If you wish to form a new business or a startup in India, you must first register with the Ministry of Corporate Affairs (MCA). It is not essential to register at the corporate office; it can be done from the convenience of one’s own home. The Company registration process comprises obtaining a Digital Signature Certificate (DSC), obtaining a Director Identity Number (DIN), and submitting an electronic form.
Company registration process.
The application for a Digital Signature Certificate (DSC) and the filling of the SPICe+ paperwork are the first two steps in a four-step process. Let’s take it slowly and steadily.
Step 1 Digital Signature Certificate:
Digital signatures are required to submit forms to the MCA site because the company’s registration is totally online. A DSC must be submitted by all proposed directors and subscribers to the Memorandum of Association (MoA) and Articles of Association (AoA).
DSC is available from certifying agencies that have been approved by the government. A list of such certified authorities can be found here. DSC is also available for purchase online and may be delivered in two days. MoA and AoA’s directors and subscribers must get a DSC in the Class 3 category.
Step 2 Director Identification Number(DIN):
A Director Identity Number (DIN), which is an identity number for a director, is required for anyone who aspires to be a director in a corporation. All proposed directors’ DINs, as well as their names and proof of address, must be included in the business registration form. The DIN number can be obtained by completing the SPICe+ form, which is a company registration form.
SPICe+ is a web-based company registration tool that allows you to get a DIN for up to three directors. If the company has more than three directors but none of them have a DIN, the company can be incorporated with only three directors and will have to nominate new directors after that. By completing the DIR-3 form, which is only available to prospective directors of an established firm, the appointed directors can receive a DIN.
Step 3. Registration on the MCA Portal:
The SPICe+ form must be completed and uploaded on the MCA portal in order to apply for company registration. The company’s director must register on the MCA portal in order to fill out the SPICe+ form and submit documentation. After registration, the director can log in and use MCA portal services like filling out e-forms and looking up public data.
In Part-A of the SPICe+ form, the corporation must additionally reserve its name by providing two potential names. The name reservation is necessary since the SPICe+ form will be refused if the company name is identical to that of an existing/registered company, LLP, trademark, or contains phrases forbidden under the Companies (Incorporation Rules) 2014.
If the SPICe+ form is denied because the company name was not approved, the applicant must refile another SPICe+ form and pay the necessary amount to reserve a new name. However, after the name submitted in Part-A of the SPICe+ form has been approved, it will be reserved for a period of 20 days, during which time the company must complete Part-B of the SPICe+ form and submit it online. In Part-B of the SPICe+ form, the applicant must give firm and director information, attach papers, attach a DSC, check the form, and submit it.
Step 4. Certificate of Incorporation:
Once the registration application has been completed and filed with the required evidence, the Registrar of Companies will evaluate it. After confirming the application, he will issue the Company’s Certificate of Incorporation.
The Certificate of Incorporation includes the PAN and TAN assigned by the Income Tax Department. The applicant will also receive an electronic letter with the Certificate of Incorporation, as well as his or her PAN and TAN.
We’ve now covered the fundamentals of how to form a corporation.
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