Company is an association of persons or as a legal entity formed to carry out certain business for profits. Therefore, company registration is inevitable in order to run this business legally and smoothly. All companies are registered as per the company registration procedure defined by the Indian Companies Act 1956. Primarily, there are private and public companies as per the rules and regulations of the companies act. Private company formation is slightly different from public limited company formation on the basis of its rules and regulations. Private company needs minimum two shareholders and seven for its maximum as pr the company rules and minimum one lac amount as its paid up capital. Public company has no limit of maximum numbers of shareholders and there is free transferable of shares from one another and this type of company can invite public to buy shares. Company registration is a mandatory task for all types of companies after its formation.
Procedure to Set Up a Company in India
There are certain rules and regulations are applied for company registration as per the Companies Registration Act 1956. Registrar of Companies (RoC) are set up by the Indian Companies Act in different states and Union Territories for registering companies after checking and verifying all the details. After setting up a company, then the next step is to apply for company registration as per the companies act. In order to get the registration certificate from the Registrar of Companies, one should fulfill certain procedures of company incorporation before applying registration. Government has appointed Registrar of Companies (RoC) under the section of 609 of the Indian Companies Act in every region in order to allow certificate of registration. The following important documents are needed to be submitted along with application form to ROC:
- Memorandum of Association (MoA)
- Articles of Association (AoA)
- Power of Attorney
- Name and Details of Board of Directors