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The MCA has issued the Companies (Authorized to Register) Second Amendment Rules, 2018 (‘Amendment Rules’) via a notification dated 5 July 2018. The Amendment above Rules shall also go into effect on August 15, 2018.
The section (section 366) addresses the registration of unregistered entities, such as partnership firms, limited liability partnerships (LLPs), cooperative societies, and similar entities, as companies under the 2013 Act. The amendment allows entities with two or more members to register under the 2013 Act as either a company limited by guarantee, a company limited by shares, or an unlimited company.
By Part XXI of the Act, 2013, unregistered entities such as LLPs, partnership firms, societies, etc., with two or more members can go for conversion into a company limited by liability or guarantee or unlimited liability beginning August 15, 2018.
Limited Liability Partnership, Society, Trust, Firm, Partnership Firm, Co-operative Society, or any other business entity formed under any other law in force at that time may convert into Section 8 Company under section 366 of the Companies Act, 2013.
The following requirements must be met to convert to a Section 8 Company:
The following entities cannot become companies:
Section 366 of the Companies Act 2013 permits any partnership firm or business entity formed under any other applicable law to convert to a company. The following requirements must be met to convert to a company:
Since our inception as an Official Company Registration Agent, we have maintained close ties with the Ministry of Corporate Affairs, Government of India. From day one, our intention has been to offer a streamlined incorporation procedure that is quick and easy to utilize. Today, our system for company registration is among the most efficient and effective in India. You can file an application for a new company name in slightly more than 5 minutes, and your firm will often be fully registered within 3-5 days. In addition to maintaining affordable pricing for company formation, we are constantly investigating new ways to bring value to our clients. We are proud to be one of the least expensive ways to establish a business in India.
We have the knowledge to advise clients on the appropriate company structure to implement. The majority of our clients want assistance registering a business limited by shares. The limited company structure is prevalent because it permits the distribution of profits to shareholders while safeguarding them through restricted liability. Our team has more than 2 decades of experience founding companies and providing corporate and secretarial services, which aids in the growth of tens of thousands of our clients’ enterprises each year.
We are tremendously passionate about the quality of our service, and we are incredibly proud of the reviews we get from our customers, as evidenced by our outstanding reviews and ratings. Continually, our team is chosen due to the value and skill for which it is renowned. We have helped form the industry by giving our customers innovative business services and packaged solutions that have grown alongside their demands.
Our clients have access to complimentary help from a team of experts. We are always prepared to assist. Throughout the registration of your Company, you will be enabled to contact us by phone or email if you require assistance.
DIN is the abbreviation for Director Identification Number. Following the incorporation of the Company, every director will be assigned a unique Director Identification Number. With this DIN, he or she can register an unlimited number of businesses.
A DIN holder is required to submit his KYC to the MCA annually by the 30th of September or face a penalty of Rs. 5,000/-.
DSC is an abbreviation for Digital Signature Certificate. Shareholders must possess a Class-III Digital Signature Certificate in order to register their organization.
There are various organizations that issue Class-III DSCs. These organizations are referred to as DSC Certifying Authorities. We have formed a partnership with eMudhra Tamil Nadu. eMudhra is one of India's most prominent Digital Signature Certifying Authorities.
Approved share capital is the maximum amount of capital that shareholders are permitted to invest in the Company. In actuality, this is the permitted investment limit for Equity Share Capital.
Paid-up share capital is the amount of money shareholders deposit into the Company's bank account towards share capital.
Now, a business can be registered with a minimum share capital of Rs. 2/-or investment of Rs. 1/- from each shareholder.
A CIN is an identification number assigned to a company by the Ministry of Corporate Affairs when they are issued the Certificate of Incorporation.
It might serve as the Company's identification number.
If we apply for direct incorporation without a Certificate of Name Availability, the process could take between three and five business days. Occasionally, it can be implemented in a single day.
However, it is recommended to apply for a company name before incorporation, which may take between 10 and 15 days.
No, you cannot register a company on your own since Professionals such as a Company Secretary or a Chartered Accountant must digitally sign the application forms alongside a Director before your Company can be registered.
Including Digital Signature Certificates, the total government fee for a one million authorized share capital company would be approximately Rs. 4,000.
XYZ is authorized by the Ministry of Corporate Affairs to provide company registration services at an affordable price of Rs. 1,999/- throughout India.
For a two-person private limited company, the minimum share capital is Rs. 2/-, while for a one-person private limited company, the minimum share capital is Rs.
2 in the case of two people- private limited company and 1 for one person private limited company.