Company Formation India is a very easy process after the recent changes in the Ministry of Corporate Affairs. Now the Ministry of corporate affairs have launched the MCA21 initiative which is a great initiative which help people setup company easily and in lesser time. This initiative has also increase the level of transparency in the whole process and reduced chances of corrupt practices.
The company formation process although streamlined and online is still a very technical and complex process. While undertaking this process we need to keep the following things in mind.
- We now need to take digital signatures for atleast one of the directors. After the changes in the whole filing process now all the documents are prepared in pdf format and required to be filed using digital signatures which is an encrypted file generated by the certifying authorities. This digital signature is valid for a limited period of time say 1-2 years and require to be renewed after that period.
- Still you will need the help of either a company secretary or a chartered accountant to help your with preparation of all the documents and filing with the Registrar of Companies. This is not an absolute requirement but it will help you as otherwise your would require to understand all the requirements of the companies act and draft your own Memorandum & Articles of association
- You would also need either a credit card or net banking access as all the payments (except very large ones) are taken by MCA only through online payment mode.
We hope these tips help you in your company formation process. For any other information regarding company setup, you can find more information here