Any individual having a business idea can bring it to life through the incorporation of the business. Every individual, including a foreign national or NRI or even a student who has attained the age of maturity, can incorporate a company in India. An entrepreneur can start his own company or Limited Liability Partnership (LLP) or partnership firm or proprietorship firm for carrying out his business activities.
Before incorporating any business, an individual/entrepreneur must have certain basic documents ready. These basic documents make the incorporation process easy and quick as they are required to be submitted to the respective authorities at the time of registration. The preliminary documents required before going for incorporation are covered below.
Aadhaar Card
The UIDAI (Unique Identification Authority of India) issues the Aadhaar card containing a 12-digit random Aadhar number to the residents of India after the satisfaction of the verification process laid down by the UIDAI. It serves as proof of identity for an individual.
Aadhar is mandatorily required to obtain the Digital Signature Certificate (DSC) by the directors and partners of the company and partnership firm/LLP, respectively. Aadhar is issued to the residents of India, including minors. However, it can be obtained by foreigners or NRI’s (Non-resident Indian) residing in India for more than 12 months. It takes around 60-90 days to obtain an Aadhar card after receiving the enrollment acknowledgement slip.
PAN Card
The Income Tax Department issues the PAN (Permanent Account Number) card to all taxpayers in India. It is a unique identification number and mandatory for a company, firm, or business or anyone who pays tax in India to obtain a PAN card. PAN is an electronic system that records all tax-related information of the company or firm or individual. Even the foreign nationals and entities incorporated outside of India can obtain a PAN card by filing Form 49AA with NSDL.
PAN card of the proposed directors or partners is mandatorily required to incorporate a company or LLP or partnership firm or proprietorship firm. It is also needed to obtain loans, open a bank account, and serve as identity proof when initiating a foreign currency exchange. After applying for the PAN card, it will be dispatched within 15 days and delivered by post.
Proof of Identity
The proof of identity of the proposed directors or partners of a company or LLP/partnership firm is required to be submitted at the time of incorporation. The driving license, Voter’s ID or Passport, can be produced as proof of identity of the director or partner.
Proof of Address
The proof of address of the directors or partner or proprietor is to be given at the time of incorporating a company or LLP or proprietorship or partnership firm. Any one of these following documents can be given by the directors or partner or proprietor as proof of address:
- Latest bank statement
- Telephone bill
- Mobile bill
- Electricity bill
Note: These documents mentioned above should not be older than one month, and they need to mention the complete address. The name of the individual in all three KYC documents, i.e. the PAN card, proof of identity, and address, should match.
Proof of Address of Registered Office
Proof of the company’s registered office address or firm’s registered office address is required at the time of incorporation and GST registration. The water bill or sale deed of the property on which the registered office is situated can be given as proof of the registered office address.
If the registered office is situated on rented or leased premises, then the No Objection Certificate (NOC) from the landlord is to be submitted. For GST registration, the property tax, electricity bill or rental agreement of the registered office can be given as the proof of address of the registered office.
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