Public Limited Company Registration2022-07-18T11:53:32+05:30

Public Limited Company Registration

Public Limited Company (also known as Limited Company) is generally suitable for large scale business that have huge capital requirement. The shares of a public limited company can be easily listed and traded on a stock exchange. It can induct unlimited shareholders and there shall be no restriction on transfer of shares.

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    Public Limited Company Registration

    Public Limited Company is a company form of organization consisting of at least 7 members. It is usually preferred by promoters who are willing to induct a large number of shareholders or want to list its securities on the stock exchange. There is no upper limit on the number of members, it can induct unlimited members into the company. Also, there is no requirement of minimum paid-up capital in the company

    A Public Limited Company shall have a minimum of 3 directors on the Board. Also, a public company is required to add the words “Limited” at the end of its name. The shares or debentures of this company can be acquired by the general public and such securities shall be freely transferable. Every shareholder of the company has the freedom to transfer shares to any other person. The liability of members and directors is limited up to the unpaid amount of share capital towards banks/creditors.

    Public limited companies are suitable for businesses that have a large requirement of capital, as it enables to raise money through the issue of shares to a large number of people. Issue of shares to the public is generally prohibited in a private limited company, OPC, LLP’s, etc. However, public limited companies are subject to stringent compliance and disclosure.

    Features of Public Limited Company Registration

    • A Public Company must have a minimum of 7 (seven) members, but there is no limit on the maximum number of shareholders.
    • The name of Public Limited Company shall end with the word “Limited”.
    • There is no restriction on the transfer of shares in a public limited company.
    • There must be at least 3 (three) directors out of whom at least 1 (one) director shall be a permanent resident of India.
    • A public company can issue shares to public and raise money by way of Initial Public Offer (IPO), Further Public Offer (FPO) etc.

    Advantages Of Public Limited Company Registration

    • Separate legal entity which limits your liability

      Once the company is registered, it becomes a separate artificial person in the eyes of law and the liability of each member or shareholder is limited upto the unpaid amount of shares. It means that if a company faces loss under any circumstances, then its shareholders are not liable to sell their own assets for payment. Thus, the personal, individual assets of the shareholders are not at risk

    • No limit on Members/Shareholders

      A public limited company should have a minimum number of seven shareholders/members and there is no prescribed limit for the maximum number of members. It can have as many shareholders as its share capital can accommodate.

    • No minimum capital required

      After the Companies Amendment Act 2017, the minimum requirement of capital of Rs. 5 lakhs for public limited companies was abolished. So now, a company can be formed even with minimum capital (Ex. Rs. 7000)

    • Easy to allocate and transfer shares

      One of the biggest advantages of a public limited company is that it can easily allocate shares to the public and raise money through a public offering (IPO/FPO). On the other hand, shareholder also has the advantage of freely transferring shares to any other person which provides him liquidity and easy exit option.

    • Perpetual Succession

      A company has ‘perpetual succession’, that is continued or uninterrupted existence until it is legally dissolved. A company, being a separate legal person, is unaffected by the death or other departure of any member but continues to be in existence irrespective of the changes in membership.

    • Popular form of Business

      Public limited companies are much popular and visible to the general public due to various reasons. They can issue shares, debentures, and bonds and can raise money through it. Further, Public limited companies are strictly regulated and are subjected to stringent compliance, which makes them preferable for banks, investors, financial institutions, etc.

    • Greater Transparency

      All the unlisted public limited companies have been mandated by law w.e.f. 2nd October 2018 to issue shares and securities in Dematerialised form only. Therefore, now along with listed public companies, unlisted public companies also need to issue and facilitate transfer in Demat form only which provides greater transparency to all stakeholders.

    Requirements For Public Limited Company Registration

    • Minimum 7 Shareholders

    • Minimum 3 Directors

    • At least 1 Director shall be a permanent resident of India

    • Minimum capital of 7 Rupees

    • DSC’s for all Directors/Shareholders

    What Is Included In Our Public Company Registration package?

    • Company name search and approval

    • Digital Signature Certificate (DSC) for 7 Director/Shareholder

    • Director Identification Number (DIN) for 3 Directors

    • Certificate of Incorporation/Registration

    • Company PAN and TAN

    • Memorandum of Association (MOA) and Articles of Association (AOA)

    • Supporting Document for opening Bank Account

    • Employees State Insurance Corporation Registration (ESIC) and Employees Provident Fund Registration (EPFO)

    • Professional Tax Registration (For Companies registered in the state of Maharashtra and Karnataka only)

    • Company Master File Kit

    Public Limited Company Registration Process

    • Application for Name Approval

      Applicant has to provide 2 different names and main objects for the proposed company which shall be submitted to MCA for approval, out of which one name will be approved. Names provided should ideally be unique and suggestive of company business, it should end with the word “Limited”

    • Application for Digital Signature Certificate (DSC)

      Once the name is applied, we shall apply Digital Signature Certificate (DSC) for shareholders and directors in order to digitally sign the forms. If the directors/shareholders already have DSC, then this step can be skipped.

    • Final Submission of SPICE+ forms along with MOA and AOA

      After the name is approved and DSC is generated, we need to prepare and submit incorporation application in SPICE+ forms along with Memorandum of Association (MOA), Articles of Association (AOA), and AGILE form for final approval.

    • Get incorporation Documents

      It typically takes 3-5 days after final submission to get the incorporation certificate. Incorporation certification is a proof that the company has been registered. PAN, TAN, ESIC, EPFO, Professional Tax registration certificate will also be received simultaneously

    • Opening of Bank Account

      You can submit the Incorporation certificate, MOA, AOA, PAN, TAN, and other required documents to the bank to open your current account and start the business operations.

    Documents Required in Public Company Registration

    • List of documents to be submitted by the Director and Shareholders

      Following are the documents that are required to be submitted by all the proposed directors and shareholders of the company. All documents submitted should be valid and readable.

      • Scanned copy of PAN Card
      • Scanned copy of Aadhaar Card/Voters ID/Passport/Driving License
      • Scanned copy of Latest Bank Statement/Telephone Bill/Post-paid Mobile Bill/Electricity Bill (The address proof shall be recent and not older than 2 months)
      • Scanned passport sized photograph

      In case of foreign nationals or NRI Director and Shareholders, documents list can be checked here

    • Registered Office Proof

      Public Limited Company should have a registered office place in India. The office address can be residential or commercial premises. The address proof shall be recent and not older than 2 months. Following are the list of documents to be submitted as Registered Office Address proof –

      • Scanned copy of utility bill such as Electricity bill/Mobile Post-paid bill/Landline Post-paid bill/Gas bill/Water bill
      • Scanned copy of No-objection Certificate from property owner or whose name appears on such utility bill

    FAQ

    How much time is needed for setting up a public limited company in India?2021-09-02T22:26:16+05:30

    On average it takes 7-12 days for completion of registration, 2 different approvals (Name Approval & Final Approval) are required from government bodies. However, this is dependent on the workload of the Central Registration Centre (CRC), MCA.

    Do I need to be physically present during this process?2021-09-02T22:25:47+05:30

    No, company registration is a completely online process. All the required documents are filed electronically, so you would not need to be physically present at all. You would just need to send us scanned copies of all the required documents & forms.

    Who can be a member of a Public Limited Company?2021-09-02T22:25:02+05:30

    Any individual or organization can become a member/shareholder of the public limited company including foreigners/NRI. However, such a person must be 18+ above in terms of age and should have a valid PAN card.

    Can a salaried person or a person in employment become director of a Public Limited Company?2021-09-02T22:18:42+05:30

    Yes, a salaried person or person in employment can become director of a public limited company, private limited company or LLP. However, one needs to check the employment agreement if that allows for such provisions. In a lot of cases, the employers are quite comfortable with the fact that their employee is a director in another company. However, if there’s a restriction in becoming a director of a company, one can hold shares in a company and become a shareholder alternatively.

    Is it required to have a company’s books audited?2021-09-02T22:03:39+05:30

    Yes, a public limited company should get its book audited and file the same with the Registrar of Companies (ROC) every year.

    Can I register a Public Limited Company at my home or residential address?2021-09-02T22:03:06+05:30

    Yes, you can register the company at their residential address. You need to submit the utility bill copy of your home address along with the No Objection Certificate from the owner of the premises.

    Can directors and shareholders be the same person in the company?2021-09-02T21:55:27+05:30

    Yes, directors and shareholders can be the same person in a company. But if you want to have separation in ownership and management then you can appoint a different individual as shareholder and director.

    Can I induct any other Company or LLP as a shareholder in my company?2021-09-02T21:53:59+05:30

    Yes, you can induct or allot shares to any Private Limited Company, Public Company, LLP, and Registered Society. HUF and Partnership cannot hold shares in any Private Limited Company.

    What are the Authorised capital and paid-up capital of the company?2021-09-02T21:49:19+05:30

    The authorised capital is the maximum limit of capital that a company may raise through the issue of shares to the shareholders. On the other hand, paid-up capital is the amount that is actually paid and subscribed by the shareholders of the company. The Paid-up capital of a company cannot exceed authorise capital of a company. Stamp duty is paid on the authorised capital of a company.

    Is GST mandatory for a Public Limited Company?2021-09-02T21:48:56+05:30

    GST registration is required for those businesses whose aggregate turnover crosses the prescribed limit or such business that does the inter-state supply of goods/services. So, every company has to check whether it supplies goods to different states or qualifies for the prescribed turnover limit or any other conditions as specified under GST laws.

    Is there any renewal process or charge for a public limited company?2021-09-02T21:44:59+05:30

    No, there is no renewal of a public limited company, once it’s registered it will be valid for a lifetime. However, you have to do mandatory compliance every year.

    Do I need to hold my equity shares of an unlisted public company in dematerialized form?2021-09-02T21:43:54+05:30

    Yes, you need to hold the equity share of an unlisted public limited company in dematerialized form only. All unlisted public companies are obliged to get their shares converted into Demat form.

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