» PROCEDURE FOR SETTING UP OF COMPANY AND COMPLIANCES
We assist in preparing necessary documents required for formation of company and also for obtaining approvals from FIPB and Reserve Bank of India if necessary.
The procedure is generally as follows :
PROCEDURE FOR FORMATION OF COMPANY
In India to incorporate a Company following procedure is to be followed:
- TIME TAKEN (APPROX.)
Approval of Name of the Company - 10 days
Drafting of Memorandum and Articles - 5 days
Filing with Registrar of Companies and Vetting - 8 days
Incorporation certificate - 2 days
Fees are to be paid with filing of the documents with the Registrar of Companies and depend on the Authorized Capital of the Company and also include Stamp Duties payable to the respective State Government.
The procedure in Details are as follows :
Approval of name: ( Form 1A ) Application for Approval has to be made to the Registrar of Companies of the respective state. Three names in order of preferences have to be submitted for the approval. Once a name is approved , the same is reserved and valid for Six months from the date of approval.
Drafting of Memorandum and Articles of Association: Memorandum and Articles of Association have to be defined keeping in mind the Objectives and activities of the Company.
Memorandum is classified into Main Objects, Objects incidental to the Main objects and Other Objects .The Articles define the rules for day to day workings of the Company.
The Memorandum and Articles have to be printed, signed by the Subscribers /Promoters of the Company and filed with the Registrar.
Vetting : The Registrar will Vet the document filed for any inconsistencies with the provisions of Company law and other allied laws in India. Necessary corrections have to be made and a final draft is approved by the Registrar.
Certificate : The Registrar of Companies will issue a Certificate of Incorporation .