The online company registration process in Bangalore

 The process of forming a company or starting a new business in Bangalore has gotten relatively simple in recent years. A process that results in a firm being registered as a corporate entity is known as company incorporation.

Bangalore is India’s IT powerhouse, offering a plethora of opportunities and a supportive environment for young entrepreneurs looking to establish and build their businesses. The Karnataka register of companies is in Koramangala, Bangalore. However, the procedure of forming a company is now handled by CRC.

The registration process can be completed on the MAC website, which is run by the government.

You can now follow MCA’s step by step method for forming a business.

1. Approval of company name

To reserve a company name, the applicants must submit an application to MCA using the RUN service. The INC-1 e-form was superseded by the RUN service in order to reserve a name without obtaining DSC and DIN from proposed directors, resulting in a faster and modified procedure for approval.

2. Acquire the proposed director’s DSC

DSC stands for Digital Signature Certificate which allows any documents submitted online to be signed digitally. This certificate serves as verification of an individual’s identity for a specified purpose. You can get your DSC by going to any government departments’ certifying authorities that are registered with the controller of certifying authorities.

3. Acquire the proposed director’s DIN

A DIN (director identifying number) is a unique and legal identification number assigned to any organisation’s present or prospective director. Anyone who wants a DIN should fill-out e-form DIR-3 on the ministry of corporate affairs’ website. If you incorporate your business using SPICE e-form, you do not need to apply for a DIN in DIR-3 form. SPICE will also apply for a DIN for new company directors.

4. Draft MOA and AOA

The Company’s constitution comprises the MOA and AOA. Both are bylaw documents that outline the nature of the business, its goal, control, operating area and the laws and regulations that it must follow. A company’s articles should include the company’s management regulation, according to section 5 (1). Following receipt of the letter of intent, the MOA and AOA must be drafted.

5. Filing of documents with the Registrar of companies 

The company’s registration form was previously filed with the Karnataka ROC, but it is now filed with the Central Registration Center (CRC) in form number INC-32 (SPICe +), together with the appropriate government fees and stamp duty.

6. Issue of company incorporation certificate 

The ROC will register your company and issue a certificate of incorporation in the INC-11 e-form if all papers and e-forms appear to be in order. Your business is now registered under the companies act of 2013.

7. Corporate identification number allotment

The registrar will assign a separate alphanumeric corporate identification number (CIN) to the registered company that is mentioned on the certificate of incorporation along with its authorised name, date, business categories, PAN, TAN, TF, ESIC number and company bank account as defined in section 7 (3) of subsection (2).

If you want to start a business in Bangalore, the first thing you must consider is what type of business you want to start. You have the following options to start from:

• Private limited company
• One-person company
• Public limited company
• Section 8 company

Documents required for company registration

• Proof of identity and address of shareholders and directors
• Director’s pan card
• Adhar, passport and driving licence
• Telephone bill or recent bank statement in the director’s name
• Registered office proof
• If the company’s registered office is rented, the rental agreement must be accompanied by a letter of consent from the owner as well as an EBCARD (electricity card)
• Tax receipt is compulsory in case of own property

Proof of identity and address of shareholders and directors

• Director’s pan card
• Adhar, passport and driving licence
• Telephone bill or recent bank statement in the director’s name
• Registered office proof
• If the company’s registered office is rented, the rental agreement must be accompanied by a letter of consent from the owner as well as an EBCARD (electricity card)
• Tax receipt is compulsory in case of own property

Advantages of the company registration process

1. Separate legal identity- One of the most significant advantages of company registration is that the company becomes an independent and distinct legal entity.
2. Limited liability- a private limited company is a legal entity distinct from its shareholders as a result a private limited company’s members liability is restricted to the amount of contributed and subscribed share capital.
3. Perpetual succession- One of the key advantages of forming a private limited company is that the business’s life doesn’t cease with the death of all members and the shares are passed on to the legal heirs.
4. Ease of formation- Compared to other types of registration, company registration is simple to accomplish because it is done entirely online through the ministry of Corporations.
5. Ease and free transferability of shares- shares of a private limited company can be simply transferred, with no need to rewrite the entire partnership deed in the event of a partnership dissolution or the reconstitution of an LLP that has died if it is an LLP.
6. Property can be owned in the name of the company ( company as owner)- the compay is a distinct legal entity with the authority to acquire, own, enjoy, and alienate property in its own name.