Online Company Registration in Goa2023-08-03T19:12:12+05:30

Company Registration in Goa

Startups and emerging businesses often choose Pvt Ltd Company Registration in Goa as a popular option to start a business. Registering, managing, and running this corporate entity is easy. It allows for the induction of up to 200 shareholders, with each member having limited liability.

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    Company Registration in Goa

    Goa is a state on the southwestern coast of India. It has the highest GDP per capita among all Indian states, two and a half times that of the country. In addition, it was ranked the best-placed state. Also, Goa offers us enormous business opportunities and a scale of enterprises. However, a business start-up or a company start-up is a decision of an entrepreneur and requires in-depth strategic, business, and legal considerations.

    Therefore, if you want to build a business in India, Goa is a place you should consider. Once you come up with a business idea and decide to start a business you need to follow some procedures to register a company in India.

    Small, medium, and large businesses in India consider a Pvt Ltd Company as one of the most popular legal structures. Anyone looking to build a scalable business can choose it. Registering a Pvt Ltd Company requires a minimum of two members and allows for a maximum of two hundred members.

    Introduction to Pvt Ltd Company

    A Pvt Ltd Company is a type of small business entity that is held privately. In addition, the liability of members is limited to their shares and there can be a maximum of 200 members. Further, a Pvt Ltd Company cannot invite the general public for subscribing to its securities. Ministry of Corporate Affairs (MCA), Companies Act 2013, and Companies Incorporation Rules, 2014 govern the Pvt Ltd Company registration in India.

    The liability of shareholders is limited towards creditors, it is restricted only to the unpaid amount of shares. For that reason, banks/creditors can sell only the company’s assets but not the personal assets of directors and shareholders in case of default.

    As a Private Limited Company can raise funds from outside India limits the liabilities of its shareholders, and offers employee stock options to attract top talent. That’s why Startups and growing businesses generally choose Pvt Ltd Company.

    Moreover, as these entities must hold board meetings and file annual returns with the Ministry of Corporate Affairs (MCA), they tend to be viewed with more credibility than a Sole Proprietorship or General Partnership.

    Features of Company Incorporation in Goa

    • Membership

    A Private Limited Company can be formed with a minimum of 2 members or shareholders. An individual person above 18 years of age or a corporate body can be a member or shareholder in it. Moreover, the maximum number of members/shareholders in a Private Limited Company can go up to 200.

    • Directorship

    A Pvt Ltd Company needs to have a minimum of 2 directors who shall manage the conduct and affairs of the company. The directors may be existing shareholders of the company or can be a person other than a shareholder. There may be a maximum of 15 directors in any company. Furthermore, every Indian Company has to ensure that they have 1 director who is a permanent resident of India.

    • Restriction on Transfer of Shares

    The members/shareholders of private limited companies cannot transfer their shares publicly. Therefore, there can be a restriction on the transferability of shares in these companies.

    • Foreign Direct Investment (FDI)

    Foreign citizens, foreign corporate entities, NRIs, or OCIs can invest in a Private Limited Company and become its shareholder. This is why foreign promoters prefer Private Limited Companies.

    • Prohibition on Inviting Investments from Public

    A Pvt Ltd Company cannot invite the general public to purchase or subscribe to its shares or any other kind of securities. Also, it cannot accept deposits from the public other than its members, directors, or relatives of directors.

    Advantages Of Pvt Ltd Company Registration in Goa

    • Separate legal entity

      Once the company is registered, it is known as a separate artificial person in the eyes of law and the liability of each member or shareholder is limited upto the unpaid amount of shares. It means that if a company faces loss under any circumstances, then its shareholders are not liable to sell their own assets for payment. Thus, the personal, individual assets of the shareholders are not at risk

    • Easy to register, manage & run

      Private Limited Companies can be registered completely online with less paperwork. The process of registration can be completed within 7-12 working days. Also, it offers flexibility in operations like addition of new directors, allotting new shares, ESOPs, and other various other features

    • No minimum capital required

      After the Companies Amendment Act 2017, the minimum requirement of capital of Rs. 1 lakh for private limited companies was abolished. So now, a company can be formed even with minimum capital (Ex. Rs. 2000)

    • Easy allocation of ownership and management

      Businesses seeking funding from venture capitalists (VCs), angel investors, etc., must register as private limited companies. This is because private limited companies can grant them shareholder status and provide a seat on the board of directors. In contrast, LLPs would require investors to become partners, and OPCs cannot accommodate additional shareholders.

    • Easy to dissolve or wind-up

      The structure of Private Limited Company provides faster exit opportunity to those companies which do not have any assets or outstanding liabilities and want to close the business operations due to some extraordinary circumstances.

    • Preferred by banks, VCs & investors

      As the private limited company’s books are audited from independent auditor every year, most of the banks, VCs, and investors prefer them over other traditional forms of business.

    Minimum Requirements For Company Incorporation in Goa

    • Minimum 2 Directors/Shareholders

    • At least 1 Director shall be a permanent resident of India

    • Minimum capital of 2 Rupees

    • DIN & DSC’s for all Directors/Shareholders

    What Is Included In Our Company Formation package?

    • Company name search and approval

    • Digital Signature Certificate (DSC) for 2 Director/Shareholder

    • Director Identification Number (DIN) for 2 Directors

    • Certificate of Incorporation/Registration

    • Company PAN and TAN

    • Memorandum of Association (MOA) and Articles of Association (AOA)

    • Supporting Document for opening Bank Account

    • Employees State Insurance Corporation Registration (ESIC) and Employees Provident Fund Registration (EPFO)

    • Professional Tax Registration (For Companies registered in the state of Maharashtra and Karnataka only)

    • Company Master File Kit

    Company Registration Process in Goa

    • Application for Name Approval

      Applicant has to provide 2 different names and main objects for the proposed company which shall be submitted to MCA for approval, out of which one name will be approved. Names provided should ideally be unique and suggestive of company business, it should end with the word “Private Limited”

    • Application for Digital Signature Certificate (DSC)

      Once the name is applied, we shall apply Digital Signature Certificate (DSC) of shareholders and directors for digitally signing the forms. If the directors/shareholders already have DSC, then this step can be skipped.

    • Final Submission of SPICE+ forms along with MOA and AOA

      After the name is approved and DSC is generated, we need to prepare and submit incorporation application in SPICE+ forms along with Memorandum of Association (MOA), Articles of Association (AOA), and AGILE form for final approval.

    • Get Incorporation Documents

      After the final submission, it typically takes 3-5 days to receive the incorporation certificate, which serves as proof of company registration. Simultaneously, the company will also receive the PAN, TAN, ESIC, EPFO, and Professional Tax registration certificates.

    • Opening of Bank Account

      Applicant can submit the Incorporation certificate, MOA, AOA, PAN, TAN, and other required documents to the bank to open the current account and start the business operations.

    Documents Required for Incorporation of Company in Goa

    • List of documents for Directors and Shareholders –

      All the proposed directors and shareholders of the company shall submit the following documents. All documents submitted should be valid and readable.

      Scanned copy of –

      • PAN Card
      • Aadhaar Card/Voters ID/Passport/Driving License
      • Latest Bank Statement/Telephone Bill/Post-paid Mobile Bill/Electricity Bill (The address proof shall be recent and not older than 2 months)
      • Passport-sized photograph

      In the case of foreign nationals or NRI Director and Shareholders, the documents list can be checked here
      Document Checklist for Foreign Nationals or NRI Director and Shareholders

    • Registered Office Proof

      A Private Limited Company should have a registered office place in India. The office address can be residential or commercial premises. The address proof shall be recent and not older than 2 months. The following documents are acceptable as proof of registered office address –

      • Scanned copies of utility bills such as Electricity bills/Mobile Post-paid bills/Landline Post-paid bills/Gas bills/Water bills
      • Scanned copy of a No-objection Certificate from the property owner or whose name appears on such utility bill

    FAQ

    How long does it takes to register a private limited Company in Goa?2022-06-18T13:10:29+05:30

    In Goa, 10 – 15 days would be the average time period for setting up a private limited company. However, this would also depend upon the workload of the Central Registration Centre (CRC), MCA.

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