Public limited company incorporation is formed for the separate legal existence. The company has at least seven members as its total team. There is no limitation in the maximum number of the team.
Steps for Public company Incorporation
- For the booking of a name, an application has to make through Reserve Unique Name in the MCA(Ministry of Corporate Affairs)website with public company registration fee worth Rs.1000.
- The given fee have to pay for every submission. If the application is not submitted within15 days of re-submission when it occur any error or correction, the application may get rejected by the registrar, central registration Centre.
- The client must notice that the chose name is not similar with the name of the existing company. Some cases like the name is identical with the existing or any other the provision of the company rule get concern.
Validation of Names
Likewise the suggested name should be validating by clicking the button available in the RUN Service. Among the collection of names choose by the applicant, the first name within that list have more preference and focus. All other names have some sort of partiality.
For instance when a name need any approval from the NOC or Sectoral Regulator, it is mandatory to attach related documents and no objection form regarding the Companies Rule.
The rule include that there is only one copy of document is necessary to upload as an attachment and it should not exceed the limit of 6 MB.
When the document is multiple pieces, we can scan all the documents into a single copy without beat the maximum limit and can upload.
After the successful submission of the document along with the fee an automated challan get generated showing the details of the fee paid by the client to the company registration.
Similarly the user can apply for two planned names and one re submission forms though the unique reservation of the names in the RUN Web service.
The name applications are handled by Central Registration Centre under Non-Straight-through processing (STP) mode. The planned name may undergo a wide check by the CRC and there after decide the name for rejection or approval.
Verification Process of Public company
Each notification regarding the company registration application sent via Email to the Applicant. To decrease the chance of rejection each applicant is advised to refer the Companies rule and each applicant have to check the availability of the name and trademark as their own.
Consequently the notification mail with the documents attached by the applicant sent to the applicant’s mail ID when an application get rejected or approved.
The Rejection letter is created on the basis of the rejection code of the Ministry. The rejection or approval letter sent to the applicant with the E-Form is signed digitally by the Registrar.
The ROC reserve a name within 60 days from the day of application based upon the documents and data created with the E-Form Application.
For the Public Company Registration an application also has to file with the registrar having authority of the place where the Registrar office is located.
If the name availability application is submitted through RUN Service then the SRN of the RUN service must enter in the Spice Form.
Wherefore the company registration requires some documents like the company to be registered with Reserve bank of India or the SEBI or any other documents and these documents have to submit by the applicant when the time of filing.
What are the documents need to submit with the Application form of public Company Registration?
1) Draft Memo of Association
2) Draft Article
3) Feedback from the 1st applicant and directors.
4) Evidence of the Office address
5) Copy of the expenditures.
6) In particular the Copy of approval from Central government if the name contains any words which have to take permission.
7) Approval from the trademark owner for the registration office.
8) NOC from the particular person/director/existing company for the public company registration process.
9) Concerned regulators In-principal
10) Determination of the company
11) NOC from the existing company
12) Address proof of applicant No.1, 2, and 3
13) Address proof of the nominee and subscribers.
What are the basic steps to follow when the applicant for the Public Company Registration don’t have any Digital Signature Certificate?
Conversely to get a digital signature certificate make an application to any of the authority and also make the application with the promoters or subscribers to custom a secured online interaction with MCA .
Generally ,create an application for the allotment of Director Identification Number for all directors within the form No-DIR 33.The company rule states that no person get allotted as director unless he is selected in the allotment process.
Detail explanation about the Payment process for public company Filing:
1) The payment method can be making both online and offline based upon the ease of the applicant.
Methods of payment:
- Credit Card
- Online banking
2) For example the Payment through credit card is little bit easier than others. So almost all bank provide such type of transaction for making MCA for payment. All types of Visa and Master cards issued in India are accepted.
In the MCA portal the given banks only applicable for the payment through Net banking.
- Punjab National Bank
- State Bank of India
- ICICI Bank
- HDFC Bank
- Indian Bank
- Union Bank of India
If you choose the Challan mode for payment for the company registration fee an automated service request form is generated and it shows the date, type of the bank you chose for the transaction and amount that you paid for the filing.
Accordingly, if you processed the challan related transaction then take the printout of the filing from the MCA 21 system and then approach authorized bank for traditional payment like demand draft, cash or local cheque.
The above mentioned branches are selected banks for the MCA payment. If any branches behalf of MCA which is not authorized then the transaction will get discard.
Probably, if you choose the credit card option as payment transaction then MCA system provide a SRN and make payment to third party and its call the payment gateway.
After redirecting to the third party site as payment gateway you requested to fill up the options like your card number, expiry date, CVV number extra for smoothening the payment transaction for Public Company Registration.
After completing the above step the gateway provide the successful message with transaction amount that you paid, Reference id, SRN date and time etc.
As a result generating the information the MCA provides the status as paid for the corresponding SRN to the private company registration.
Cases like the card number entered is not valid then the transaction become failing and an error message will display with the payment option. So you can restart the method through the error message.
Steps involved in the Internet banking payment process:
- The MCA 21 system redirect the applicant to the bank’s private portal for payment and the client have to fill up the details like amount,SRN,card etc.
- The applicant interacts with the bank’s portal and fill-up relevant information.
The transaction processed by the bank may charge additional fee to MCA system.
Consequently E-Filing complete after the successful submission of the payment through online or offline. Bank authorizes the form after the submission of the company registration form by the applicant and it will redirect to the ROC’s office for additional look up within 2 working days.
You can check the status of the E-Filing through the mca.gov.in/MCA21 website. For the further query of the service the challan Number printed in the challan is really helpful.
Before the submission of Digital Signature in the E-Form of pubic company registration click the button “Check” to preview your application to get the exact view of the data that you entered.
By clicking the check button you can’t alter the data further, if you want to make any modification on the e-form you can click up the “Modify” option.
Thus to display the preview of the E-Form for the validation you can click the “Pre-Scrutiny “option.
After the Pre-Scrutiny you get some correction on the E-Form then you can select those field which you want to change and apply the “Modify” button.
After the completion of all errors you can confidently submit the digital signature to the company registration E-Form.
What are the steps to follow for the Digital Signature Submission?
- Click on the provision provided being the signature fixing icon on the said E-Form against your role to digitally sign it.
- Service to sign the E-form opens where you select the intended certificate to digitally sign the E-Form.
- After selecting the certificate, service digitally signs the E-Form with the certificate and the certificate get embedded in to the E-For
Steps to follow after the submission of Digital Signature
Submit the company registration E-form after it’s been digitally signed by clicking on the submit button.
The applicant must authorize to sign and submit the application. The applicant should contain an authorization letter from the promoters of the company.
After the submission of the E-form in the web portal of MCA, there is no way to update it further. One time submission is permanent. So we have to be so careful about this.
The payment process and the completion of the E-Form filing a work area get generate based upon the existing regulations to each and every subscribers on the MCA web portal.
After the completion of all the process areas an automation mail gets sent to the applicant’s mail ID.If the name is not made accessible by the ROC in the E-Filing company registration ,he will inform you about the exact reason of denial via Email and he request you for further resubmission or he may call you to speak about the query.
When the ROC not found the name as proper after completing the submission and resubmission he will reject it.
Then for further application applicant have to find some unique name and also have to pay further fee for pubic company registration.
By the way if the company registration is not yet made then the existing name get cancelled and the person who make application get penalty up to 1 lakh.
Public company data Collection
If you want to have the shares of your proposed company to be enlisted with a recognized Stock Exchange later on when public issue will be made the ensure that the draft of the proposed articles of Association include those specific provisions which stock exchange generally require to be included in the articles of public companies going for enlistment.
Before the final printing of the article or memorandum the applicant can take advices or steps from ROC for avoiding the corrections.
Conversely the stamp has to be place on both the article as well as the memorandum regarding the Stamp act or State act. The stamp is must in the state wise submission.
Both of the memorandum and article of pubic company registration contain at least seven member’s sign and description like father’s occupation, name, address and the number of shares subscribed for.
There may be at least one subscriber who writes his father name, occupation, address as well. And also he can state like “I witnessed to subscriber who has subscribed and signed in my presence: I have verified his identity details “.
Validation before Submission of public company
In Cases of an illiterate person ensure his thumb mark for referring that someone else is writing for him for the company.
The subscriber’s sign in the article must be authorized by the director, Company, Secretary.
File a declaration with the Advocate, Charted accountant, or a company secretary who is involved in the company registration process.
Collect the declaration of all subscribers and the 1st director of the company if exist any in the company form.
Other Relevant Data
State the address of the subscribers and the existing public company till the company gets affiliated by the registered office.
Within 30 days of the company registration file the proof of the address document in the specified form.
The specific proofs such as surname, father name address, nationality along with their proof have to be submitting along with the form to the Memorandum.
If the subscriber is a body corporate then he wants to declare the appropriate document for the pubic company registration.
Attach the valid signature and recent photography verified by the bank directory in the form.
Obtain the certain documents of the 1st director’s name, residential address, nationality, Director Identification number including with their form in the particular Registration form.
The filing of the Company may be mad4e in the form No.INC 7.
Ensure the payment towards the stamp duty to memorandum and Article based upon the state where the company is filed.
Particularly depending on the capital budget of the company we want to make the payment offline to memorandum and article. For this, we want to take the printed copy of the pre-filed challan for the pubic company registration.
The public company registration is not a long process. We can make our operations in a simple way by taking advices in a legal manner. Corpstore, one of the main professional consultants grab your ideas into reality. We can provide the services in a most effective manner. We guide you the vast areas in a simple way. Our mission and vision is mainly focus to drive your ideas.