Section 2 (68) of Companies Act, 2013 states that a private company means a company having a minimum paid-up share capital as may be prescribed, and which by its articles:
|Overview of Web forms||A new Web-based Form named ‘SPICe+‘ (pronounced as 'SPICe Plus') is an integrated Web-based form offering multiple services like 'name reservation', incorporation, 'DIN allotment', mandatory issue of PAN, TAN, EPFO, ESIC, Profession Tax (Maharashtra), and 'Opening of Bank Account' & GST (Optional).|
|Name Reservation||Company has two option available either first reserve the name in Spice+ Part-A and then apply in Spice+ Part-B or directly apply name with incorporation form than challan will not be required.In case company reserves the name first than challan needs to be paid of Rs. 1000 SRN will be mandatory required.|
|Filling Part B of Spice+||• All first subscribers of SPICe+ MOA (INC-33) must have DSC, if they are less than 7 then it will be signed in the form itself no annexure will be required & in case if more than 7 then separate attachment of MOA will be annexed without DSC.
• Articles of Association is entrenched with brief description about the clause (Make sure the article number matches with form SPICe+ AOA (INC-34) )-Select the particular table which is applicable and make the appropriate changes and incorporate first directors name and in case subscribers are more than 7 then AOA will attached separately (as there are only 7 member so DSC slot available in the form)
• Declaration by the subscribers and the first directors in INC – 9 shall be auto-generated in PDF format and submitted electronically.
• The object clause should be relevant and company must be engaged in that business only.
• There is no separate application to be filed for allotment for DIN .it will be allotted with the details filled in the form in the tab directors not having DIN.
• After filling all the details stamp duty fees need to be paid which can be done through MCA or without MCA portal.
• Application for PAN number and TAN number also will be processed with spice e Plus form by selecting respective area code, AO type, Range code & AO No. After completion of these form, it should be acknowledge by DSC of CS/CA/CWA.
• Spice + AGILE PRO form is mandatory for all companies which includes following registration that is GST Registration which is optional, ESIC(Employee State Insurance Corporation) Employees' Provident Fund organization (EPFO) Registration (Mandatory) and Profession Tax Registration in case if company is of Maharashtra and Opening of Bank Account is compulsory.
• After filling up Part B, we have to carry out a ‘pre-scrutiny’ check. Once the ‘pre-scrutiny; is successful, click on ‘submit’. A confirmation is displayed upon successful submission of the form.
• After submission of these form, it should be acknowledge by DSC of CS/CA/CWA.A Service Request Number is generated for making a payment towards company incorporation. Once the payment is made successfully, the forms would be processed.
• In case form is need to be resubmitted due to any error or omission, then form will be resubmitted in the same manner.
|Certificate of Incorporation of Private Company||After completion of process and successful approval of form, certificate of incorporation, Tan allotment letter, PAN card of Company and DIN of directors will be issued. Along with GST Registration certificate, ESIC and EPFO certificate, Professional tax registration (For Maharashtra), Opening Bank account.|
Spice form Fees
• In case of company having share capital
|Nominal Share Capital||Fee applicable|
|Up to 15,00,000||N/A|
|More than 15,00,000||Rupees 500|
• In case of company not having share capital
|Number of members||Fee applicable|
|Up to 20 members||N/A|
|More than 20 members||Rupees 500|
Stamp duty for MOA and AOA is Rs. 7550 (Madhya Pradesh)
Pan and Tan Fees is Rs. 131
Name Reservation Fees: In case applied separately in Part A for Name Reservation than Rs 1000
Following rates are applicable in case of a private limited company
|Type of company||Rate of tax applicable||Surcharge||SHEC|
|Domestic company||25% (less than 400 crores Turnover of PY2017-18)||1Cr. to 10cr. -7%
More than 10 cr.-12%
|Domestic company opting deduction under special scheme||15%(small scale industries with certain conditions)
22%(Companies who are currently using the 25% scheme can one time switch to this scheme )
|Applicable surcharge rate
Mandatory surcharge of 10%
|Domestic company who does not categories in any special scheme||30%||1Cr.-10cr. -7%
More than 10 cr.-12%
Section 2 (68) of Companies Act ,2013 states that a private company means a company having a minimum paid up share capital as may be prescribed, and which by its articles:
DIN means an Identification Number which the Central Government may allot to any individual, intending to be appointed as director or to any existing director of a company, for the purpose of his identification as such. It is an 8 digit unique identification number which has lifetime validity. DIN is required for all existing and new (proposed) directors of a company.
A Digital Signature is the electronic signature duly issued by certifying authority that shows the authority of the person signing the same. It is an electronic equivalent of a written signature. Every user who required to sign an e-form for submission with MCA is required to obtain a Digital Signature Certificate.
There is no minimum capital requirement for registration of Private Limited Company as such. The MCA in its amendments has removed the minimum capital requirement clause for incorporation of private limited company.
A company being a legal person is entirely distinct from its members and is capable of enter into contracts, possess properties in its own name, sue and can be sued by others etc.
The MOA is a document which sets out the constitution of a company and is therefore the foundation on which the structure of the company is built. It defines the scope of the company’s activities and its relations with the outside world.
The articles of association of a company are its bye-laws or rules and regulations that govern the management of its internal affairs and the conduct of its business. It deals with the rights of the members of the company inter se. They are subordinate to and are controlled by the MOA.
The authorized share capital of a company is the amount of share capital that the company is authorized by its constitutional documents to issue (allot) to shareholders.
Paid-up Share Capital of the company is the part of authorized share capital for which the shares were issued to the shareholder. Paid-up capital is the amount that is actually paid by the shareholders to the company.
The company, being a separate person, is the owner of its assets and bound by its liabilities. The liability of a member as shareholder extends to the contribution to the share capital of the company up to the nominal value of the shares held and not paid by them. In other words, a shareholder is liable to pay the balance, if any, due on the shares held by him, when called upon to pay and nothing more, even if the liabilities of the company far exceed its assets.
The Registrar of Companies is the government authority under the Ministry of Corporate Affairs which deals with registration, administration and regulation of Limited Liability Partnership (LLP) and Companies registered under Companies Act,2013 and Companies Act,1956.
We have prepared a detailed and easy to understand comparative table showing availability of features and advantages of one form of business to that of others. The same can be found at the end of this page.
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