Incorporating a company in any country involves proper registration and documentation. The registration process may differ according to countries but some processes remain the same. There are different types of companies and the registration processes can differ based on its type. Company registration consultants can easily assist you with documentation and application filing. Read on to learn more about registering various types of companies.
Private Limited Company
A private limited company can be owned by two or more stakeholders. One of the biggest pros of owning a private limited company is the ease of transferring ownership. If a private limited company suffers a loss, then stakeholders can sell their shares besides personal assets. The steps for registering a private limited company are:
• You should have the required documents for registering a private limited company. The documents required during registration are identity proof, address proof, registered office address, etc.
• You will have to obtain the DSC (Digital Signature Certificate) from the dedicated ministry in your country.
• You will have to fill the respective memorandum associated with the incorporation of companies. A company registration consultant will guide you through the regulatory acts laid by the governments.
• If you are starting a company in India, you will have to file for a TAN (Tax Deduction Account Number). For countries like the USA, you will have to apply for a federal employer identification number.
Public Limited Company
A public limited company should have at least seven members with a minimum of three directors. A public limited company enjoys limited liability and can also offer its shares to the public. A public limited company is free to add an unlimited number of members. The steps for registering a public limited company are:
• Several documents of company members/founders like address proof, identity proof, and NOC (No Objection Certificate) are required for registration.
• Apply for a TIN (Tax ID Number) in your respective country. If you are opening a company in India, you will have to apply for a TAN number. In the USA, you need to apply for a FEIN (Federal Employer Identification Number) to open a bank account.
• Submit your application to the respective ministry with accurate details and attached documents.
Limited Liability Partnership
LLP (Limited Liability Partnership) requires fewer maintenance efforts as compared to other types of companies. One can opt for a company registration consultant if there is confusion regarding the registration process. The registration process for incorporating an LLP is:
• You will have to obtain the digital signatures of directors/founders for registering an LLP. Some other documents would also be required, like proof of identity, domicile proof, etc. You will also have to provide the unique email ID and mobile number of the founders.
• Once all the documents are available, fill the incorporation application and send it to the respective ministry/authority.
• Apply for a unique Tax ID number in your respective country. An LLP agreement is also to be filed by the respective founders/directors.
Proprietorship is a one-man company in which a solo owner controls and operates the company processes. A proprietorship is easy to set up and close as it involves documents of only one person. However, Proprietorship will keep you away from other benefits like quick transferability, limited liability, etc. The steps for registering a proprietorship are:
• Various documents of the owner are needed like identity proof, address proof, etc. You will also have to apply for a dedicated Tax ID number in your respective country.
• Fill out the incorporation form and submit it to the respective ministry/regulative authority.
There are some more types of companies like partnership firms, subsidiaries of any foreign firm, etc. Some of the required documents like identity proof, address proof, digital signatures of owners, etc. will remain the same in any geographic location. The other processes may differ according to the geographic location. For example, in India, you will have to apply for a TAN while in the UK, one has to register with HM Revenue & Customs.
In a Nutshell
One can take the aid of a company registration consultant for hassle-free documentation and compliance with the incorporation norms set by the regulatory authorities. All the requirements for registering a company are to be fulfilled, otherwise, your application may get rejected. Choose a reliable firm for incorporation services!