Hyderabad is the capital city of Telangana, a southern state of India. It is a very good place for any kind of business, especially for the businesses which are related to the IT sector and food industry. This can be the best choice for starting a business venture. One more thing about this city is that it has a lot of history which attracts tourists towards it, hence chances of development in this city are high. If you are planning to start any kind of business in this capital city do market research before starting anything. Also think about the type of entity which you will prefer to register for your business. Generally the most preferred entity among entrepreneurs is Private Limited Company. This is because of the various advantages associated with this business entity. Registration of a company in Hyderabad is not a tough task but to choose the right entity is definitely the one.
What is Registration of a Company?
Under the Companies Act of 2013, there are various types of companies that have been mentioned. Out of these companies an individual can choose any one for his or her business venture. When these ventures get recognized after filing all the information to the registrar of companies through the Ministry of Corporate Affairs, that is known as registration of a company in Hyderabad or any other place of India. Registration of a company in Hyderabad or any other place in India is compulsory if you are opting for any of the given below entity for your business:
- Private Limited Company which can be formed with minimum two directors and maximum they can go up to two hundred.
- Public Limited Company is suitable in case you are establishing a big venture firm. For such kinds of entities the minimum requirement of a director is seven. Without having seven directors such companies cannot be registered.
- LLP which is a modern version of partnership firm. Its full form is Limited Liability Partnership Firm. It has been governed by the LLP Act of 2008.
- One Person Company is the best choice for the people who are starting their business alone but also want to enjoy the privileges of the body corporates.
- Section 8 companies are the best options in case one wants to register its entity for the purpose of altruistic or philanthropic works
Process of Registration of Private Limited Company in Hyderabad
Registration of a company in Hyderabad is a multistage process. It cannot be done in one simple step. Also it is a time consuming process. For the registration of a company in Hyderabad one can follow the steps given below:
Prerequisites of Company Registration
- Do the research about the company you want to register
- Select the minimum number of members required for your company
- Collect all the documents required for the registration
- Unique name for your company is also required. Hence do research about a name which is unique and suitable for your business.
- Apply for the documents which will be necessary for the company register but are still not there with you. DSC and DIN can be the one.
- Set up an account on the Ministry of Corporate Affairs website
- Authenticate the account after setting it up
Process of Company Registration
- Visit the MCA official portal
- Login on the same portal through the credentials
- Open the Form Spice+Part A and fill it properly. After filling it check it once
- Submit the form for the name approval of the company with the requisite fees
- Once the name id approved now you have to start filling up the second form that is Spice+Part B
- Fill all the information in the same and after filling the form check it twice before submitting it
- Attach all the required documents with the form
- Submit the completed form with the requisite stamp duty and any other fees as per the requirement
- Now registrar of the companies will verify the application
- After the proper verification, in case everything found correct your certificate of incorporation will be generated
Postrequisite of the Company Registration
- Take the other legal registrations and licenses which are applicable on your business. These registration and licenses can be Shop and Establishment Certificate, FSSAI License, etc.
- Open an account for the company and transfer funds in the same
- Make sure that you will complete the annual compliances of the company
- Obtain trade license from the local authorities if applicable on your business
- Obtain GST registration in case you come under the ambit of GST threshold
- If your company is a micro, small or medium enterprise must opt MSME registration to get the various benefits of the government
List of Documents for the Registration of Private Limited Company
Key documents required for the registration of a company in Hyderabad are mentioned below in detail:
- Personal identity proof of the directors and shareholders of the company
- Personal address proof of the directors and shareholders of the company
- Phone number of the directors and shareholders of the company
- Email ID of the directors and shareholders of the company
- Business address proof of the company according to the registered address of the company
- DSC as well as DIN of the company
- Bank account details of the director of the company
Benefit of Registration of a Company in Hyderabad
There are a lot of benefits of registering a company. Some of the key advantages of registration of a company in Hyderabad are mentioned below:
- Separate legal entity
- Limited liability
- An incorporated association
- Cost friendly registration procedure
- Online method of registration which can be done easily while sitting anywhere
- Common seal of the incorporated body
- Reliability and credibility of the businesses increases in the market
- Trust building among the customers and investors
- They are transparent
- Incorporated after the proper verification of the government authority
- Time to time supervision of the government in the form of compliances
- Various tax extensions under the Income Tax Act of 1961
- Can take the benefit of section 12a and 80g registrations
Governing Law of Registration of a Company in Hyderabad
The law for the registration of a company in Hyderabad is Companies Act of 2013. Under the same law companies will be incorporated and their compliance will be done. There are multiple things registering the registration of the companies has been mentioned under this law. Some of the key provisions of this law are:
- Type of companies
- Formation of companies
- MOA and AOA of the companies
- Disqualification of directors of the company
- Appointment of directors of the company
- Audit and auditor of the company
- Appointment and disqualification of the auditors
- Compliances of the company
- Corporate social responsibility of the company
- Wind and types of wind up of the company
- Penalties, fines and punishments has been mentioned
Conclusion
Registration of a company in Hyderabad is a multi-step process, primarily governed by the Companies Act of 2013. The first step is to research and choose the type of company entity that suits your business needs. You’ll need to gather all the required documents, including identity and address proofs of directors and shareholders, DSC, DIN, and more. The actual registration process entails filling out the necessary forms on the Ministry of Corporate Affairs website.
Once the application for registration of a company in Hyderabad is approved, you must fulfill post-registration requirements like obtaining licenses, opening a company bank account, and ensuring annual compliance. Registering a company in Hyderabad offers several advantages, such as separate legal entity, limited liability, and access to various tax benefits. The key governing law for this process is the Companies Act of 2013, which covers different aspects of company formation, governance, and compliance.
