4 steps to register a company in Bangalore are as follows:
Step 1: Application of digital signatures of the directors and shareholders.
The DSC is used for signing and uploading all the forms. The digital signature replaces the need for physical signatures.
Step 2: Application for name approval through RUN
This is the application for name approval. the government fees for RUN is Rs 1000. It usually takes 1 day to get the name approval. In order to avoid rejection the name applied should be unique and no similar trademark should be registered. You can check the name here.
Step 3: Drafting of MOA and AOA
The MOA defines the object and the capital structure of the company. The AOA is a basic set of rules that govern the operations of the company. Its very important that the MOA and AOA are drafted correctly to void future complications.
Step 4: Submission of Spice 32 , Spice 33 and Spice 34
These are the final forms for company registration. SPICE form contains the details of directors, KYC documents of directors, Address of the proposed company and declaration. SPICE 33 and SPICE 34 are MOA and AOA.
Once SPICE is approved you will receive the certificate of incorporation , Pan and Tan of the company. You can now proceed with bank account opening.
What are the steps after company is formed in Bangalore/ What are the local registrations needed?
Step 1 : Bank Account Opening
Once the company is registered you can open a bank account in any bank in Bangalore. The authority for operating bank account can be jointly or singly held by directors.
Step 2 : Deposit of share capital money and filing of commencement certificate
Deposit the share capital within 60 days from date of incorporation. Once deposited file commencement certificate in form 22A.
Step 3 : Issue of share certificates
The share certificates in SH 7 should be issued to share holders. the appropriate stamp duty on share certificates need to be paid on the same.
Step 4 : Appointment of auditors
The statutory of your private limited company should be appointed within 30 days of incorporation. ADT 1 form to be filed with MCA.
Step 5 : Shopact
Every company in Bengaluru is required to apply for shopact registration. The charges for the same typically starts from Rs 10000.
Step 6 : Application of PT registration:
The professional tax registration is mandatory for all the companies registered in Bangalore.
All the above mentioned steps are mandatory for all the companies incorporated in Bangalore irrespective of its nature of business, number of employees or turnover. It takes more than 5 registrations to start a business in Bangalore.
Other registrations required;
- GST registration is required if you are selling on ecommerce portals or if you turnover exceeds Rs 40 Lakhs
- Import Export Code is required if you are planing to import or export goods or services in India
- PF and ESIC registration are required if number of employees in you private limited exceeds 20
What is cost to register a firm / company in Bangalore?
The company can be registered for free in Bangalore if you are a first time entrepreneur. Click here to know more.
How many days does it take to form a company?
What is better to register in bangalore – Company or Firm or LLP ?
Company is suitable if you are planning to raise funds. LLP is suggested if its a family owned business and you are not planning to raise funds. Firm is not advised in any case as it has a unlimited liability.
What are the benefits to form the company in Bangalore? Does state government of Karnataka give any sops to startups in Bangalore?
- Patent cost reimbursement
- Marketing cost reimbursement
- Tax incentives
More details about the same can be found on http://startup.karnataka.gov.in/incentives/