In this globalized and digitalized business world, India is the favoured destination for companies to enter many sectors. There are many reasons, like low labour costs, abundant skilled workforce, cost competitiveness, well-established judiciary, robust financial setups, huge untapped market potential, etc. Also, India became a free economy in 1991. There were many liberalizations for India to be the preferred country for business. Though much of the red tape culture has been reduced in recent decades, and the government has taken many favourable measures, there are still many steps for setting up an LLC in India. For new company formation in India, the expertise of the best legal firm will greatly help start operations quickly and safely and for easy online company registrationin India to sell products or services in India.

 

This article informs about the many steps for setting up LLC in India and other forms for new companies to start a business and develop it to new heights.

 

Seven steps for setting up LLC and new company formation in India

 

India, with the largest population in the world, is a huge market for many foreign companies to expand their business to tap the massive potential. There are many business structures for starting new companies in India, like joint ventures, LLCs or limited liability companies, partnerships and others. But for all of them, it is essential to have legal expertise and industry experience for new company formation in India easily and quickly. Also, failing to comply with the many mandatory laws and regulations in India may lead to many issues. The following are the few common steps for setting up LLC in India or any new company formation or online company registration complying with the Companies Act 2013 requirements.

 

1. The first step is to provide documents for the company’s main object, details of promotors, directors, 6 proposed names, etc, to hold on to the available name.

2. The next step is to get the DIN or director identification numbers and DSC or digital signature certificate to validate documents digitally.

3. The third step is for the directors to send the consent letters to the Registrar of Companies for new company formation in India.

4. The fourth step is for the directors to sign the prepared MOA or Memorandum of Article and AOA or Articles of Association, which are legal mandatory documents having critical information about the new company, its working procedure, rules and regulations.

5. The fifth step is to file a statutory declaration signed by a lawyer practising in the Supreme Court, High Court, or a practising chartered accountant with the Registrar of Companies.

6. The sixth step is to pay the required fees along with the documents to get approval from the authorities without delay.

7. The Seventh step is to have a registered office in India from the date of incorporation for public access to correspondence of notices and documents.

 

To know more about setting up LLP and new company formation in India, contact the best legal firm for advice on entry strategy, structuring of business, identification of place of business, incorporation of company, opening bank account and others.