Public Limited Company Registration under the Companies Act, 2013 provides limited liability and enables capital raising from the public. Advantages include separate legal entity status, diverse funding sources, easy share transferability, limited liability protection for shareholders, and management by a board of directors.
Brief About Public Limited Registration
Guide to Public Limited Company Registration
A Public Limited Company is a company registered under the provisions of Companies Act,2013. The member of a Limited Company registered in India enjoys the features of Limited Liability and this type of entity is also allowed to raise capital from the public by the issuance of shares.
Key Benefits of Public Limited Registration
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- Separate Legal entity
A public limited Company is considered to be a separate legal entity from the shareholders. The public limited company has a perpetual existence and can have its PAN, bank account, approvals, contracts, licenses, assets, and liabilities. - Multiple avenues of funding
A public limited company raises funds from individuals as well as from financial institutions. The funds may be also raised in equity shareholding, preference shareholding, or debentures. - Easy transferability of shares
It is one of the biggest advantages of a Public Limited Company, the shares can be easily transferred by a shareholder to other legal entities- be it an individual or an organization in India or abroad. The director of the company can also be changed for ensuring the business perpetuity. - Limited Liability
The shareholders of a Public Limited Company are given limited liability protection. In a situation of unexpected liability, the same would be limited only to the company and the not affect the shareholders in any way. - Management
The organization is controlled by the Board of Directors. This Board of Directors is elected by the investors.
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Step 1
Legal Requirements Met
It is necessary to meet all the legal requirements such as Number of Directors, Number of shareholders, minimum paid-up share capital have been fulfilled.
Step 2
Obtain DSC and DIN
The next step is to obtain the DSC and DIN for the directors of the Company. Only a natural person can be a director not any individual or entities like the LLPs or Financial institutions. It is not necessary for the Director to be the shareholder of the Company.
Step 3
Establish Registered Office
To be recognized as a registered office it is necessary to have a proper address of the Company. The Registered office address has to be registered with the Registrar of Company under whose jurisdiction the office falls. This office address is to be entered correctly as all the correspondence related to business will be made to the registered office address. The registration fee will be dependent on the authorized capital of the company.
Step 4
Name Approval Process
Before the procedure of registration, the name of the Company has to be approved by the ROC. For a Public Limited Company, the name must end with the word "Limited". This application will be filed in the RUN form of the Ministry of Corporate Affairs. It is better to provide a list of names in the order of preference, in case a particular name is not available.
Step 5
Execute MoA and AoA
Once the name of the Company has been approved the crucial documents of the Company that is the MoA and the AoA need to be executed.
Step 6
Submit Documents for Verification
Once the documents are prepared, they need to be submitted to the ROC for verification.
Step 7
Company Registration by ROC
Once the verification is done the ROC registers the company and issue the incorporation certificate along with the CIN of the Company.
Step 8
Apply for Commencement Certificate
The business cannot be started immediately after receiving the COI. The business has to apply for a certificate of commencement within 180 days of the COI stating that all the subscribers have paid the subscription money.
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Documents required for Public Limited Registration
Navigate the complexities of business setup effortlessly with our comprehensive document checklist. From identity verification to legal formalities, we cover all the essentials for a seamless registration process. Count on our expertise to guide you through every step, ensuring compliance and peace of mind as you embark on your entrepreneurial journey.
Documents required for Public Limited Registration
Navigate the complexities of business setup effortlessly with our comprehensive document checklist. From identity verification to legal formalities, we cover all the essentials for a seamless registration process. Count on our expertise to guide you through every step, ensuring compliance and peace of mind as you embark on your entrepreneurial journey.
- Minimum 7 shareholders are required to form a Public Limited Company.
- A minimum of 3 Directors is required to form a Public Limited Company.
- A minimum share capital of Rs.5 lakh is required.
- DSC of one of the Directors is needed when the self-attested identity copies and address proof are submitted.
- DIN for the Directors is necessary.
- Application is to be made for the selection of the Name of the Company.
- An application that comprises the main object clause of the company is made. This object clause will define the main objectives of a Company after the incorporation.
- The application is submitted to the ROC along with the necessary documents like MOA, AOA, a duly fille form DIR-12, Form INC 7, and Form INC -22 is needed.
- Payment of the registration fees that are prescribed by the ROC.
- Once the ROC has approved the company should apply for the business commencement certificate.
