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Business Name Approval Process in India
Step 2: Reserve the business name: After making sure the name you choose is available, you may reserve it by completing an RUN (Reserve Unique Name) form on the MCA21 site. The new company must include basic information on this form, such as its intended name, its line of business, and the names and addresses of its proposed directors. It normally takes 2-3 working days to reserve a name.
Step 3: Obtain Director Identification Number (DIN): All directors of the proposed company must obtain a DIN through the MCA21 portal by filing a DIR-3 form. A DIN is a unique identification number assigned by the government to individuals who are directors or proposed directors of companies. The DIN application process requires personal and professional information about the director, including their name, address, date of birth, and educational qualifications.
Step 4: File Incorporation Papers: The last step is to file incorporation papers, which include the Memorandum of Association (MOA) and Articles of Association, after reserving the name and collecting DINs (AOA). The MOA and AOA set forth the fundamental goals and organisational structure of the firm, together with its name, address for its registered office, allowed capital, and the responsibilities of its directors. E-forms like SPICe (Simplified Proforma for Incorporating Company Electronically) or INC-32 can be used for this through the MCA21 portal. Depending on the company's allowed capital, different incorporation fees apply.
Step 5: Getting an incorporation certificate: The Registrar of Companies will issue a Certificate of Incorporation, which serves as official acknowledgment of the newly founded business, when the incorporation papers have been submitted and accepted. The name, registration number, and establishment date of the firm will be listed on the certificate. This certificate must be kept in a secure location as it is necessary for a number of processes, including opening a bank account, registering for taxes, and getting permits.
Step 6: It is important to note that these steps may vary based on the type of business entity you are looking to establish (e.g., private limited company, limited liability partnership, etc.). Additionally, it may be a good idea to seek the assistance of a professional (e.g., a company secretary or a lawyer) to ensure that the process is completed correctly. This is especially true for individuals who are unfamiliar with the legal and regulatory requirements of setting up a business in India.
To Sum up, the process of obtaining approval for a business name in India requires careful planning and attention to detail. By following the steps outlined above and seeking professional assistance as needed, entrepreneurs can ensure that their business name is approved in a timely and efficient manner, allowing them to focus on the important task of growing their business.
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13 Feb
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