The basic requirement for formation of company in India is are follows
1. Minimum of 2 directors
2. Minimum of 2 shareholder
3. where the director or shareholder can be the same person
4. minimum share capital Rs. 100000 ( INR one lac)
5. Director identification number
6. Digital signature of one director
With the passing of Company Act, 2013 the opportunity for incorporation of company by individual be more easy. Any individual can form one person company as a director where the requirement limits for director identification number and share holder is only one.
Where the company exceed the limits of 10 employees , the requirement for taking provident fund becomes mandatory.
After incorporation, For running their business obtaining PAN for a company is mandatory, and for filing their income tax return, obtaining tax id is mandatory.
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