Company registration is a big part of a business enterprise. However, there are some things you should know before you register a company. Here’s a look at why it is necessary to do so and some requirements your company needs for registration eligibility.
There are several reasons behind registering your company. You establish your company as a legal enterprise with a legal name and identity. This allows you to get loans on the company name. The loans you take will let you invest in a different company.
The company director usually gets tax benefits and can build goodwill for the brand. You are also legally allowed to designate money that you can use to invest in your company. This money will come from the general public.
Making claims is possible with the help of your company. A global reach can be established using your company's name. Another advantage of a registered company is that while someone can sue your company, your personal life will not be affected.
A registered company also protects from liabilities, which helps preserve a company's assets.
There are a couple of things required that determine if you are eligible to get your company registered or not. They are listed below:
You can only enrol in a company if two or more people are involved. They are supposed to act as directors or shareholders. A company is allotted about 200 shareholders, and the maximum number of directors allowed is 15.
When it comes to business, there is no minimum capital requirement; but it is best if you set one for yourself. This will depend on the requirements of your business. But when it comes to the government fee, it is measured using the company's capital amount.
When trying to start a new company, choosing a name that is not similar to any other existing company is best. Verification with the trademark registry is also necessary, which ensures that the name you have picked does not seem similar to any registered companies or applied trademarks.
General information such as the biodata of the directors and secretaries is required. This includes their full names, their residential addresses, and their DOBs. The same applies to shareholders of the company. When it comes to the company, the registered office's address will be required and the principal place where the business will take place.
You should invent a company name with creativity and a pinch of cleverness. The company brand should be built using this name. If you add a second part to the company name, it would be best to find a word that talks about the company's activity a little more closely. For example, "technologies", "education services", or "immigration consultants". All this will ensure that you have a good, unique company name that will make the registration process a little easier. Ensure that the name is original to avoid confusion and legal trouble over trademarked businesses.
Register a company and allow yourself a sense of higher stability. A registered company displays authenticity. This allows a customer as well as an investor to trust the company. It also boosts the brand image, adding more to develop trust.
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