Public Limited Company Registration in Patna, Bihar � advantages, process, fees
If you are planning to setup a Public limited company in Patna, Bihar, you may find the specified requirements prescribed by Registrar of companies (RoC) and step by step process for registration of Public limited company in Patna, Bihar with MCA including fees, capital requirements, documents required, requirement of minimum number of members and directors, process for registration of name, etc.
Many startups start their venture as private limited company or partnerships and may be without any proper documentation or company registration with MCA. This may result in futuristic process after the rapid growth in company. Confident businesses tend to create a structure of company with incorporation of Public limited company in Patna, Bihar in order to capitalize on various advantages.
Advantages of incorporation of the Public Limited Company in Patna, Bihar
Independent Legal entity for Business Continuity
Public limited company is definitely an independent legal entity other than their shareholders or members. Typical purpose of registration of a Public Limited company is continuity of scalable business till eternity. Irrespective of life of individuals incorporating a Public limited company, it continues to operate through the generations.
Easier to raise capital by roping in more shareholders
The Public Limited Company registration or incorporation is the most popular and useful form of business structure for companies among the established, small, medium and large size business. The basic purpose with such companies remains the easy introduction of non related people or entities as shareholders as such providing capital to the business without any hassles or personal guarantees.
Unlike Private Limited Company, the Public Limited company may introduce any number of shareholders through private circulation or public offers.
Limited Liability of promoters and other shareholders
The Public Limited company incorporation reduces the risk of liabilities of the shareholders or members of the company. In an unfortunate event of default, the shareholders are responsible to the extent of capital provided only. This ensures that the personal assets of any member or shareholders remain untouched.
Corporate governance and reputation
Another big advantage of incorporating a Public Limited Company remains its legitimacy and attracts talented employees and other stakeholders be it vendors, shareholders or business partners. It is always perceived by the people that the Public limited companies, being regulated by MCA guidelines, will have higher corporate governance as compared to other non formalized structures. This also lead to higher reputation in the markets where they operates and helps in attracting better talent or deals from the market.
Trustworthiness
Companies Act, 2013 mandates the registration of Public Limited Companies in Patna, Bihar with the Registrar of companies (ROC). It is possible to check or access the details of any registered Public limited on the MCA (Ministry of Corporate affairs) website http://www.mca.gov.in/. Even the details of Directors and annual reports of the company are also available on the same website. This creates a transparency for other people investing in company or even dealing with company.
Another advantage of a Public Limited Company registration remains its existence in a systematic and planned manner that also it possible even to dissolve the same company in a hassle free manner, if any unfortunate situation.
Advantages of Public Limited Company Registration in Patna, Bihar
If you are planning to start a business or startup by incorporation or registration of a public limited company in Patna in the state of Bihar, the registration of such public limited company will be with Registrar of Companies, Patna office i.e. RoC – Patna. All public limited companies within Chennai or any other part of the state of Bihar, is required to be registered with RoC Patna.
Bihar is an agricultural states with more than 74% of its population is employed in the sector. Bihar has a unique location with equidistant from Eastern and Northern parts of India. With extensive road and rail network, state has more than 200,000 Kms of road and almost 6700Kms of rail tracks across the state. Both Golden Quadrilateral and Freight corridor passes through the state with their strategic importance for Industrial growth in the state.
Bihar presently has 52 fully developed industrial areas and mega industrial parks. The main industries in the state of Bihar are Agriculture, textiles, IT & ITeS, electronics and leather products. Few other main manufacturing sectors which are leading to the growth of state economy includes thermal power, renewable energy, aquaculture, communications and hospitality, communications and aquaculture. Bihar also has India’s first manufacturing facility for electric locomotive, as a JV between Alstom and Indian Railways.
Not only this, as per the latest report by World Bank, Bihar ranked 26th out of 36 states in terms of ease of doing business. Although, the entire process of registration of public limited company in Patna, Bihar is online however for any queries or clarification, one can visit RoC regional office at Patna with address given below
ROC-cum-Official Liquidator (ROC cum OL Patna)
Ministry Of Corporate Affairs
Address : High Court Of Patna, Maurya Lok Complex, Block “A” 4th Floor, Dak Bungalow Road, Patna
Phone : No: 0612-6604891
Email : roc.patna@mca.gov.in
Documents required for registration of Public Limited Company in Patna, Bihar
Mandatory documents required for individuals aspiring to become the company’s Directors and shareholders (Indian nationals)
Clear and self attested scanned copies of:
- PAN Card
- Identification proof issued by GoI – Aadhaar, Voters’ ID or passport or driver’s license
- Six months Bank statement with current address
- Utility bills either mobile or gas or electricity with current address
- Latest Passport size photograph
- Specimen signature – Director’s signature on a blank white paper
Mandatory documents required from Individuals aspiring to become the company’s Directors and shareholders (NRIs)
Clear and self attested scanned copies of:
- PAN Card
- Identification proof issued by GoI – Aadhaar, Voters’ ID or passport or driver’s license
- Six months Bank statement with current address
- Utility bills either mobile or gas or electricity with current address
- Latest Passport size photograph
- Specimen signature – Director’s signature on a blank white paper
Proofs for office address for registered office of a Public limited company in Patna, Bihar
Clear and scanned copies of:
- Latest water bill or electricity bill
- Notarized rental agreement in English
- Receipt of the latest rent paid
- In case of owned property – Sale deed or property deed
- NoC from the property owner stating no objection to use property as registered office by company
Note: All the documents should be notarized (if the NRI is currently in India or in a Commonwealth country). All the documents should be notarized and apostille or attested by an Indian embassy (if in a Non-Commonwealth Country).
Here are few issues in documents that lead to rejections while registering a Public Limited Company in Patna, Bihar
Name on the PAN – It is commonly seen that name on PAN is correct. Although, while linking Aadhaar and PAN, lots of anomalies were resolved. However, one need to be double check that name on PAN should be same as we are filing in the company documents. Also a care should be taken that all other proofs that are given should have the same spelling of name as in PAN card.
Utility bills should be latest –Any utility bills enclosed for address proof or otherwise should be latest month. At max not older than 3 months. Older bills may led to rejection of application by Registrar of Companies (RoC).
No Objection Certificate form Office owner –In case the Public limited company is looking to use any premises as their registered office, the no objection certificate from the owner of premises is a must. Even if the premises owner is the director or shareholder in the company, still this requirement persists.
Step by Step Procedure for Registration of Public Limited Company in Patna, Bihar
The minimum prerequisites for registering a Public Limited Company in Patna, Bihar are as follows
- Minimum of 7 shareholders are required for incorporation of Public Limited company in Patna, Bihar
- Minimum of 3 directors are required for incorporation of Public Limited company in Patna, Bihar
- DIN for all the concerned directors
- Minimum share capital worth Rs. 5 lacs.
- At least one of the promoters should be a resident of India.
Let us understand the step by step process for registration of Public Limited Company in Patna, Bihar
STEP 1 : Application of DSC and DIN
The foremost step for all the promoters or would be Directors of a Public Limited Company is to apply for the Digital Signature Certificate and DIN. The digital signature is an online signature used for the purpose of filing while the DIN refers to Directors Identification number issued solely by the Ministry of Corporate Affairs (MCA).
- DIN for 3 Directors
DIN or Director Identification Number is a registration of Directors with Registrar of Companies. Similar to PAN or Aadhaar, it is the mandatory registration required for becoming Director in any Public Limited Company in Patna, Bihar.
- DSC for 7 Directors/members (Digital Signatures)
DSC or Digital Signature Certificate is the signatures of director that enables to sign any document in the digital form. All documents that are filed online with RoC or MCA requires digital signatures. Directors needs to obtain this to file any such documents on behalf of any Public limited company in Patna, Bihar, one need to sign digitally, using this DSC.
If the directors already have obtained both the DSC and DIN, then they can easily skip to the next step.
STEP 2 : Filing the Name for the Public Limited Company in Patna, Bihar
The application for the name of a Public Limited company in Patna, Bihar involves sending 3 different options for your company’s name (of your choice) to the MCA, of which one will be selected. The options of names you send in should be unique and suggestive of the company’s characteristic features.
The name of a company is of utmost importance as it sets the tone for your company and forms the first impression of your organisation amongst your customers, business associates and all stakeholders. Which is why you have to make sure you select 3 thoughtful unique options for the name of your company.
● A simple and short name is preferable – You should always go for names that are easy to pronounce as well as easy to remember. Yet the name should be remarkable enough so that it creates a positive imprint of the company in people’s minds.
- Should be thoughtful and meaningful – You should ensure that the name of the company is not unrelated to the business or lacking meaning. It should fit the company’s branding and reflect the brand values very well.
- A completely new and unique name is necessary – It goes without saying that you cannot have a name that is already the name of an existing trademark or registered company. of your company should not be identical to an existing company or trademark.
- A fixed Suffix – The name of the company should always end with the suffix “Public Ltd.” in case of a Public Limited Company.
Offensive/illegal names should be avoided at all costs – You have to ensure that the name of your company doesn’t go against the law. It should not be abusive or against the customs and beliefs of any religion or community to avoid all controversies and legal troubles.
STEP 3 : The submission of MOA & AOA
Once the name is approved by the MCA (Ministry of Corporate Affairs), the next step is to draft a “Memorandum of Association” and the “Articles of Association”. Both the MOA and AOA will be filed with the MCA and the “Digital Signature Certificates (DSC)”, as it is mandatory to have those attached with both.
Memorandum of Association
Memorandum of Association (MoA) represents the charter of any Public limited company in Patna, Bihar. Being a legal document which is prepared while the incorporation and registration of a Public limited company, it defines the precise relationship with shareholders and the main objectives along with other objectives for which the company has been formed. Any Public limited company can undertake only those activities as mentioned in the object clause of in the Memorandum of Association.
Articles of Association
Article of Association (AoA) specifies the regulations on basis of which the company will be managed. It not only lay down the duties, rights and powers of management that will manage the company. It may be considered as the subsidiary to the Memorandum of Association (MoA). Articles of Association articulates the guidelines that should be followed to achieve the objectives of the company laid down on object clause. Objectives of AoA is bring clarity in the relationship among the Public limited company and its shareholders. It primarily contains information related to share capital, transfer of shares, voting rights of the shareholders, the appointment of directors, accounts, an audit of the company etc.
Step 4 : Apply for forming a Public Limited Company in Patna, Bihar
Once the name is approved as per step 2, the members or promoters of the company needs to apply for registration of Public limited company within 60 days of name approval by filing the required forms, which are Form 1, Form 18 and Form 32. The drafted memorandum and articles of association as per Step3, needs to be submitted along with the forms as an attachment. The stamping of the memorandum and articles of association is required to be done with the appropriate stamp duty. Also, the Memorandum and the Articles of Association is required to be signed by at least two subscribers along with mention of details like father’s name, occupation, address and the number of shares subscribed. This also requires to be witnessed by minimum of one person.
It is important to note that date of signing of Memorandum of Association and Articles of Association ahould be after the date of stamping, else may lead to rejection by RoC.
To apply for the incorporation of Public Limited Company in Patna, Bihar, you need to login the MCA portal at https://mca.gov.in . The duly filled forms along with all relevant attachments is now ready for submission and can be submitted on MCA portal.
STEP 5 : Receival the Incorporation Certificate of Public Limited Company
Normally, after the submission of form, it takes around 15- 25 days to form a Public Limited Company in Patna, Bihar and obtain the Incorporation Certificate. This Incorporation certification is nothing but a proof of the fact that the Public limited company has been created in India following all government mandates. It will also contain the CIN number i.e. Corporate Identification Number also referred to as CIN . CIN is a unique identification number, assigned to the company formed under Companies Act 2013, by the ROC (Registrar of Companies) in various states under the MCA (Ministry of Corporate Affairs).
Steps to be taken after incorporation of the Public Limited Company in Patna, Bihar
- Applying for PAN and TAN for the company (within 30 days).
- Filing of form INC-22 regarding details about permanent registered office of the company (within 30 days).
- Opening of Bank Account after passing a resolution in first board meeting of the company. The documents required for opening a current account for a company are as follows:
- Certificate of Incorporation of the Company
- Copies of Company Incorporation documents such as Memorandum and Articles of Association of the Company.
- Permanent Account Number (PAN) of the Company
- Board Resolution of Opening and operation of bank Account
- KYC details for Directors and Shareholders of the Company
- Initial deposit amount in form of cheque as a capital from shareholders
- Infusion of Initial Capital by the Subscribers of Memorandum within 60 days of incorporation
- Initiating the Books of Accounts for the company (within 30 days)
- Appointment of First Auditors by Company by board of Director till the conclusion of first AGM.
- Registration under Shop and Establishment Act with local authorities.
- Professional Tax Registration for Employer & Employee
- Issue of Share Certificate to the Shareholders or Subscribers of MOA
- The Company may commence business within 180 days of incorporation
- Goods and Services Tax (GST) Registration
- Trademark Registration
Fees and other charges for registration of Public Limited Company in Patna, Bihar
Digital Signature Certificate Cost of
· Rs. 1500 to Rs.2000 per signatory for the period of 2 years
DIN Registration Cost to Register a director for Public limited Company
- DIN Application Fee i.e is 500 Rupees per DIN
- Stamp Paper for Affidavit charges 20 Rupees per DIN
- Notary Charges – 50 Rupees per DIN
- Professional Fee which is charged by Chartered Accountant for Certifying your Application.
Fee for Name Approval for Public Limited Company in Patna, Bihar
- 1000 per application
Fees for Filing form for incorporation of the Public limited Company in Patna, Bihar with RoC
The fees for registration of a Public limited company depends upon the Authorised capital of the company.
| Sr. No | Particulars | Calculation | Amount is Rs. | |
| 1 | DIN for 3 Directors | Rs. 500 per DIN | 1500.00 | |
| 2 | DSC considering 7 directors/members | Rs. 1500 per DSC | 10,500.00 | |
| 3 | Company name approval | Rs. 1000 per application | 1,000.00 | |
| 4 | Stamp Papers and notary charges | depends on number of affidavit, certification and declarations | Rs.1500 (approx if requirement is for 2 directors) | |
| 5 | Company Registration | |||
| I | Filling of form INC 7 | 300.00 | ||
| II | MOA | 2000.00 | ||
| III | AOA | 300.00 | ||
| IV | Form INC 22 | 300.00 | ||
| V | Form DIR 12 | 300.00 | ||
| Total | 3,200.00 | |||
| 6 | Stamp Duty Charges for MOA, AOA and Form INC 7 (cost varies from state to state) | 1500 Avg. | ||
| Total Government Cost of Company Registration | 19,200.00 | |||
Note : The charges may vary from state to state. It is only to give an idea about the charges and levies required other than professional charges.
Why Seedup.in
All in all, it is not much of a hassle to get a Public limited company registered in Patna, Bihar if you know the complete process. Seedup.in helps you professionally and to not only simplify the process but also guide you with clauses and tips that helps you incorporation of the company think of the long term objectives.
Our professionals walk along with the startup and pave the smooth path for successful funding and growth of the company.
as a Public limited company with seedup.in. All you have to do is register yourself with seedup.com and we will be at your service.
