What is the Company registration Process in Mumbai?

 In the industrial sector, Mumbai is home to several prestigious institutions and global firms. On the other hand, it also supports several new entrepreneurs, enabling them to quickly expand into significant businesses. Being the nation's commercial hub, it makes sense that entrepreneurs would seek to launch their businesses in Mumbai. As Mumbai is India's hub for international commercial contacts, doing so would benefit the company by swiftly growing its market both domestically and abroad.

The Private Limited Company is one of the most widely used legal forms among small, medium, and big businesses in India, due to its many benefits.  Anyone wishing to create a scalable business may select it. A minimum of two members and a maximum of 200 members are needed to register a private limited corporation.

Features of Company Incorporation in Mumbai:

There are some features of Company Incorporation in Mumbai:

·         At least two of the directors Should be Indian citizens

·         All documentation should be accessible online.

·         A minimum of 2 investors and a maximum of 200 stockholders are required.

·         Minimum Capital required Rs 1 lakh

·         A valid company name is required.

·         It is necessary to have a permanent establishment of the company.

Mandatory Documents:

The following are the mandatory documents for the company formation in Mumbai:

·         Memorandum of Association (MoA)

·         Articles of Association (AOA)

·         Declaration and Affidavit by directors and first subscribers

·         Proof of Office Address

·         Latest Utilities Bills ‘Copy (like Electricity, Gas, Water Bills, etc.)

·         NOC from the owner of the property (in case of rented property)

·         Proof of identity and residential address of directors. (Like PAN card, passport, etc.)

·         Form INC-9:declaration by directors

·         Form DIR-1:consent of all directors

 

Benefits of the Private limited company registration in Mumbai

·         improved acceptability, credibility, and reliability

·         Possibility of receiving greater finance and expanding one's consumer base

·         improved ease of attracting better candidates

·         Better protection because of reduced liability

·         protection of owners' personal property

The procedure of company Incorporation in Mumbai:

Although there are many difficult steps in the incorporation of a private limited company process, a firm must go with it. Upon completion, the business gain several advantages just by being a private limited company, including tax advantages. There are some steps for the company registration in Mumbai:

·         Entrepreneurs should first consult a legal professional and choose what type of business structure to incorporate as.

·         Additionally, the business owners should select a suitable company name and confirm its existence based on the business structure they have chosen.

·         As soon as the team receives approval for the firm name, they should begin collecting the necessary paperwork.

·         The entrepreneurs should then seek legal counsel and use the SPICe incorporation process to file for incorporation with the RoC.

·         Companies with an authorized share capital of under 15 lakh rupees are exempt from paying registration fees. 

However, they will have to pay both the processing fee and the necessary stamp duty for their submissions.