Public Limited Registration

Public Limited Company

 

A public limited company can be formed under the companies Act 2013. These companies are formed completely within the legal systems. The best feature of a public company is that the shareholders of the company can share their risk by selling shares to the public. There is no restriction of shares of these companies and there is no restriction on the maximum number of its members.                    

According to Section 2 (71) of the Companies Act 2013, a public limited company means a company which is not a private company.

  • A public limited company refers to a company whose shares can be freely bought and sold by members of the general public. In other words, a public Limited Company is a company with no restriction on the transfer of shares. There is no restriction on the maximum numbers of member.
  • The general idea of a Public Limited Company may be similar, differences are meaningful, and are at the core of international law disputes with regard to industry and trade.
  • This company can increase its capital by issuing more shares.

Number of Members:        

Minimum: 7

 Maximum: No Limit  

Number of Directors Required:

 A public limited company should have at least 3 members

Paid up capital of a public Limited Company:

Minimum paid up capital: – 5, 00,000    (This amount can be changed from time to time.)

 Essentials:

  • List of members is mandatory if the number of members is more than 50
  • It is mandatory for operators in a public limited company to take the qualification portion
  • It is necessary for the public limited company to issue a prospectus, in the absence of a prospectus it is necessary to issue substitute entries.
  • Putting a limited word at the end of the name of the public sector company is mandatory

Advantages of a public Limited Company:

  • There is no restriction on sale and purchase of shares of public limited company
  • There is no restriction on its maximum number of members.
  • Public may be invited for appropriation to Shares and Debentures in a public limited company
  • It has been able to raise capital through public buyers
  • Public limited company also allow for easy moving of shares and assets
  • Public sector companies are the most reliable and successful companies
  • The growth rate of public limited companies is higher than other companies and firms
  • Public limited companies are more secure
  • It has higher authorised capital
  • The rules, regulation and management of a public limited company are systematic.

Documents required for the registration of a Public Limited Company

The list of documents required for a Public Limited Company is given below:

  • Aadhar card or Voter identity card of the directors
  • PAN Card of directors
  • Copy of rental agreement or Electricity bill of the public place
  • Passport size photograph of directors

Registration process of a Public Limited Company

The following steps are required to register a Public Limited Company:

  • Identifying the minimum 3 directors and 7 shareholders: It is mandatory for any public limited company to have at least 3 directors and 7 shareholders to register
 
  • Get directors identification number (DIN) of all proposed directors: The DIN is an essential document for company registration. The following documents are required for the DIN:
  1. Electricity bill or
  2. Bank statement copy or
  3. Gas bill or
  4. Mobile Bill or
  5. Any other utility bill
  6. Copy of PAN self attested
  7. Copy of Passport
  • Get Digital Signature Certificate (DSC) of all directors and promoters: To start any company DSC is a very necessary document. DSC is a paperless signature of any person which contains complete information about the user. You can get DSC at the time when you have completed the process of making DSC.  The following documents are required for making a DSC:
  1. PAN Card
  2. Aadhar Card
  3. Electricity Bill or Rent Agreement
  4. Bank account Statement 1st page (signed by the bank)
  5. Application form filled and signed
  6. Photo ID card issued by any government authority bearing the signature of the individual.
  • Selection Head Office Location: First of all it is necessary to have a proper address for the registered office of the company. The registrar of companies will send to the correspondence office address.
 
  • Execution of company registration documents: After the name of the company is approved, the company corporation documents are executed by the promoters in the prescribed format.
 
  • Submission of company registration documents to the ROC (Registrar of Companies): After the Memorandum of Association (MOA) and AOA (Article of Association) are ready, the company should be submitted to the rock centre for registration.
 
  • Allocation of corporate identification of incorporation: The ROC will register the company after verification of MOA (Memorandum of Association), AOA (Article of Association) and other details and will issue the certificate of incorporation (COI). The central ROC will also allocate a Corporate Identification Number (CIN) to the company that is registered. The COI is now issued by the ROC in digital form with the digital signature certificate.
 
  • Payment of subscription money within 180 days: A Public Limited Company could not start its business till then the directors do not declare that the holders have paid the subscription money within 180 days of the date of incorporation.

A company is legally registered after completing all this process and the company can operate its business without any fear.

How can Dial on Financial Service help you?

Dial on financial services helps you in preparing all the documents of company registration and in the company formation. We are provides you all the facilities from company registration to company management. We will register your company with the company process and the new company building process.

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