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Q. What documents are required to set up a Pvt. Ltd. Company in India?
A. You need to arrange very simple documents of directors like photograph, PAN card and address proof.

Q. Do I have to have office (commercial) space to start a company?

A. No, commercial office space is not required. You can show your own residential or rented home address as the registered office address of the company. This office address can be changed at any time after incorporation of the company. Once your start-up is set up, stable and ready to move on to a nice corporate space, you can change the registered office address by informing the ROC office.

Q. Who is Registrar of Companies (ROC)?
A. ROC is a government office with which companies get registered. Every state has one ROC office except Maharashtra and Tamil Nadu where there are two ROC offices. In Maharashtra, companies are registered with Mumbai & Pune ROCs. In Tamil Nadu, companies are incorporated at Chennai & Coimbatore ROCs. In all other states, there is only one ROC office, like at Bangalore, Hyderabad, Delhi and so on.

Q. Do I have to physically visit ROC office while setting up a company?
A. No. Vyapaar Pundit provides complete company incorporation online process. All legal documentation with ROC and visits are done by Vyapaar Pundit associates.

Q. Is Private Limited Incorporation to be renewed every year?

A. No. Once the company is formed, it will be valid till it is officially closed down by the owners. No renewal or fees is required. However, every year companies have to file very basic returns with ROC office.

Q. What is a DIN?

A. Director Identification Number (DIN) is a unique identification number required for a person to become a director of a company. DIN is issued by the ROC office (Ministry of Corporate Affairs). It is similar to a PAN card number. DIN is to be mentioned in documents while appointing a person as a director of a company.

Q. What is a DSC?
A. A Digital Signature is an electronic signature, which is in the form of codes. It is used for signing the electronic forms, filed with ROC for incorporation of a company. Digital Signatures cannot be used in physical documents.

Q. What is Company Name Search? Why it is important for new company registration?

A. Company name is a very important part of registration of a company. Company name is divided into 3 parts:
1) Keyword (brand name like TATA or Flipkart)
2) Activity word (i.e. showing nature of business like Software)
3) Business Type word (i.e. Pvt. Ltd. or LLP).
For incorporation of company, the suggested name should not match with existing companies or trademarks.

Q. What is MOA & AOA of a company?

A. MOA means Memorandum of Association and AOA means Articles of Association. These are the by-laws or rules based on which important matters like main business of the company or meetings are decided. These are standard legal documents prepared by Company Secretaries during registration of the company.

Q. Can we change office address of the company after incorporation?
A. Yes, company office address can be changed anytime after company incorporation online.

Q. What is capital of the company?

A. Capital means investment made by shareholders in the company. Authorized Capital is an amount up to which company can issue shares. This capital is mentioned during incorporation of the company based on which ROC registration fees and stamp duty is paid. Paid-up Capital is an actual investment which goes from shareholders into company bank account, against which share certificate is issued by the company.

Q. Do we have to deposit Share Capital in a bank at the time of incorporation?

A. No. After a company is registered, it needs to open a company bank account and then anytime within two months of incorporation, capital can be deposited into company bank account.

Q. Does my business have to have some level of turnover to start Private Limited?
A. No, a Private Limited company is one of the modes of doing business, which means it can be started from scratch. For that matter, even after incorporating a Private Limited, there is no obligation that the company must have sales or turnover.

Q. Are PF, GST automatically applicable to Private Limited?
A. There is no automatic applicability. Provident Fund (PF), GST law applicability is same for all types of businesses like sole proprietorship, partnership firms and companies. These laws are applicable only after crossing certain threshold limits.

Q. Which form is to be filled for the appointment of the statutory auditor?
A. Form ADT-1 is to be filled for appointing or replacing the Statutory Auditor.

Q. Which form is to be attached to the Companies Director Report?

A. MGT-9 is attached to the Companies Director Report, which is an extract of MGT-7.

Q. Are audited Financial statements mandatory while annual filing of the Private Limited Companies?

A. Audited financial statements are necessary for every company from its incorporation. The company must file the audited statements only.

Q. Does the appointment of the statutory auditor fall under annual compliance?
A. A company can appoint a statutory auditor either for five consecutive years or till the conclusion of the next annual general meeting. Therefore, an appointment of the statutory auditor cannot be considered as a part of annual compliance.

Q. What are the compliances of a Private Limited Company?
A. A company is required to maintain the compliances once the company is incorporated. An auditor is to be appointed within 30 days. Additionally, there is income tax filing and annual return filing that is to be done every year.

Q. Is it necessary to conduct AGM?
A. The Annual General Meeting (AGM) is held for the management and the shareholders to interact with each other. The Companies Act, 2013, makes it compulsory to hold meetings to discuss the yearly results and appoint auditors.

Q.Is it mandatory to get a Private Limited Company audited?

A. The statutory audit, as the name suggests is a mandatory audit for all companies. All the entities that are unregistered under the Companies Act as Private or Public Limited Companies need to get the books of accounts audited every year.

Q. How to file the annual returns of the company?
A. The companies incorporated under the Companies Act, 1956 are required to file the following documents with the ROC:

  • The balance sheet in form 23AC

  • Profit and loss account in form 23ACA

Q. Is audit report mandatory for all the Private Limited Companies?

A. The Private Limited Companies are required to file the annual accounts and the returns that disclose the details of the shareholder and the directors to the ROC.

Q. When is annual return to be filed after the AGM?
A. After the AGM, all the Private Limited Companies are required to file the annual return within 60 days.

Q. What is ROC Compliance?

A. ROC is the officer governed by the MCA that deals with the functioning and has to ensure that the Private Limited Companies and the LLPs comply with the statutory requirement of the ACT. The Registrar of the company functions as the regulator for the companies registered with them.

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