In Bangalore, the Companies Act of 1956, administers the Company Incorporation (Formation of the Companies), which includes both public and private entities. A company forms by registering the memorandum and articles of association with the State Registrar of the State where the principal office of the company locates. International companies who wish to operate in India, are granted permission by the Reserve Bank of India to operate branch offices in our country.
Company Registration in Bangalore
Formation of Company Ownership
- PROPRIETORSHIP: If a company owns by a single person then the owner is called the proprietor and the form of ownership is called Sole Proprietorship.
- PARTNERSHIP: if a company owns more than one person then the number of people who own the company are called partners, and the form of ownership is called partnership.
The above two Company Formation can easily be done and does not require any complicated formalities information.
There are Companies which the Ministry of Corporate Affairs offers for Company Incorporation and provides Registration Certificate through Registrar of Companies (ROC). They are mentioned below:
- PRIVATE LIMITED COMPANY: A company which is not governed by
public authorities is a private company and become a private company when it limits the rights and liabilities of its shareholders and does not provide 100% ownership to any of the shareholders.
- PUBLIC LIMITED COMPANY: It is similar to the PVT ltd company excluding the fact that the company is controlled by public shareholders.
- LIMITED LIABILITY PARTNERSHIP (LLP): In this form, a companies LLP is owned by a number of partners it limits the partners from exercising authoritative control among the other partners and also does not make the other partners liable for the misconduct or negligence of one partner.
- ONE PERSON COMPANY REGISTRATION(OPC): it implies that the company is owned by just one person, where he is at freedom to employ any person at his own discretion, and there is no one who holds a higher position in the company other than him unless he has authorized someone to do so.
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Company Registration in Bangalore
Types of Company Registration
Which is the most Suitable Entity for Startups?
The first step in your successful business journey is to choose the right entity for your startup. More than 1, 00,000 private limited companies are formed every year in India because of the reason that there are plenty of advantages in choosing a private limited company. Few of the
important reasons are:
Limited Liability – The liability of the shareholders is limited to the shared that is paid up. So there is no threat to the personal property of the shareholders.
Better Borrowing – The Private Limited Company is more apt for borrowing funds. A private limited company can issue debentures, and can also accept deposits from the general public. Even banking prefers to give large funding assistance to a Private Limited company as compared to a proprietorship firm.
Attract Investors – To expand a business to the next level requires a huge fund. Investors are the right and easy solution to pump in a huge fund. Investors will not invest in a Partnership or a Proprietorship firm, but they choose only Companies.
Very Big Status – A private Limited company adds a very big status to your business. This is the most popular and prestigious form of a business entity as compared to the proprietorship or partnership or LLP.
Legal Requirements that Need to be Met Before the Registration of the Company:
The formalities required for registering a company under sole proprietorship is to get the PAN number and get the company registered under MSME which has now been transferred to UDYOG AADHAHAR REGISTRATION.
The formalities required for Partnership firm is to get PAN for the partners and PAN card for the Company along with the Partnership deed required to file the company registration under UDYOG AADHAHAR.
Legal requirements come into play only when the form of ownership is either public or private limited and it becomes mandatory on its part.
Conditions Required for Registering a Company in Bangalore
- Choosing the business location.
- Deciding on the form of ownership.
- Deciding on the trademark.
- To acquire a TAX ID for the company.
- Register for a license from the local authorities.
- Registering with the tax authorities.
Legal requirements for Company Incorporation
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