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Proprietorship to Private Limited Company

Many business people start their businesses as a Sole Proprietorship due to the low compliance requirements. As the business and the incomes grow, there is a need to separate the bank accounts and the tax filings of the Sole Proprietor and that of the business. To accomplish this separation a possible solution is to convert the Sole Proprietorship into a Private Limited Company.

Steps to form a Proprietorship to Private Limited Company

Acquire Digital
Signature
Reserve
Unique Name
Application for
Company Registration
Registration
Certificate

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Procedure

Acquire Digital Signature for Directors and Subscriber

The first and foremost step is to acquire the DSC of the Directors and Subscribers to MOA. Any e-form is filed with the Ministry after affixing the DSC of the Authorised Signatory for Company Incorporation

Director Identification Number for Directors

All Director in a Company must have a valid Director Identification Number (DIN).It is number allotted by the Ministry to the Individual for acting as a Director of the company. DIN is unique such as PAN Card to any person and which is applied and allotted once in the lifetime.

Reserve Unique Name / Name Approval application

Incorporation of a company can be done with prior name approval or using Spice form, wherein incorporation certificate is provided if name is acceptable to the MCA. Entrepreneurs who wish to incorporate a company with a unique name can directly file for incorporation using SPICE form, saving time and money. On the other hand, if an Entrepreneur wants to incorporate a company with a name that could be similar to an existing company or LLP or trademark, then prior approval can be obtained from the MCA for use of name.

Application for Company Registration

Once the name is reserved for the proposed company, one shall proceed for making Application of Certificate of Incorporation in SPICe form accompanied with SPICe_MOA and SPICe_AOA.

Zero Fee for Incorporation

The MCA in an effort to simplify the company incorporation process and spur new Start ups has announced zero fee for incorporation. Hence, Entrepreneurs would be able to save a few thousand rupees on incorporation fee. Though zero fees has been announced for the SPICE form, eMOA and eAOA – stamp duty would still be applicable for incorporation as before depending on the state of incorporation. After due verification of the application and documents provided, the concerned RoC may grant the Certificate of Incorporation (COI), which is a conclusive proof of existence of the company, wherein the date of Incorporation, Company Identification Number (CIN) and Permanent Account Number (PAN) is mentioned with the sign and seal of the Registrar.

Documents

  • PAN Card
  • Aadhar Card
  • Photo
  • Video 30 Second
  • Mobile Number and Mail id
  • Bank Statement of Directors
  • Electricity Bill towards Registered office
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