HOW TO GET A COMPANY REGISTRATION NUMBER OR CIN IN INDIA?
INTRODUCTION
A company’s registration number is a unique identifier assigned to a company by the government agency or authority that registers businesses in the country or jurisdiction in which the company is incorporated. The registration number is typically used to identify the company in government records and to track its compliance with the relevant laws and regulations.
- File the necessary documents with the Ministry of Corporate Affairs (MCA). The documents required for filing the application for CIN are as follows:
- Memorandum of Association (MOA): This is a document that sets out the company’s name, objectives, and other details.
- Articles of Association (AOA): This is a document that sets out the company’s internal regulations.
- Form INC-32: This is a form that is used to apply for CIN.
- Proof of identity and address: This can be a passport, driving license, or voter ID card.
- Photograph: A recent passport-size photograph of the applicant.
- Pay the requisite fees. The fees for filing the application for CIN are as follows:
- Initial registration fee: INR 10,000.
- Annual renewal fee: INR 3,000.
- Track the status of your application. Once you have filed the application, you can track the status of your application on the MCA website.
- Receive your CIN. Once your application has been approved, you will receive your CIN in the form of an email.
You can also get your CIN by visiting the MCA’s website and clicking on the “Get CIN” tab. You will need to enter your company’s name and registration number to retrieve your CIN.
ADVANTAGES
- Increased credibility: Having a CIN shows that your company is legitimate and that you are compliant with the relevant laws and regulations. This can give you an advantage when trying to attract customers, partners, and investors.
- Access to government contracts: In some cases, only companies with CINs are eligible to bid on government contracts. This can be a significant source of revenue for businesses that are active in the government sector.
- Ability to open bank accounts: In some cases, banks require companies with CINs to open bank accounts. This is important for businesses that need to deposit and withdraw funds or make payments electronically.
- Ability to hire employees: In some cases, companies with CINs are eligible to hire foreign employees. This can be a valuable advantage for businesses that are expanding into new markets.
- Ability to obtain licenses and permits: In some cases, companies with CINs are eligible to obtain licenses and permits that are required to operate certain types of businesses. This can be a significant barrier to entry for businesses that do not have CINs.
DISADVANTAGES
- Cost: The cost of obtaining a CIN can be significant. The initial registration fee is INR 10,000 and the annual renewal fee is INR 3,000.
- Time commitment: The process of obtaining a CIN can take some time. It can take several weeks to gather the required documents and complete the application process.
- Burdensome paperwork: The process of obtaining a CIN can involve a lot of paperwork. This can be a burden for businesses that are not used to dealing with government bureaucracy.
- Government scrutiny: Companies with CINs are subject to government scrutiny. This can be a burden for businesses that are not used to being regulated.
CONCLUSION
So, that brings us to the end of this informative piece. We understood the underlying meaning of a Corporate Identification no. We also understood the procedure and compliance requirements of CIN. In the other sections we understood the importance of Registrar of Companies and the registration procedure of the Public Limited Companies. An applicant seeking public company registration must contact a reputed legal and financial consultancy firm.
HOW AURIGA ACCOUNTING HELP YOU
Business Structure Selection: First, Auriga Accounting will work with you to determine the most suitable business structure for your company. In India, common business structures include Private Limited Company, Limited Liability Partnership (LLP), One Person Company (OPC), and more.
Name Reservation: The company’s name must be unique and compliant with regulatory guidelines. Auriga Accounting can help you choose a name that meets these requirements and assist in reserving it with the Ministry of Corporate Affairs (MCA).
Document Preparation: Auriga Accounting will help you prepare the necessary documents, such as the Memorandum of Association (MOA) and Articles of Association (AOA) for a company or LLP Agreement for an LLP. These documents outline the company’s objectives, operations, and rules.
Filing with Registrar of Companies (ROC): Auriga Accounting will assist in preparing and filing the incorporation documents with the ROC, which is the regulatory authority responsible for registering companies in India.
Digital Signature Certificates (DSCs): For online filings, directors and authorized signatories need Digital Signature Certificates. Auriga Accounting can help in obtaining and configuring these certificates.
PAN and TAN Application: Auriga Accounting will help you apply for the company’s Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).
Compliance with Regulatory Requirements: Auriga Accounting will ensure that all necessary compliance requirements, such as obtaining a Director Identification Number (DIN), are met.
Follow-Up and Communication: Auriga Accounting will handle communications with the ROC, respond to any queries or requests for additional information, and ensure that the registration process progresses smoothly.
Obtaining CIN: Once the registration process is complete and your company is approved, you will be issued a Company Registration Number (CIN). This number uniquely identifies your company.
Post-Incorporation Services: Beyond registration, Auriga Accounting can also provide ongoing services, including tax compliance, accounting, and financial reporting, to help you maintain good standing and meet regulatory requirements
