Ignorantia juris non excusat, meaning, ignorance of the law is no excuse. Why should you care? Because it’s a legal principle which provides that one can be prosecuted for things he didn’t even aware that they are wrong.
It takes a lot of vigour in a person to kick off a startup and the last thing one wishes is his company suffering for the mistake they didn’t even know about. Not only does it take a toll on the already scarce business bandwidth, but also drives away investment prospects. Thus, it is better to seek professional help from the very outset of setting up your business instead of paying penalties when things have already gone south.
The Prerequisites to Incorporation
- Selecting a unique name for your company emblematic of the company’s vision and mission. You need to propose at least 2 prospective names for your company complying with the Ministry of Corporate Affairs (MCA) Guidelines
- Ascertaining the business structure: Does your business actually demand a company business structure? What kind of company would be better, One person company, a Public Company or a Pvt. Ltd. Company?
Capital Needed for Incorporation
There is no minimum amount of share capital required. You can start with a minimal 10,000/- capital upto 1 lakh to start with. The basis for determining the amount of capital would be that of investments in your company.
How much time does it take?
Well, the process of incorporating a company, that is, till the point of obtaining a Certificate of Commencement of Business, can be as fast as 5 days by USAIndiaCFO team, or an average of 15-20 working days. There are various factors involved. Like if the proposed name for the company doesn’t get approved by the Registrar of Company (RoC), your DIN application gets rejected, etc so keeping a margin of a few days is wise.
What documents are required?
- For Directors- Self attested copies of Pan Card, Aadhar and Bank Statement.
- 2 photographs of Director
- DSC form filled up for Director
- Two Desired name of the company in order of preference.
- Director’s Information such as education qualification, contact details and address information.
Address Proof of place of business:
- In case of Rented Property/ Office – Latest Electricity Bill and NOC/Leave Licence
- In case of Owned Property/ Office – Latest Electricity Bill and Property Tax Receipt/Maintenance Bill
Once the above documentation is done and submitted, a Corporate Identification Number is generated using which you get your Certificate of Incorporation from RoC. Please take note that mere incorporation is not enough to commence the business, PAN and TAN is also mandatory for which we need to fill Form 49-A and Form-49B respectively.
Our partners have 5+ years of experience in dealing with issues pertaining to intellectual property and we have worked with top-notch clients such as Maple, North Constructions, Chocodolce, M Realty, Paperboat Apps, VSV wins groups, Numiv Research and many more and we provide our customers with tailor-made, comprehensive and cohesive solutions.
Further, we also provide accounting/ taxation/ financial/ legal services, offering amazing value for money if we form long term relations on retainership, which saves you on the business bandwidth of outsourcing to multiple service providers and salvages the cost of changing service providers when the business grows.
It’s been really great working with you; when i was confused as to how to register a business, you were there throughout my journey of Be You Be Unique, incorporating my company, making me understand the compliances, with each and every help. From the company to its logo, it’s here, because of you and your help! So thankyou.
– Sabreen Taj, Founder of Be You Be Unique Personality Development OPC Pvt. Ltd.
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