A. Public / Private Limited Company
· Public Limited Company Such Public Limited company which offer shares to the public is termed as a public limited company. The Companies Act 1956 mandates a list of criteria that have to be met by the public limited companies before they start their business operations in India. A few of these criteria are listed below:
- This company is incorporated under The Companies Act 1956.
- It should have at least seven shareholders.
- A public company is allowed to start its activities only after procuring the 'Certificate of Commencement of Business'. The 'Certificate of Incorporation' alone will not suffice the purpose.
- The company should release a prospectus or issue a statement to sell its securities
- It must have at least three directors in its board.
- The company should conduct statutory meeting from time to time.
- Minimum paid up share capital has to be at least Rs. 5 Lacs.(Appx. 10000 US $)
Private Limited Company
A private limited company is not owned by any governmental body, and it does not offer public shares. The number of shareholders for a private limited company is restricted to a maximum 50, whereas the minimum required is 2. The shareholders, however, do not have the power to transfer or trade their shares publicly. Minimum capital has to be at least Rs. 1 Lac (Approx. 2000 US $)
How can GDA help you?
· Company formation and incorporation
· Filing of documents with Registrar of Companies
· Conducting Statutory Audit at the year end as per Income Tax Act.
· Assistance in drafting Director's Report covering statutory points to be covered.
. Statutory provisions relating to various meetings like Board Meetings, Statutory Meetings, their due dates and documents to be filed with Registrar of Companies.
· Consultancy for other different provisions as applicable to company.
· Handling all Income tax related matters of the company, including annual filing of tax returns.
· Seeing and advising on all other applicable laws and licenses.