Q. 1. How long does it take to register a private company?
Ans On an average, it takes up to 15 days to register a Private Limited Company subject to document verification by MCA and the processing time is dependent on a case to case basis.
Q. 2. Who can be a Director of a Company?
Ans Any person over the age of 18 years can become a director in a company. Also, there are no conditions on residency or citizenship. Hence, NRIs and Foreign Nationals can easily start and manage a private limited company in India.
Q. 3. What are the forms on which Director or Shareholder have to sign to Pvt Ltd Company in India?
Ans Following are the forms on which promoters need to sign, All the forms/formats to be printed on plain A-4 size paper and signature should be preferable with a blue ink pen.
- DIR-2 Consent from Directors
- INC-9 Declaration form
Q. 4. Can A salaried person start a Private limited company in India and become a Director?
Ans Absolutely. A salaried employee can become the director in private limited, LLP or OPC private limited company. One needs to check the employment agreement if that allows for such provisions. In a lot of cases, the employers are quite comfortable with the fact that their employee is a director in another company.
Q. 5. When we register as a company, can we give the home address as the company’s registered office?
Ans Yes, one can register the company at their residential address. A utility bill copy of the same will be required.
Q. 6. Is it necessary to book an Auditor?
Ans Yes, a private limited company must book an auditor, no matter what its revenues. In fact, an auditor must be appointed within 30 days of incorporation. Compliance is important with a private limited company, given that penalties for non-compliance can run into lakhs of rupees and lead to the blacklisting of directors.
Q. 7. What are MOA and AOA?
Ans These are essential documents for a Company that contains the rules, vision, and mission of your organization, and define, among other things, the exact business and the roles and responsibilities of shareholders and directors.
Q. 8. Can a Private Limited Company be formed with 2 ROCs at the same time?
Ans No, Private Limited Company cannot be formed with 2 ROCs at the same time.
Our Conclusion
No Doubt, Private Limited Company is a most popular corporate entity for companies and it has many benefits for new companies. Private Limited Company registration process requires a lot of commitment which becomes very difficult at the early stage of starting out a company. It is recommended to take the help of professional CA expert.
Author: I am a Chartered Accountant and founder of InCFO which is in Compliance of Company Matters. My expertise lies in Accounting, Taxation, Compliance, GST, Company Formation, Various Registration etc.