Overview of Company Registration in Bangalore
Bangalore has the highest office space consumption/per household, which shows its high demand as an attractive business destination in India. The city has a thriving economic activity, which can also be one of the primary reasons why Bangalore has been the major demand driver of residential real estate. It is a leading city in terms of the occupancies of office space that is fuelling the demand for housing. On the other hand, it would be essential to understand the dynamics of business & economy of Bangalore to understand what makes the city such an attractive business destination.
It is a well-known fact that Bangalore was the technology capital of India long before the arrival of “information technology” companies. However, presently Bangalore is believed to be the world's top business development hub eco-system, innovation city, start-up city and place for research and development centre for bio-life science, scientist and many more. Beyond doubts, Bangalore occupies a crucial place in the context of a global-levelled economy as it is the heart of entrepreneurship which brings economic growth to the city, state and the country of India.
According to a study, this city positions among the top 21 business destinations in the country based on infrastructure, city culture, human capital, and basic quality of living. It was proposed by the GIREM (Global Initiative for Restructuring Environment and Management), DTZ, a non-profit organization and a property-services company.
Benefits of Private Limited Company Registration in Bangalore
Following are some benefits of Private Limited Company Registration in Bangalore:
- Hub for Information Technology and Biotechnology Sector
The city of Bangalore is considered to be the IT capital of India as most of the IT companies are situated in this city due to the great infrastructure. This city is also referred as the Research and Development hotspot as it has contributed around 40 billion to the Indian economy over the last decade and is expected to increase manifolds in the upcoming years.
- Highly Skilled Labour
One can expect a highly skilled labour in this as most of the engineers and biotechnologists prefer IT and biotechnology hub to enhance their skills, which can also contribute highly to the business.
- Increased Credibility of Business: A private limited company is considered more reliable when registered rather than Unregistered. Suppliers Vendors and investors trust them over the other business structures. As a result, it enhances the credibility of the company.
- Protects Owners from Personal Liability and protects them from other risks or losses: Each shareholder has limited each shareholder in a Registered Private Limited Company in Bangalore , which means that even in circumstances where the company face losses, the shareholder does not have any personal liability towards the company, which protects them from other risks and losses.
- Draws more customers: Having a company in Bangalore can help to draw more customers as it is a hub of skilled labour, which makes a company work more effectively and efficiently and better enhances the quality of the products or services, which can inculcate better trust amongst the customers and help to draw more customers.
- Easy to Obtain Funding: A private limited company can obtain funding from the market and the stockholders. A registered private limited company is considered a corporate entity that attracts different angel investors and venture capitalists and helps them expand and raise their funds for their business and company growth.
- Better Growth: Company Registration in Bangalore has a lot of facilities which enable it to provide top-notch services to its clients consistently and which help to improve the goodwill of the company in the Indian and the international market that provides better expansion and growth to the company.
Pre-Requisites for Private Limited Company Registration in Bangalore
There are a few pre-requisites to be followed before Private Limited Company Registration in Bangalore
- According to the Companies Act, 2013, a minimum of 2 shareholders are required to start a Private Company; however, the maximum limit of members in a Private Company is 200.
- If a private limited company faces a financial risk, the shareholders have limited liability and are not subject to sell their personal assets for the cause.
- There must be at least two directors, and a maximum of 15 directors can be appointed in a company for company registration. Moreover, the proposed director must have attained a minimum age of 18 years.
- Any foreign person can also become a director of a private limited company in Bangalore.
- The minimum paid-up capital is not essential for registering a Private Limited Company. However, every Private Limited Company should use "Pvt. Ltd" after their Company’s name.
- The private limited company should have a unique name that shouldn’t be similar to any other registered company and trademark. It is better to avoid any offensive name for your proposed company before the registration.
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Documents Required for Private Limited Company Registration in Bangalore
Following are some vital documents required at the time of Provate Limited Company Registration in Bangalore:
- Documents Required Company Registration in Bangalore through SPICe+ form:
- Articles of Association
- Memorandum of Association
- Declaration by the Subscribers
- Declaration by the Directors
- Confirmation of Office Address
- Copy of 2 months' Utility Bills
- Copy of Proof of incorporation of a foreign body corporate [If applicable]
- Recommendation declared by the "Promotional Company" [If applicable]
- Copy of a Passed Resolution by the International Company [If applicable]
- Proof of interest of the directors from other Legal/Political bodies [If applicable]
- Nominee’s assent in prescribed Format
- Residential address proof & Identity proof of the nominees and the subscribers
- Identity proof and residential address of Applicants
- The Resolution/Declaration of the Unregistered Company/ies
- Any other document [If required]
- Documents Required for Company Registration in Bangalore through AGILE-PRO:-
- Copy of Proof of Principal Place of business operation
- Proof of appointment of Authorized Signatory for Goods and Services Tax Identification Number
- Either of the documents–Copy of Resolution passed by BOD/Letter of Authorization
- Proof of resolution passed by the Managing Committee and Acceptance Letter
- Identity Proof of Authorized Signatory for the opening of a bank account
- Address proof of Authorized Signatory for the opening of a bank account
- Specimen Signature of Authorized Signatory for EPFO:
- Requirement for Company Registration in Bangalore for Declaration in form 'INC-9':- The declaration of the directors and the subscribers is presented electronically in auto-generated PDF format. The applicants for Company Registration have to provide the recommendation and a certification authorized by a professional, such as Chartered Accountant, Company Secretary, and Cost Accountant.
- Documents required as address proof for Private Limited Company Registration in Bangalore
- Voter Card
- Adhaar Card
- Electricity Bill
- Ration Card
- Telephone Bill
- Driving License
- Documents required as residential proof for Online Private Limited Company Registration in Bangalore:
- Bank Statement
- Electricity Bill
- Mobile Bill
Procedure for Private Limited Company Registration in Bangalore
The following procedure needs to be followed for Private Limited Company Registration in Bangalore
- Obtain DSC, DIN & Name Approval: The first step is to apply for Digital Signature Certificate (DSC) for all the directors, along with Digital Identification Number (DIN) & Name Approval. DSC can be easily obtained from the nearest Certifying Authorities or CAs with self-attested copies of their identity proof. DIN is applied in the SPICe Form along with the details of the Director. The Name Approval can be obtained through filing Form INC -32.
- File the Application for Registration with the Ministry of Corporate Affairs (MCA): The next step is filing the registration application with MCA along with the essential documents.
- Obtain the Incorporation Certificate: After filing the application along with the necessary documents, the Registrar of Companies (ROC) shall inspect and verify the application and issue the Certificate of Incorporation; after the verification.
Corpbiz Assistance in Private Limited Company Registration in Bangalore
Our CorpBiz group will be at your disposal if you require any legal advice from experts on any aspect of Private Limited Company Registration in Bangalore. Our team will help you ensure complete & successful registration of your company and your compliances concerning all the issues based on your company's desired activities. Our consultancy will ensure the profitable and well-timed completion of your work.