Persons who take procedural steps to set up a company and make business preparations for the company are known as what?

The term "promoters" refers to individuals or entities that take the necessary steps to establish a company and prepare it for business operations. They engage in various activities such as drafting the company's founding documents, selecting a suitable name, and arranging for initial financing and registration of the company. Promoters play a crucial role in the early stages of a company's formation, laying the groundwork for its future activities.

This role differs significantly from that of directors, who are appointed to manage the company once it has been established, and shareholders, who hold ownership stakes in the company post-incorporation. Registrars, on the other hand, are typically governmental or authorized officials responsible for maintaining the official registration of companies, but they do not engage in the preparatory steps necessary to create a company. Thus, the role of promoters is unique in its focus on the initial setup and preparation for business, making this answer the most accurate.