To register a Private Limited Company in Punjab, you need to follow the guidelines and procedures set by the Ministry of Corporate Affairs (MCA) in India. Here is a step-by-step overview of the registration process:
Obtain Digital Signature Certificate: The first step is to obtain DSC for all the proposed directors of the company. A DSC is required to digitally sign the documents during the registration process.
Obtain Director Identification Number: Every director of the company must have a unique DIN. You can apply for DIN through the MCA website by submitting the necessary documents and forms.
Name Reservation: Choose a unique name for your company and check its availability on the MCA website. Once you have a unique name, file the application for name reservation (Form RUN) along with the required fee.
Drafting of Memorandum of Association (MoA) and Articles of Association (AoA): Prepare the MoA and AoA of the company. These documents define the scope and objectives of the company, its internal regulations, and the relationship between the company and its shareholders.
Company Incorporation: Once the name is approved, you can proceed with the registration process by submitting the required forms such as Form SPICe (Simplified Proforma for Incorporating Company Electronically) and Form INC-32. These forms contain information about the company's directors, shareholders, registered office address, and other relevant details.
Payment of Registration Fees: Pay the prescribed registration fees based on the authorized capital of the company.
Certificate of Incorporation: After reviewing your application, if everything is in order, the Registrar of Companies (RoC) will issue a Certificate of Incorporation. This certificate signifies the completion of the registration process, and your company is now officially incorporated.
Post-Incorporation Compliance: Once the company is incorporated, you must fulfill certain compliance requirements such as obtaining a Permanent Account Number (PAN) from the Income Tax Department, opening a bank account in the company's name, and obtaining Goods and Services Tax (GST) registration if applicable.
Types of Private Limited Company in Punjab
Limited by shares: The liability of the members is limited to the amount unpaid to the company concerning the shares held by them.
Limited by guarantee: Here the members’ liabilities are limited to the amount of money they guarantee to pay in case the company is wound-up.
Unlimited liability: The liability of members is unlimited in this type of private company. Personal assets of members can be attached and sold when the company is being wound-up.