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There are certain parameters prescribed under Rule 8 of the Companies (Incorporation) Rules, 2014 and the proposed name should fulfill such parameters. However, acceptance of the proposed name is subject to the discretion of the officer handling the case.
It is not mandatory to have a commercial space for maintaining a registered address. Any premises, either owned or rented or leased, can be the registered address of the Company.
Companies are allowed to carry on multiple activities provided those activities should be related to or in furtherance of the main object of the Company. Activities that belong to different industries are not allowed to be carried on under a single roof.
The requirement of minimum capital of Rs.1,00,000 for a private company has been omitted by the Companies (Amendment) Act, 2015, and accordingly, a company can be incorporated with any amount of capital.
It is mandatory for a private company to maintain a minimum of 2 and a maximum of 200 shareholders. If at any time the minimum limit of members falls below the prescribed limit, then it has to increase the limit up to 2 members within a period of 6 months.
Minimum number of 2 directors are required to incorporate a private company and maximum limit of 15 directors are prescribed under the Act. However, the Company may have more than 15 Directors subject to the approval of members.
As per the provision of Income Tax Act, it is mandatory for every company to get its financials audited by the auditor of the Company. Hence private companies are not exempted from statutory audit.
It will take from 10-15 working days to incorporate a company if you have all the required documents/information in order.
a) A statutory auditor is to be appointed within 30 Days from the date of incorporation.
b) Share Certificates are to be issued to the subscribers within 2 months from the date of incorporation and application for stamping of shares to be filed within 30 days from the issue of share certificates.
c) A declaration that every subscriber to the memorandum has paid the value of the shares agreed to be taken by them is to be filed by the directors within 180 days from the date of incorporation.
Yes, a NRI or a foreign national can become a director of a private limited company. However, there should be at least one resident director on the board of the company.