Company Formation- Helpful Tips in Starting a Company
Each business enterprise is expected to face difficulties during their endeavor, hence the challenge should be how to manage them well since things cannot be good all the time.It is not wise to do company formation with people who are not familiar with the entire process.You must only get people who are dependable- someone who can stand thoroughly because they have the best knowledge and potential required for the business.Identify your requirements in forming a company- you have to be clear whether you will be establishing a domestic or international business, whether it will be small or huge.Company formation agents are licensed firms which provide their dedicated services to comply your needs.They are instrument used to portray your objective by getting the full benefit of your financial strength and fully use it.
The complete process of company formation tracks a step by step procedure.The process of registration will play the most vital part- registration is done once name has been decided.The Registrar of Companies or ROC must approve the business name once it has been finalized.You may forward to ROC your preferred names and ROC will return to you within few days to confirm availability of names forwarded to them.For those who want to form a company, they can submit a maximum of 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.MoA is comprised of two major clauses which are object clause and authorized capital clause.Authorized capital clauses deals on the level of growth you can go to, including the ways used to release new shares in the coming years.
Objective clause concentrates 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.You have to make sure that your documents are acceptable by having them properly stamped, then sent to the registrar.These documents also possess information such as appointment details on people who are playing vital role for the company.The final step is the paying of registration fees- this will officially register the company under the Companies Act of 1956 and shall obtain its own identity.You may also want to utilize the company formation agents in securing your company seal and permanent account number, and other necessary things.
You may also obtain the process for ltd company formations through electronic.The procedure is a lot quicker, however you will be required to be physically present at least twice before the entire process is completed.