Are you planning company formation in Bangalore but don’t know how to start? We agree that starting a new business in any city could be a herculean task with so many unanswered questions in your mind. Amidst so much stress, you will not be able to single-mindedly focus on the documentation needed for company registration. But not to fret! Read on to find out a detailed step-by-step process for company registration in Bangalore. Our experienced professionals at Intuit Consultancy, take care of all your requirements right from company name registration, documents needed, etc. We are here to assist you to experience a seamless, quick and hassle-free services for company formation in India. Get in touch with us and we will help you in making your dream come true.
Types of legal entities
There is a step-by-step procedure stipulated in the companies Act 2013 for getting a company registered in Bangalore. Before going ahead with the registration process, you need to decide the type of business structure you want to opt for your business activities or company formation in Bangalore. There are various options such as:
- Private Limited Company
- Limited Liability Partnership (LLP)
- One Person Company
- Public Limited Company
Depending upon the legal entity other than the Promoters, if you have investors, then they are called as Shareholders/ Stakeholders. Usually, at the onset, mostly the Promoters and shareholders are the same as they are investing money in their business. So this is how you can select the right type of legal entity for doing a company formation in Bangalore:
- Private Limited Company Registration: If there are two co-founders and if you wish to infuse funds into the business in future through angel investments or any venture capitalist or Private Equity then it is suggested to set up a private limited company.
- Limited Liability Partnership (LLP) Registration: A limited liability suites If there are two partners with owned funds to invest and looking out for limited expansion of the business
- One Person Company Registration (OPC): This option is similar to the private limited company and is suitable if you are the only single founder of the firm and require just a limited liability in the business along with company legal status and having a 100 percent control on the business, then you must opt for OPC company registration in Bangalore.
- Public Limited Company Company: A public limited company invites equity participation from general public for infusing funds into the business in the form of share capital. This option is however suitable for High Networth individuals and Complex businesses and minimum shareholders required are seven. The Public Limited companies are highly regulated by authorities and liable for scrutinise as public funds are involved.
Besides the above-mentioned legal entities if you are thinking of testing some business ideas, then you should choose the option of simple sole proprietorship concern or a Partnership firm and later convert into a private limited company or Limited Liability partnership once you are sure that your business idea is working.
Steps of company registration
The process of company registration in Bangalore is similar to company formation anywhere in India. You need to:
- Collect all the documents required for company registration
- Decide and then reserve your company’s name
- Obtain the digital signature
- Get the Director Identification Number
- Prepare the draft for the Memorandum of Association and Articles of Association
- Fill the application for company registration with Registrar of Companies, Bangalore
- Acquire the Certificate of Incorporation.
The requirements for Private Limited Company
- Minimum 2 shareholders
- Minimum 2 directors
- Minimum share capital should be Rs. 100,000 (INR One Lakh)
Note: The directors and shareholders could be same person.
It takes approximately 15 to 20 working days to complete the process of Private Limited Company registration. The timeline could also vary depending on the response from the ROC department.
Cost of company Registration in Bangalore
The cost of company registration in Bangalore depends on which legal entity you choose for company formation in Bangalore. It usually ranges between INR 30,0000 to INR 50,0000 for Private Limited Company Registration in Bangalore.
The cost for LLP company registration in Bangalore ranges between INR 30,000 to INR40,000.
The cost of One Person company registration in Bangalore ranges between INR 30,000 to INR 35,000.
If you are confused about any steps or the process, get in touch with us and our experts are here to support you. Though the process is simple to understand, it is surely not the easiest one to get done. The various document and forms filed with Registrar also need to be certified by a Practicing CA/CS/ Lawyer.
This is where IMC steps in and takes your burden away. So don’t let time slip by; contact us and Register your company in Bangalore now!