How Do I Register a Company in Bangalore?
Company registration procedure varies from state to state but before understanding that how to do company registration in Bangalore, you must understand which form of business structure you need to choose that properly suits your business requirements. Every form of business structure has different level of compliances as well as different way of filing business tax return. Therefore, before choosing business structure, proper planning is very necessary. You need to understand that the right business structure not only benefitsyour business but it also makes you legally compliant.
Choosing a right business structure is very important for any business as it helps your business to prosper in terms of growth, efficiency and profit as well as moves your business into the right direction.
Company Registration Options in Bangalore
There are different forms of business structure you have to choose from –
Private Limited Company Registration in Bangalore
A private limited company means a company with at least 2 shareholders and 2 directors. It should be registered with registrar of companies. If you want to project your company at a big scale, private limited company is the best option for you in Bangalore. Private limited company offers limited liability as the personal assets of the shareholders are not at stake. In case, company faces any loss, shareholders are not liable to sell any personal asset in order to pay for the loss. In case of any death, bankruptcy or insolvency of any of its members, life of the private limited company never ends and keeps on existing forever. If you want to start a new private limited company, you must have a minimum paid up capital of Rs.1 Lakh. You don’t have to maintain the index of your members in case of private limited company. It is mandatory to use the word “Pvt. Ltd.” after company’s name.
Documents Required for Private Limited Company Registration in Bangalore
Documents needed to form a private limited company in Bangalore are as follows –
Sole Proprietorship Firm Registration in Bangalore
If you want to register yourself as a Sole Proprietor in Bangalore, one person is needed to form a sole proprietorship firm. You will be alone accountable or responsible for the profit & losses of the firm. It is very easy to start a sole proprietorship firm and has minimal compliance requirements. Sole proprietorship does not offer you the following benefits –
Therefore, this form of business structure is only suited for those people who want full control over their business, opening a small business or businesses which are opening for a limited period in Bangalore.
Documents Required for Sole Proprietorship Firm Registration in Bangalore
Documents needed to form Sole proprietorship firm in Bangalore includes –
Partnership Firm Registration in Bangalore
If you want to register yourself as a partnership firm in Bangalore, minimum 2 partners are needed to form a partnership firm. The liability of the members in a partnership firm is unlimited. Before starting a partnership firm, a partnership agreement is signed between the partners and they agreed to share the profits & losses in the ratio mentioned in the agreement. You cannot transfer shares in a partnership firm without taking the consent of all the partners. It is the best option for the people who are looking to expand their business.
Documents Required for Partnership Firm Registration in Bangalore
Documents needed to incorporate partnership firm are as follows –
One Person Company Registration in Bangalore
In case you want to start a new One Person Company in Bangalore, it is a single person activity and one person is authorized to open it. The benefit of registering as a one person company is that you have a 100% control on your business. It is very easy to incorporate and offer limited liability to shareholders as well. In this business structure, you need to inform the registrar of companies before entering into any contract as per the specified guidelines. It is the best option for the business owners who want to limit their liabilities to an extent.
Documents Required for One Person Company Registration in Bangalore
Documents needed for incorporate a One person company are as follows –
Limited Liability Partnership Registration in Bangalore
If you want to register yourself as LLP in Bangalore, minimum 2 Persons are needed to incorporate it. The liability of the members in LLP is limited, easy formation and has minimal compliance requirements. Taxes in LLP are also charged in the same way as private limited company. This option is best for the existing partnership businesses that want to reduce their personal liability. LLP is the best choice for those people who are having low capital in their hands to invest in the business.
Documents Required for Limited Liability Partnership Registration in Bangalore
Documents needed to incorporate LLP are as follows –
Section 8 Company Registration in Bangalore
If you incorporate a firm in Bangalore to promote commerce, science, art, education, sports, research, religion, social welfare, protection of environment or charity, Section 8 Company is the best option for you. Minimum 2 members are needed to incorporate a section 8 company and it is considered as the best option for those people who are not incorporating the company for the purpose of profit. No dividend is paid to its members and it is incorporated only for Charity purposes. It has higher credibility among donors, stakeholders & government departments.
Documents Required for Section 8 Company Registration in Bangalore
Documents needed to incorporate Section 8 Company are as follows –
Process of Company Registration in Bangalore
The process of company registration in Bangalore is very simple and can be achieved by just following the 9 steps mentioned below –
Step 1 – Selection of Appropriate Business Structure
In the first step, directors & shareholders have to select the appropriate business structure which suits their business requirements. There are various forms of business structure such as private limited company, Partnership firm, Sole-proprietorship firm, Limited Liability Partnership, One Person Company and Section 8 Company.
Step 2 – Documents Preparation
After selecting the appropriate business structure, you need to prepare the documents as per the legal requirements &compliances of the selected business structure.
Step 3 – Apply for DSC
After preparing all the documents as per the requirements of the selected business structure, partners or members apply for Digital signature certificate and the online registration form has been filed.
Step 4 – Company name search
In step 4, you need to decide the name of the company as per ministry of corporate affairs and trademark search. Make sure that the name of the company should be unique and as per MCA guidelines.
Step 5 – Form Company rules, regulations & policies
In step 5, you need to prepare company rules, regulations & policies in order to make company a legal entity.
Step 6 – Apply for PAN & TAN
After making the rules, regulations and the policies of the company, your next step is to apply for Company’s PAN & TAN.
Step 7 – Selection of Proper Banking Channel
After doing registration for PAN & TAN, you need to select a proper banking channel and open a new bank account in the name of your company i.e. Current account.
Step 8 – Apply for Tax registration number
After selecting the appropriate banking channel, you need to apply for tax registration number for your new firm which will make you liable for paying taxes to the income tax department.
Step 9 – Maintenance and filing to the ROC Bangalore
After doing company registration, you need to maintain your accounts & bookkeeping. You need to submit ROC returns along with P&L account and balance sheet to registrar of companies, Bangalore every year. You should mandatorily file the returns to the income tax department CPC Bangalore on time much before the deadline.
How Finacbooks helps in Company Registration in Bangalore?
Finacbooks is a leading Indian platform having more than 10 years of experience in helping individuals or entities by registering their company at a least possible price. We will guide you through the entire process of Company Registration in Bangalore. To avail the best deals on Company Registration, Kindly call us at 8800221252 or you can also e-mail us at email@example.com
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