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The companies Act has laid down a certain set of rules and regulations to be abided while the incorporation of a company. The primary step is getting approval of the name of the company, by filing and submitting the name application to the ROC-Registrar of companies. Within a period of 7 days, you will know if the name is available or taken already. Now comes what is referred to as the Magna Carta of a company, i.e Memorandum and Articles association. Drafting of MOA and AOA need to be done with extra care and cautiousness, as it should be matching with the standards as laid down by The Companies act 1956. Before filing of the application with the registrar, it should be digitally signed by a competent authority. Getting the DIN or the Director Identification number is the next important step, without which an individual could not be appointed as a director or managing director of a company.
Company Law
The Companies Act 1956 imposes certain rules to register a Company in India. We are great full to provide our hands to bring you the relevant information regarding the Company registration and to make your business in to reality.
Incorporation in nutshell
Company registration process preludes with filing of name application to the Registrar of Companies (ROC) for the name approval of the proposed company. So the initial step is to apply for the proposed name to the Registrar and subsequently the Registrar of companies will inform the applicant regarding the availability of name within seven days of application.
The Memorandum and Articles association are considered to be the magnacarta of a Company, incorporated under the Companies Act 1956. Drafting of MOA and AOA is generally a step subsequent to the availability of name approved by the Registrar. MOA and AOA should be drafted with utmost care to achieve the standards laid down in the Companies Act 1956.
Though it is not digitally signed, no forms could be filed with Registrar. Hence it is unavoidable to acquire a digital signature, issued by a competent authority, for a Managing director or Director or Manager or Secretary of the Company. Moreover an individual could not be appointed as a director or managing director of a company without having a Director Identification Number (DIN). Therefore, a person who wish to be the director of the proposed company, need to get a Director Identification Number issued by DIN cell.
Next step is to file the MOA, AOA and other documents to the registrar of companies along with specified fees. A professional should witness the MOA and AOA. The fees payable to the ROC vary according to the Authorized capital of the company. After the completion of the incorporation procedures the ROC shall provide an incorporation certificate to the company. The private company can commence business on the day itself it gets the approval whereas the public limited company, having share capital, can commence its business only after getting the certificate of incorporation.
- Approval of Name
- Memorandum and articles of association
- Din and Digital signature
- Filing documents with the Registrar and commencement of business
FAQ
What is the difference between LLP and a Company
The main difference is that an LLP has the organizational flexibility of a partnership and is taxed as a partnership. In other respects it is very similar to a private company.