In addition to being the capital of Maharashtra, Mumbai was previously known as Bombay until 1995 and is considered the second fastest-growing market in Asia. The city has always been an attractive destination for entrepreneurs. The city is a center for the entertainment industry and brings in a lot of revenue. It also has the highest population density among all metropolitan areas, making it the heart of the city. Would you like to start a business in Mumbai? Having your business registered is the most important step in establishing legal presence. This article discusses how to register your business online in Mumbai, where you can get many ideas for starting a new business.
What is a Company Incorporation?
The incorporation or registration of a company is the act of forming a company according to the legal provisions defined by the Central Government of India through the Ministry of Corporate Affairs (MCA). A business can be registered under any type of company the owner chooses.
Various types of business registration
- Private Limited Company Registration: The Company registration process is performed online, and there will need to be at least two shareholders as well as two directors for a Private Limited Company to be registered.
- Limited Liability Partnership Registration: This type of business structure is where two or more individuals join forces for the purpose of providing goods or services while limiting the financial risks of each.
- One Person Company Registration: One Person Companies are incorporated as Private Limited Companies with only one member and they have forbidden invitations to the public to subscribe for their securities.
- Nidhi Company Registration: Nidhi Companies are companies engaged in the non-banking finance sector in India. They lend and borrow money from their members.
- Section 8 Company Registration: The Section 8 Company is a not-for-profit organization with charitable or not-for-profit purposes.
There are advantages and disadvantages to each type of company. There can be many factors affecting a business owner’s decision, including the capital, shareholders, and directors. First, let’s talk about company registration requirements.
Documents needed for registration
- Contact information for directors, including email addresses
- Directors’ photos
- The rental agreement for office space or proof of ownership
- Along with electricity bills
- Copies of AADHAR cards
- Copies of directors’ PAN cards
- Any other information needed
Company Registration/Incorporation Benefits
- Invest/fund your business.
- This will limit your liability.
- Increased brand recognition and enhanced trust.
- Business identification and recognition.
- A variety of tax benefits.