Ready to embark on your entrepreneurial journey? Let us help you get started with the documentation process.
Registering a new business in India requires extensive documentation, which can seem overwhelming. And as a business owner, you have no room for mistakes, missed forms, or delays. This comprehensive guide will tell you all you need to know about which forms to fill out and how so that you can register and run your business without any hiccups. Let’s get started!
Forms for business registration: A checklist
There are ten mandatory forms for business that you need to file when registering a business in India. Here is a handy checklist of all the ten forms in the order that you should fill them.
- Memorandum of Association (MoA)
- Article of Association (AoA)
- Incorporation Certificate
- GST Registration
- Company PAN Card
- Shareholders’ Agreement
- Director Identification Number (DIN)
- Digital Signature Certificate (DSC)
- Reserve Unique Name (RUN)
- Tax Deduction and Collection Account Number (TAN)
Now, let us understand how to fill out each form and the documents you need to prepare while submitting.
#1 Memorandum of Association (MoA)
The Companies Act of 2013 requires every business in India to file a Memorandum of Association form with the Registrar of Companies. This document is essential as it ensures clarity and transparency in business operations.
You can access this form for business on the Ministry of Corporate Affairs (MCA) portal. It includes the company’s registered name, address, objectives, and capital and liability clauses.
#2 Article of Association (AoA)
An AoA or Article of Association is another mandatory form for business as per the Companies Act (2013), and it is usually filed after obtaining the MoA. This form defines relationships within the company and ensures smooth functioning and management. The AoA is also filed on the MCA portal, and to do so, you would need your MoA and shareholder details, such as their names, addresses, shareholdings and directors’ details, including their responsibilities.
It is advisable to seek guidance from a chartered accountant or corporate lawyer when filing an MoA and AoA, as these are legally binding documents.
#3 Incorporation Certificate
The Registrar of Companies issues this certificate and serves it as your company’s official registration document. You will need the incorporation certificate to continue any business activity, including obtaining licences and permits required for your business operations.
To register for an incorporation certificate, you need a memorandum of association (MoA), Identity and Address proof of all directors, proof of business address, director identification number (DIN) and digital signature certificate (DSC).
The Ministry of Corporate Affairs Portal offers the most efficient way to register your business. All you need to do is fill in the SPICe (Simplified Proforma for Incorporating Company Electronically) or Form INC-32 and pay the registration fee. Your form for new business will then go through a verification process. If successful, you will be the proud founder of a newly registered firm.
#4 GST registration
A GST registration is a business form that gives your company access to a unique 15-digit GSTIN number. This GST identification number is how the government monitors tax compliance. Remember, no business in India can operate legally without a GST registration. So, you must complete your GST registration diligently.
To procure a GST registration, you would need these documents based on the type of your firm.
1. For sole proprietorship firm:
The documents required for GST registration for proprietorship are - a PAN card, Aadhar Card, a passport-size photo of the owner, bank account details and address proof of the business.
2. For partnership and LLP firms:
To register a business as a partnership or LLP, you would need a partnership agreement, PAN and photographs of all partners, Aadhar card of the authorised signatory of the company, bank account details and address proof of business.
3. For private limited firms:
To procure a GST registration for a company or private limited firm, you will have to submit- the company PAN card, incorporation certificate, co-founders agreement, PAN, photo, and address proof of all directors, Aadhar of authorised signatory, bank account details, and address proof of business.
#5 Company PAN card
A company PAN card is similar to an individual’s PAN, and it is essential to open a bank account, get a GST registration and ensure that the company is legally compliant. Applying for a company PAN card can be done online in just a few steps.
- Head over to the NSDL website and open the PAN Online portal.
- Select the application type 49A and the category of business.
- Next, enter all the details, such as Company’s name, address and contact. You will also have to provide registration details and details of the authorised signatory.
- Submit the form and pay the applicable fee.
- Print out the acknowledged form, and attach it to your Memorandum of Agreement, shareholders agreement, copies of address proof and signatory’s identity card.
- Send this form for business along with all the documents to the NSDL head office within 15 days of your application.
- Your company PAN will be dispatched to the registered address by the Income Tax Department.
#6 Shareholders’ Agreement
The Shareholders’ Agreement or a Co-founders Agreement is a document drawn up by a legal professional. As the name suggests, this form for business is an agreement between the shareholders of a company, and it outlines their shares, decision-making powers, profits distribution, and other internal arrangements in a company.
This form of business is vital for private limited companies, joint ventures and family-owned businesses. A carefully drafted Shareholders’ Agreement defines the framework of the firm. Additionally, when disputes arise, this agreement will have your back by providing you with a system for resolution.
#7 Director Identification Number
When you register a new business, at least one of the directors in your business must have a DIN. This document is an identity proof for directors and ensures accountability and transparency in the company. To receive this 8-digit identification number, you must fill out the SPICe, DIR-3 or DIR-6 form on the MCA portal and submit your digital signature certificate (DSC) photograph, ID, address proof and personal details.
All the documents you submit must be attested by a CA, CS, or CMA to be accepted during the verification process.
#8 Digital Signature Certificate (DSC)
According to the Companies Act of 2013, the directors and authorised signatories must have a Digital Signature Certificate or DSC, allowing them to digitally sign documents or authorise online transactions.
You can obtain a DSC through a government-approved Certifying Authority (CA) and file a DSC request with them. Submit self-attested ID and address proof documents along with a passport-sized photograph. Your DSC will be handed over to you in a digital format after the verification process.
#9 Reserve Unique Name (RUN)
A Reserve Unique Name document issued by the Ministry of Corporate Affairs ensures that the name proposed for your company is unique and hasn’t been used before in your industry. This form for business can be filed on the MCA portal by submitting two proposed names in order of preference and paying the registration fee.
#10 Tax Deduction and Collection Account Number (TAN)
The TAN is a document issued by the Income Tax Department. It is necessary for businesses that deduct taxes or collect taxes at source. To file this form for business, you must fill out Form 49B on the NSDL website and submit your ID, Address and Business entity proof.
To sum up
The initial step of a new business registration is ensuring that all the forms mentioned have been diligently filled and timely submitted.
Now that we’ve covered all the forms for business that you need to take care of, it is time to set your business up and grow it. This stage, of course, comes with huge financial responsibilities. However, remember that you aren’t alone. We at Tata Capital are here to provide you with all the support you need with our multi-purpose business loans. Our loan terms are customised to suit your business needs, and we support you with quick approvals, doorstep services and minimal documentation. Visit our website to learn more and apply online.
03 July 2023
7 mins read
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