Planning to start a New business in Mumbai or expanding the existing business?
The most popular method is to register a company because it is a hassle-free process and has many tax and regulatory benefits over other forms of business structure. It is suggested to get your company registered under expert guidance for error-free and speedy company registration in Mumbai.
The company is a popular choice for startups and businesses with high growth aspirations to start a business in Mumbai The private limited company is incorporated under the Companies Act of 2013, and governed by the Ministry of Corporate Affairs (MCA). It is a registered corporate structure, which gives the business a separate legal identity from its owners. It, therefore, provides major benefits such as the ability to contract in its own name, and the protection of personal property of owners from commercial liabilities.
Our team at BestTaxInfo is available at your service and will assist you get registration in a shorter time frame of 7 to 12 days. You just need to plan the business and all the paper work and formalities will be handled by our team of experts.
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Requirements for Company Registration in Mumbai
Minimum Two Person
Register your company with at least two individuals to act as initial directors and shareholders. The company can have 200 shareholders and 15 directors.
A director of the company must be resident in India. A person is considered a resident when he has resided in India for more than 182 days during the previous financial year.
The company must be registered at a physical address, known as Registered Address. You need to submit Registered Office Proof & NOC from the owner.
Invest as per the requirement of the business, and there is no fixed minimum or maximum capital. However, ROC charges are calculated on the capital
Benefits of Company Registration in Mumbai
Shareholders may be responsible for business losses. The Liability is limited to the unpaid capital as subscribed.
The company ceases to exist beyond the lives of shareholders. As it is a creation of law, it can be closed by law.
The structure of a private limited company is best suited for raising or financing from angel investors.
Separate Legal Entity
Being a creation of law, the company is a judicial and separate legal person, separate from a shareholder / director.
Income tax on companies is one of the lowest in India; This is 15% for manufacturing units and 22% for all other companies.
FDI is Allowed
In Most of The Sectors, The FDI is permitted Under the Automatic Approval Route. A Company Is Ideal to Receive FDI In India
Documents required for Company Registration in Mumbai
- Following are the mandatory documents to be submitted by the directors and shareholders of the company
- Scanned copies of:
- Passport size photograph
- PAN & Aadhar Card
- Voters’ ID or passport or driver’s license
- Bank statement or electricity bill or mobile bill (Not older than 1 month)
- Utility bills either mobile or gas or electricity
- NOC from the owner of the property
- Contact to the expert team of “BestTaxInfo” to know more about “Company Registration cost in Mumbai”.
Essential things to remember
- Name on the PAN: Since PAN is an important and mandatory proof for the entire company registration process and further legal process such as filing of tax and compliances, the applicant has to ensure that the name on the PAN is correct. Changes required for spelling errors due to spelling changes or discrepancies of any kind must be corrected before submission of documents. Other proofs should have the same name on the PAN. If they are different, changes must be made on others as well.
- Latest utility bills: All utility bills must be recent, not to older than two months. If it is older, ROC may arbitrarily reject the application.
- NOC: NOC or No Objection Certificate must be provided by the owner of the property where the company being registered. If it is not possible to obtain NOC, then the company can be registered by any acquaintance as it is just a correspondence address.
A Step-by-Step process for Company Registration in Mumbai
BestTaxInfo can incorporate a company in less than seven days, subject to government processing times and availability of all documents.
- Step 1: Dedicated incorporation expert assigned for the engagement
- Step 2: Collection of information and documents for company registration from client
- Step 3: Application to be submitted for digital signatures
- Step 4: Name approval request submitted to MCA
- Step 5: Incorporation documents drafted based on the MCA approved name
- Step 6: Signing of incorporation documents by all Directors & Shareholders
- Step 7: Submission of incorporation documents to MCA for approval
- Step 8: Company incorporated with incorporation certificate, PAN & TAN
- Step 9: Other compliances begin as per customer requirement
Director Identification Number is a unique number assigned by the Ministry of Corporate Affairs to Individuals on whose name the application is made, allowing an individual to be a Director in any Company or Designated Partner in an LLP.
What is a digital signature certificate? Who will buy it?
The digital signature certificate is provided in the form of a token issued by the certifying authorities. Any form filed for online company registration in India will be submitted after affixing the DSC of an Applicant. In addition, directors will require DSC for the DIN application and require the DSC to submit an e-form for incorporation to clients for the MOA.
Is it necessary to have 2 directors for Private Limited Company Registration in Mumbai?
Yes, you need a minimum of two directors for a private limited company. The maximum members can be 200. If you are the sole proprietor, you can register as a One Person Com
Who can be a member in Private Limited Company?
Any person/organization can become the member of the private limited company including foreigners/NRI. However, the person must 18+ above in terms of age and should have a valid PAN card.
Do I have to be present in person for incorporation of Private Limited Company in Mumbai?
The entire procedure is 100% online and you don’t have to be present at our office or any other office for incorporation. A scanned copy of documents has to be sent through the mail. You will get the company incorporation certificate from MCA through mail at registered email id.
What is the time taken by BestTaxInfo to register a Private Limited Company in Mumbai?
BesTaxInfo can incorporate a Private Limited Company within 5-7 days. The time took also depends on relevant documents provided by the applicant and speed of approvals from government. To ensure speedy registration, please pick a unique name for the proposed Company and make sure you have all the required documents prior to starting the registration process.
Can NRIs/Foreign Nationals become a Director in Private Limited Company?
Yes, an NRI or Foreign National can become a Director in a Private Limited Company. They can get a DPIN from Indian ROC. In addition, they can be a majority shareholder in the company. However, the Board of Directors must have at least one Indian resident resident.
Can a Private Company run multiple businesses?
Yes, a private company can carry multiple businesses if it is mentioned in the company’s MOA and approved by a registrar. The company may refer to more than one business operating within the same region or the same nature. Activities that are unrelated, such as fashion designing and event management or construction, which cannot be registered under the same company.
What are the Annual Compliance requirements to be met by a Private Company?
During each financial year, the company should hold an annual general meeting (AGM) and at least four board meetings (one every quarter). In addition, accounts and financial statements should be audited by an independent auditor. Subsequently, it will file AOC-4 and MGT-7 forms as part of the annual compliance within the given time.
What is the role of Accountant and Auditors in Private Limited Company?
The daily transaction of the business is recorded by the accountant in the books of accounts of the company. The accounts entered are therefore verified by an independent auditor to ensure that no statutory compliance is missed and provide an audit report for the same.