There must not be less than two members and not more than 200 members as shareholders in a private Limited company.

Selection of promoters must be done wisely, where there is least possibilities of dispute in future (preferably your son, daughter, wife, brother, sister, father or mother or close friends)

Always prefer directors who will run the company with utmost trust. One should avoid making your wife or mother or sister as directors as there may be prosecution on failing to do many compliances.

Funding should always be considered after 3 years of operation of your business operations. When your company’s financials have something to show to investors. This leads to good valuation of the company and in turn good premium on shares.

One should always bear in mind that all major decisions should be through Board Meetings and there must be not less than four Board meetings in a financial year and the gap between any two consecutive board meetings must not be more than 120 days. One should avoid purchasing land in the name of company (because of non-compliances or insolvency one may lose land), registration of a trademark is advised to be registered in the name of individual and not in the name of the company, all compliances are done on or before time as per day penalties are levied.

Audit fee starts from Rs.25000 and goes to lacs depending upon volume of transactions and nature of trade. The auditor must be appointed in the first Board meeting (within 30 days of incorporation).

No physical presence is not required for incorporating a Pvt Ltd Company. Registeryourstartup.com shall do all necessary activities required on your behalf to register the company. Everything is done online. In case you do not have a registered address, our team shall help you in getting a virtual address at various co-working spaces for Registrar of Companies and GST registration at a nominal annual price.

First decide the name of the business and should first avail Domain for such names. Once Domain is purchased in your own name (not by consultant), you must decide on the brand name of the products or services and should get that brand name (Trade Mark) registered with The Registrar of TradeMarks (www.registeryourstartup.com will help you). Post making brand registration you should decide on the types of entity (Pvt Ltd/partnership firm etc) depending upon the nature of business and should get it registered.

As soon as Private Limited Company is formed you must opt to open the bank account and to transfer the share capital amount from your saving bank account and to ask your consultant to prepare share certificate to be retained by each promoter. There may be few other mandatory registrations like Food (FSSAI) Registration/license, Drug license, BIS (Bureau of Indian Standard), Import Export Code (IEC) etc depending upon the nature of industries (www.registeryourstartup.com can help you in getting those registrations).

Loan from the bank should always be considered after 3 years of operation of your business when your company’s financials have something to show to the bank. One may also look for PMEGP and CGTSME loan which are quite prevalent. Loans are given as per your GST turnover.

Your business may or may not require GST registration. You must opt for GST registration only when the turnover exceeds Rs. 40/20 lakhs for goods and services respectively at any given point of time in one financial year (exception in North eastern States). For E-commerce and Exporter GST is mandatory irrespective of Turnover. (www.registeryourstartup.com can help you in getting GST registration for your business).

Nowadays under Spice form one gets ESI and EPF by default along with incorporation certificate. If your company is not eligible for ESI and EPF registration then you need to inform the department through a letter that you are not eligible for ESI and EPF registration and willing to surrender. (www.registeryourstartup.com can help you in surrendering the ESI & EPF).

You should register your company in the State where you are willing to start your business and have your maximum customer base or have a manufacturing unit.

Yes, you can register your company in one state and can obtain GST in another state.

No, you cannot have a virtual registered address for Private Limited Company. It is advisable to have your residence address as registered address or coworking space as you can easily get all the communication from any department.

Once you have opened the bank account and obtained GST, you should gradually start obtaining other registrations.

Rs 100 per day for each form. There are two forms of annual filing: AOC 4 and MGT 7.

Investors invest in people and not in business. Promoters must be ethical and transparent in their business and should have true financial figures and ROI is attractive.

Closing the company must be the last resort. Instead, you should make this company dormant. This can be done by filing dormant forms with ROC (www.registeryourstartup.com can help you in making your company dormant). By doing so you can start your business as and when you are ready.

Under the new Companies Act 2013 multifarious objects are allowed thus one company can serve many objects.