Company Formation- Steps on How to Start a Company
Things cannot sail smoothly all the way and all the time for any business enterprise, one will surely encounter challenges and difficulties and he must make sure that will handle them well.It is not wise to do company formation with people who are not familiar with the entire process.It only implies that you must choose people that will turn to be an asset to the company.Point out the things that are highly considerable in establishing a company- you must clearly identify the type of business that you want to create, whether local or international, or small or big.Company formation agents are duly-registered firms which solidify their particular services to meet your needs.They help you materialize your objective by achieving the maximum potential of your financial advantage and fully utilize it.
The complete process of company formation tracks a step by step procedure.Registration process will be very crucial as it is the most important method- this will take place after coming up with a name.The Registrar of Companies or ROC must approve the business name once it has been finalized.You actually have the option to submit different names and ROC will get back to you to confirm the availability of your proposed names.A person who wants to do company formation can send up to six names to ROC.What should be done next is the enlisting of the Memorandum of Association and Articles of Association (MoA and AoA).MoA stresses on the essential clauses related with ltd company formation, while AoA deals the internal functionalities of the company.There are two key clauses in MoA, named as object clause and authorized capital clause.Authorized capital clauses handles with the range of extension that you can take to with your business and the manner applied to release fresh parts in the coming years.
Objective clause focuses on the company objectives.The moment they are completed, they will be properly conscripted and printed for submission to ROC for their inspection and corrections, if there are.Documents can only be acceptable if they are properly stamped and forwarded to the registrar.These documents also possess information such as appointment details on people who are playing vital role for the company.Lastly, you will settle and pay the registration fee to finally register your company under the Companies Act of 1956 and after then you will acquire the unique identity of your company.The company formation agent can extend help in getting you the company seal and permanent account number, and other important things.
Another method of getting the process for ltd company formations is through electronic.This approach is a lot more convenient and faster, nonetheless, you must be readily available should you be needed physically before the process is completed.