited liability protection and stability. Register with the Ministry of Corporate Affairs.
In Bangalore, private limited company registration requires at least two shareholders and two directors. The maximum number of shareholders is 200. Online company registration is possible for new companies. Each Director is assigned a DIN (Director Identification Number). Subscribers will need a digital signature to register. The online incorporation process takes between 10 and 15 working days, depending on the availability of the proposed name and the documents you submit.
Private Limited Company Registration in Bangalore
A minimum of two directors must be appointed for company registration in Bangalore. However, a maximum number of 15 directors may be appointed. Private Limited Companies in Bangalore do not require minimum capital. The company name should begin with PVT.ltd.
Checklist to Register a Company in Bangalore
- Minimum of 2 directors who are Indian residents.
- A minimum of 2 shareholders and a maximum number of 200 shareholders is required.
- An address at a registered office is required.
- All documents must be submitted online.
How Will You Register for a Private Limited Company in Bangalore?
Submission of documents:
For Private limited company registration in Bangalore, two directors are proposed to submit their identity documents, which include:
PAN Card/Passport
Address Proof: Passport/ Driver License/ Election ID/ Ration Card/ Aadhar Card.
Residence proof: Bank Statement/Electricity Bill/Phone Bill.
Name approval process:
For company registration in Bangalore, the company name must be unique. A request for approval by the Ministry of Corporate Affairs is required. You can submit up to two names. If the application is rejected, the applicant has the opportunity to resubmit the form with two additional names.
How to get the Digital Signature Certificate
The Digital Signatures of the directors to be proposed are required. The DSC is required to sign the incorporation for company registration in Bangalore. The DSC is not necessary to get the name approval.
SPIC e+ Application.
The Digital Signature Certificate is obtained. After that, the incorporation application must be submitted in the SPICe Form with the MCA. The SPICe Form does not require approval of the name.
The Process Of Incorporation:
- Within 2-3 business days, you can obtain the company registration in Bangalore certificate and an Incorporation Certificate, including the PAN, and TAN.
- Current Bank account
LegalPillars, a leading legal firm can help you open a zero-balance bank account online through the platform.
What are the compliances for a company registered in Bangalore?
Statutory Auditor: For company registration online in Bangalore, the Board of Directors must appoint a practising Chartered Accountant within 30 Days of Incorporation to perform the Statutory audit.
Commencement of Business: The capital mentioned in the MOA must be deposited at the bank. The certificate of commencement must be obtained from MCA.
Income Tax Filing: Companies registered in Bangalore must file their income tax returns each year using Form ITR 6.
Annual return: Companies registered in Bangalore must file the MCA annual returns in Forms AOC 4 or MGT 7.
DIN KYC: Each year, the DIN KYC process must be completed for all directors proposed to the Company.
Below are the Key Advantages of Incorporating A Private Limited Company
● It’s easy to form
It is very easy to incorporate a private limited company. Private limited company registration in Bangalore can be formed by two people in as little as 10-15 days.
● Limited Liability
Any financial risk to shareholders would only be proportional to the capital they have invested in the Company.
● Funds Access is Easy
Private limited company registration in Bangalore may receive funds and can issue shares or debt instruments to investors. This is the preferred entity for Venture Capital investments.
● Valuation of Shares
Private Limited companies can have a shareholding. This is a way to demonstrate the Company’s financial strength and allows for easy allocation of shares to employees and investors.
● Status Elevated
Private limited company registration in Bangalore can sue, enter into contracts, and be sued without the need to hold directors or members liable.
● It’s easy to exit
The promoter can choose to sell the Company if the Company is struggling financially. One of the highlights is fast Track Exit (FTE), which allows a private company to wound up within three months.
● It is easy to expand.
Conversions of private companies into public companies are possible. This allows it to grow and possibly even participate in Initial Public Offerings.
● Enhanced Brand Value
Private limited company registration in Bangalore has better brand exposure than One Person companies and Limited Liability Partnerships.
● Continuity in Business
A formal winding down of the private limited Company is required. This ensures that there are no renewals and continuity in business.
What is the cost of registering a business in Bangalore?
Private limited company registration costs Rs. 9449.
The cost of company registration includes:
- Government fees
- Professional fees
- CIN
- MOA and AOA for the Company
- PAN and TAN for the Company
- Assistance with opening a bank account
What time does it take to register your Private Limited Company in Bangalore?
The Private Limited Company Registration process takes approximately 10 days.
Why choose LegalPillars for registering a Private Limited Company (Bangalore)?
LegalPillars is a leading law firm that provides all types of legal services. Over 1000 businesses have been registered with LegalPillars, with over a decade of experience in taxation, corporate law, and finance. They offer complete company registration in Bangalore services. Our team is professional and timely. Our team of experts can help you with company registration.
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