Dear Basu,
As per RBI norms, the company is barred from accepting deposits from the public unless it is established as a NBFC and permission is granted by it to accept public deposits. Moreover, as per companies act, S.58A, a non NBFC company is barred from accepting public deposits.
The normal procedure to set up a private limited company is:
First apply for DIN for the signatories of Memorandum and Articles and the first directors of the company.
Then obtain a DSC in the name of the promoter/director who intends to incorporate the company.
Arrange to get the name approval in Form 1 A, which needs to be applied online by paying Rs.500/- with atleast six names.
Prepare Memorandum and Articles etc. Arrange to prepare MOA and AOA and get it stamped as per stamp act prevailing in your State. Scan the stamped pages of MOA and also the last page of MOA which will be written and signed by subscribers and witness.Convert MOA file and AOA file to PDF file. You will have two PDF file one for MOA and one for AOA. Authorisation letter on a stamp paper for correcting MOA and AOA- to be scanned ( Authorisation letter is only for appearing and correcting the documents) Name approval letter-to be scanned, Franked Form 1 containing the name of the company is enough. - to be scanned. Address proof of the subscribers - to be scanned. Download and fill up Form 1. This has to be digitally signed by a person named in the articles as a director or manager or secretary OR by a CA or ACS or Advocate or Secretary. Better get it signed by director before getting it digitally signed MOA , AOA and Others to be attached.Download and fill up form 18 and 32 affix digital signature and keep it. Then go to MCA site; if you are already registered then log in and click E filing.
Then upload Form 1, after completing it will ask to upload Form 32 and 18. Then it will ask for payment of fees. Once you make the payment thru' credit card or challan get the receipt printed. Carry all the originals MOA, AOA,Form 18,32, Form 1 in stamp paper,, Authorisation letter, name allotment letter, and copy of payment challan and hand over at ROC office. The next day a message will come through email where they will mention whether everything is in order or any correction are to be carried out, if yes, then go to ROC and collect the originals and make the necessary corrections. when ever you make correction on stamp paper it has to be scanned again and converted to PDF file because PDF files can not be edited. Upload again Form 1 with necessary attachment along with Form 32 and 18 again. Then submit the originals again to ROC office. If all the corrections are carried out properly, in a day or two you will get Certificate thru' email and the original incorporation certificate will be dispatched to the address mentioned on Form18.
