The word corporation comes from the Latin corpus, which means body. Corporation is a body – it is a legal person in the eyes of the law. It can bring lawsuits, buy and sell property, contract, and tax and even commit crimes. Company incorporation online in Chennai is a very important feature: the corporation protects its owners from personal liability for corporate debts and liabilities – within limits.
Working as a corporation has flaws in some cases. For example, as a business owner, you are responsible for additional record keeping requirements and administrative details. More importantly, in some cases, operating as a corporation places an additional tax burden. This is the last thing a business owner needs, especially in the early stages of operation. Readers should remember, tax reasons aside, the most common motivation to bear the cost of setting up a corporation is that the shareholder is not legally liable for the corporation’s actions.
Advantages of company incorporation in Chennai
Liability of shareholders, if they have no specification and limitation to the face value of the shares they hold or the guarantee they have given.
Deaths, insanity, bankruptcy of shareholders or directors do not affect the existence of the company. An organization is a separate legal entity with a permanent inheritance.
In a company business, management is in the hands of directors have selection through shareholders and highly experienced individuals. To manage day-to-day operations, salaried professional managers are in place. Therefore, the company provides professional management of the business.
Because the membership is so large, the overall business risk has division among the many members of the organization. This is an advantage especially for small investors.
Different types of company
A private limited company is a type of company in which the liability of the owner which has limit to his shares and the shareholder has limit to 50.
Public Limited Company has management publicly company whose responsibilities have limit and its shares are now available to the general public.
One Person Company is in the hands of a single person capable of starting a financial institution.
Section 8 Company is similar to a trust or society, established to promote commerce, science, art, education, sports, research, religion, social welfare, donation, environmental protection and many other things. These nonprofits provide profits and promote more revenue to the company’s goals. Therefore, no payment of dividend to its members.
There are also many other companies that fall into the categories of company limited by shares, company limited by guarantee or unlimited company.
Documents required for company registration online in Chennai
- Memorandum of Association – Section 8 applies only to companies or companies that do not have a DIN with foreign subscribers and is mandatory
- Articles of Association – Section 8 applies only to companies or organizations that do not have DIN with foreign subscribers and is mandatory
- Affidavit and Declaration of First Subscriber (s) and Director (s) – Mandatory in all cases
- Proof of office address
- Copies of utility bills older than two months
- Permission from the Central Government has requirement if there is any word (s) or expression (s) in the proposed name
- If the proposed name is based on a registered trademark or is the subject of an application pending for registration under the Trademarks Act, it is mandatory to attach a copy of the trademark registration certificate or trademark application.
- NOC from sole proprietor / partners / other associates / existing company
- Proof of identity and residence address of the subscriber
- Proof of identity and residential address of the directors
Process of online company registration in India
One of the initial steps in company registration is to ensure that the company name has not already been taken by another legal entity. We can run company name search to check specific name availability in India against MCA and trademark database. We recommend that businesses come up with three to four alternative names during the private limited company registration approval phase. The Ministry of Corporate Affairs has the final authority to approve the name based on the availability rules and regulations.
Company registration in Chennai enhances the progress of startups and provides an additional margin over those who have no registration. The Ministry of Corporate Affairs handles the company registration process with rules and regulations formulated in accordance with the law.
1: Provide Application for DSC (Digital Signature Certificate).
2: Apply for DIN (Director Identification Number)
3: Apply for Name Availability.
4: Form INC-32 used for an incorporation of a company. File eMoA and eAoA to register a private limited company. SPICe eMoA and eAoA must have no upload to SPICe (INC-32) as ‘Linked Forms’.
5: Apply for the company’s PAN and Tan
6: PAN and TAN issued
7: Open a current bank account in the company name
- In the case of more than 7 members, the Spice e Form filed with the Memorandum of Association (MOA) and Article of Association (AOA) as an attachment and in such a case DSC not required.
- Form no. E-Memorandum and Form No. INC-33 the E-Article of the Association in INC-34 used only where the maximum number of subscribers does not exceed 7.
- Form no. DSC is mandatory for all subscribers and witnesses in the event of filing of e-Memorandum of Association in INC-33 and E-Article of Association in Form No. INC-34.
- If the registered address is different from the correspondence address, Form INC-22 must be filed within 30 days of the merger.
- No subscriber photo required.
Application for PAN / TAN mandatory for all latest merger applications filed in the new version of the SPICe Form. The MCA21 system automatically generates pre-filled application forms 49A (PAN) and 49B (TAN) after submission by SPICe, which requires shareholders to download, affix the digital signature and upload both forms signed on the MCA21 system as linked forms.
Thus We Solubilis offer company registration services in Chennai at an affordable cost and we have a group of professionals who are keen on bringing fruitful benefit “company incorporation in Chennai” to our reputed clients.