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Company Registration is the first step to formalise your business as a legal entity before launching its core operations. This crucial step offers you legal rights, protection, and a solid foundation.
From choosing the right company type to adhering to regulatory requirements, the way you navigate through the registration process will set the tone for the success story of your startup. Before we delve deeper into the process, let's explore the different types of business structures in India.
Private Limited Company
A Private Limited Company is the most common form of company registration governed by the Companies Act 2013. It is a type of business entity with limited liability privately owned by a group of individuals or shareholders. It's a preferred choice for startups and businesses.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a flexible legal and tax entity that provides limited liability protection to its partners while allowing them to participate in the management and operations of the business. An LLP is established under the Limited Liability Act 2008 and is often chosen by professionals and service providers.
One Person Company (OPC)
One Person Company (OPC) is a type of business structure that involves the features of a Private Limited Company and the benefits of Sole Proprietorship. An OPC allows a single individual to create a separate legal entity for their business while offering limited liability protection.
Public Limited Company
According to the Company Act of 2013, a Public Limited Company is a regulated business structure with limited liability that offers shares to the general public along with opportunities to raise funds through public investment. This type of business structure is suitable for large-scale multinational business corporations.
Sole Proprietorship
Sole Proprietorship is a type of business structure that involves a single owner who is personally liable for all the business's debts and obligations as there is no separate legal entity. It's ideal for small businesses and freelancers due to its minimal compliance requirements.
Partnership Firm
Governed by the Indian Partnership Act 1932, a Partnership is a collaborative business structure involving two or more individuals who jointly share responsibilities, profits, and liabilities. This structure suits professional services and small businesses and is often guarded by a well-drafted Partnership agreement.
Section 8 Company
Section 8 Companies are a legal form of “Non-Profit Organisations (NPOs)” registered under the Companies Act, either as Private Limited or Public limited.
Non- Government Organisations or NGOs can also be registered under Section 8 Company registration. It is established for the promotion of charitable, cultural, social, educational, or philanthropic causes.
Several crucial factors should guide your decision-making while choosing the right structure for your business. Here's a detailed breakdown of what to consider:
Each of the business structures discussed earlier entails distinct prerequisites and adherence to specific regulations during and after the company registration process.
Several crucial factors should guide your decision-making while choosing the right structure for your business. Here's a detailed breakdown of what to consider:
Nature of Business:
Consider your business's nature, industry, and core activities as they play a pivotal role in selecting a suitable structure. For instance, a consulting firm might opt for a different structure than a manufacturing company due to their distinct operational needs and goals.
Ownership and Investment:
One of the fundamental decisions revolves around ownership and investment. Are you planning to run a closely held business with a limited number of stakeholders, or do you have ambitions to raise capital from a broader investor base? In the latter case, Private Limited or Public Limited companies could be more appropriate due to their ability to issue shares.
Liability Protection:
Evaluate the extent of personal liability you're willing to bear. If you're seeking limited liability, structures such as Private Limited companies or Limited Liability Partnerships (LLPs) are well-suited. These structures ensure that your personal assets are protected in case the business faces financial challenges.
Scalability:
Consider your business's growth prospects. If you anticipate attracting external investors or potentially going public in the future, it's wise to choose a structure that facilitates such expansion. Public Limited companies, for example, are better positioned to raise capital through stock markets.
Compliance & Legal Requirements:
Different structures come with varying levels of regulatory compliance and legal obligations. Weigh the administrative burden and understand the tax implications associated with each structure. For instance, a Sole Proprietorship might have simpler compliance requirements compared to a Private Limited company.
Remember, the process of selecting a business structure can vary for each individual. So, you can go through the above points and let your business needs and preferences guide you toward selecting the most appropriate structure.
Company Registration is a crucial milestone for every business. It legitimizes your business and lays the foundation for its operations under the legal and regulatory framework. There are several steps to ensure a seamless and legally compliant incorporation process:
(Private Limited Company or Limited Liability Partnership or One Person Company)-
Steps for Company Incorporation in India
Apply for a Digital Signature Certificate (DSC)
Get DSCs to authenticate electronic documents and transactions while ensuring the security and integrity of online submissions during the registration process.
Company Name Approval
Choose an appropriate and distinctive name for the company and submit it to MCA for approval. Ensure the name adheres to the MCA guidelines and is not already in use.You can do a quick company name search on our website to avoid any complications before proceeding further.
Apply for Business Registration
Once the name is approved, apply for incorporation. This includes comprehensive details about the structure of the business, registered office, directors, shareholders, and other essential particulars. Private Limited and OPC registrations utilize SPICe+, while LLP registration employs FiLLiP for registration.
Get a Certificate of Incorporation
Following a diligent review of the application and its compliance with legal requirements, you can receive a Certificate of Incorporation(COI) issued by MCA. COI signifies the successful creation of the company, bestowing it with a distinct legal identity.
It's important to emphasize that the above steps can differ for various company types, and additional compliances might apply depending on the nature of the business and industry.
The company's capital structure depends on- Authorized Capital/Paid-up Capital/Capital Requirements. These are the minimum/recommended contributions required to start a business.
*As a Private Limited Company has a minimum of 2 shareholders, each shareholder has to have at least one share. So, the company's minimum authorized and paid-up capital is at least Rs 2. This is subject to the requirements of the current account.*
*As a One-person company has one shareholder, the shareholder has to have at least one share. So the paid-up capital of the company is at least Rs 1. This is subject to the requirement of the current account.
It's important to note that company types can have varied capital requirements subject to jurisdiction and change based on regulatory updates.
Razorpay Rize is your trusted partner in simplifying and redefining the company registration journey. You can seamlessly register your company at the lowest rates, anytime and anywhere.
What is included in our package?
*May include additional documents depending on the type.
We urge you to use our diverse range of tools like Company Name and Trademark Search to make the best of the company registration process.
The cost of company registration can vary based on several factors, including the type of company structure, the jurisdiction in which you're registering, the stamp duties, professional fees, and any additional services you may require.
We have tailored our services to meet the needs of visionary entrepreneurs seeking to establish and legitimize their business ventures. It's with this vision in mind that we offer registration options for One Person Companies (OPC), Private Limited Companies (Pvt), and Limited Liability Partnerships (LLP).
This comprehensive approach considers the growth and evolution of the business, ensuring that the chosen company structure aligns harmoniously with its present and future requisites.
Eager to learn more? Reach out to us at rize-registrations@razorpay.com for more details.
After successfully incorporating a company, ensuring legal compliance and smooth operations is crucial. Here are some key aspects to consider:
Annual General Meeting (AGM):
Hold AGMs to discuss financial matters, operations, and future plans.
Financial Statements:
Prepare and file financial statements such as Balance Sheets, Profit and Loss Statements, and Cash Flow Statements annually with the Registrar of Companies (RoC).
Annual Return:
File annual returns with the RoC containing essential information about the company's operations.
Statutory Registers:
Maintain various statutory registers, including Register of Members, Register of Directors, and Register of Contracts.
Board Meetings:
Hold regular board meetings to discuss and make decisions related to the company's operations.
Audit:
Conduct mandatory audits per the provisions of the Companies Act and file the audited financial statements with the RoC.
These are just a few general compliance requirements that companies must follow. Depending on the specific activities and sector of the company, there might be additional industry-specific compliances to consider as well. It is important to stay informed and updated about the evolving legal and regulatory requirements.
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