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
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