Company Registration and Compliances: Services

Public Limited Company Registration

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What is Public Limited Company Registration

Public Limited Companies are companies whose shares are traded in stock market or issues fixed deposits. For Public Limited Company Registration, the company must have minimum 3 Directors, 7 Shareholders and Maximum 50 Directors and need Rs 5 Lakhs of Paid up Capital. A Public limited company have all the advantages of Private Limited Company and the ability to have any number of members, ease in transfer of shareholding and more transparency. Public Limited Registration is done through Raag Consultants.

Choose Public Limited because

More preference is given to public limited company in giving loan.
By following compliance public limited company can list its shares on stock exchange.
Shareholders can transfer their Shares with great ease.
Limits the liabilities of its partners.

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Advantages to Register a Public Limited Company

Easy Fund Raising

Public Ltd. Company registration process is stringent enough to make this structure credible among others which makes fundraising or borrowing from external sources easier. The organization itself provides a number of ways to raise funds in the form of private equity, ESOP, and more.

Management and Ownership Separation

The separate ownership and management help both – the company and the management to focus on their potential works. The shareholders assign responsibility to operate and run the company without losing control in the form of voting.

Separate Legal Existence

Once the Company registration in India is done, a legal entity is born in eyes of law. This separates itself from its owners and managers. The company can operate on its own name simply by opening a bank account to own assets and enter into contract with parties. This also provides right to sue third parties in case of any defaults.

Continue Existence

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

Owners’ Limited Liability

The company’s obligation or debts of does not create a charge over the owner’s personal assets. Their liability stays limited only to the capital subscribed and unpaid by them.

Eligibility to Start a Public Limited Company

This is one of the most important question that is asked by every person who is willing to start a company in India.Through there is no restriction on anybody to form a company in India, but still, we would like to discuss some special cases:

Students: Students over and above the age of 18 can form any type of company in India.
Employees: Employees are generally not allowed by their employers to form a company and be a director. They may hold shares but cannot take position as director. If you want to open a company, then check your employment agreement and you may also seek permission from the respective employer.
Person with criminal background: Though they are not barred to form a company, however, they need to give various declarations to the ROC.

What all you can do under Public Company Registration?

A Public Company can do:

Do any type of business except which is specifically restricted by law.
Declare and pay dividend (profits) to their owners/shareholders subject to CDT @ 18.5%.
Accept loan from from its directors.
Can issue shares at premium and raise funding at high value even from public.

A Public Company cannot do:

Cannot accept deposits from general public. Check before accepting anything in a public company.
Cannot give any loan to its director or his relative. Further company should not be used to divert funds.
Cannot issue any unsecured debentures, bonds etc.
Cannot function beyond what is mentioned in the MOA and AOA of the company.

Passport size photograph of directors

Documents Required to Register a Public Limited Company

Copy of PAN Card of directors

Copy of Aadhaar Card/ Voter identity card of directors

Electricity/ Water bill (Business Place)

Copy of Property papers(If owned property)

Copy of Rent agreement (If rented property)

Landlord NOC (Format will be provided)

Checklist for Registering a Company in India

According to the law in the Company Act, 2013 in order for any company to be registered in India, the below conditions have to be met.

Minimum Seven Persons:

A company can be registered in India, by at least seven persons, who shall act as the shareholders of the company. There is no limit on the number of shareholders and the minimum director required is 3 which cant exceed 15 directors.

Unique Name:

The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India.

Resident Director:

One director of the company must be resident in India. A person is said to be resident if he or she stays in India for at least 182 days during the preceding financial year irrespective of their citizenship. The days of stay can be in phases.

Capital Requirement:

Invest as per requirement of your business, and there is no minimum capital requirement as such to be maintained in the company. However, the government fee on company registration is calculated on the capital

How to Register Company Online? - A detailed registration process

There are various rules and regulations prescribed under the companies act, 2013 for the formation of a public limited company. Here is what you should keep in mind when registering a public limited company:

Minimum 7 shareholders are required to form a public limited company
Minimum of 3 directors is required to form a public limited company
The minimum share capital of Rs. 5 lakhs is required
Digital signature certificate (DSC) of one of the directors is needed while submitting self-attested copies of identity and address proof
Directors of the proposed company will need a DIN
An application is required to be made for the selection of the name of the company
An application comprising the main object clause of the company is to be made. This object clause will define what a company will pursue after its incorporation
Submission of the application to ROC along with the required documents like MOA, AOA, duly filled Form DIR – 12, Form INC – 7 and Form INC – 22 is needed
Payment of the prescribed registration fees to the ROC is required
After obtaining an approval from the ROC, the company should apply for the ‘certificate of business commencement.’

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Frequently Asked Questions

Q. What is the difference between a listed company and a public limited company?

A.The difference between listed company and public company is very simple. A public company when go to public to raise capital, it had to get registered with stock exchange and once it is registered, then it is also known as listed company.

Q. What is practical meaning of Public Limited Company? and list some of the examples?

A. Practically, public limited company is formed only when someone is planning big like setting up manufacturing plant, opening IT infrastructure etc. Generally, people prefer private Limited Company and public limited company is least preferred. However, if you are serious and planning big, the public limited company is chosen.

Some of the example of Public Limited company are Reliance Communications Limited, TATA Steel Limited etc.

Q. What do you mean by listed company?

A. Any company who wants to raise funds through general public, first have to get themselves listed on any recognized stock exchange. Any company which is being recognized or listed on any stock exchange, is known as listed Company. Like Infosys, Tata, ICICI Bank etc.

Q. How can a public company raise funding from general public?

A. Public limited companies is the only class of company which is allowed to raise funds from the general public. The process of listing a company and raising the funds from public by making offer is known as Initial Public Offer (IPO). IPO is the process through which shares are offered by the companies to raise funds.

Q. What are statutory compliances of Public Limited Company?

A. There are various statutory compliances prescribed for Public Limited Company in India. Here are glimpse of some of the compliances:

Have to conduct atleast 4 board meeting during the year.
Have to file AGM every year and do the respective filing like MGT 7, AOC 4 etc.
Have to go through an yearly mandatory audit to be done by a Practicing Chartered Accountant.
Need to keep record of register of Members, Minutes book etc.

Q. What are major features/characteristics of the Public Limited Company?

A. Here are some major features/characteristics of a Public Limited Company:

It can bring Initial Public offer (IPO) to raise funds and can become the listed company.
It is the superior form of business and hence compliances and controlling provisions are applicable as per Companies Act, 2013.
It is not considered a small company and cost of registration and maintenance is high.

Q.Can a NRI/Foreign national incorporate a Public limited company? and can he hold directorship under limited company?

A. Yes, NRI and foreign National can incorporate a public limited company in India without even coming to India. As per the law, all the documents needs to be notarized or apostle from the public notary or Indian embassy of the foreign Country.

Further, NRI and foreign national can also become director in the company.

No. The Companies (Incorporation) Third Amendment Rules dated 27th July 2016 has relaxed the mandatory attachment of proof of identity and residence in respect of a subscriber having a valid DIN.

Q. What is the minimum capital requirement for Public Limited Company in India?

A. There is no minimum capital requirement for public limited company incorporation in India. Earlier, it was 5 lakh, however to provide ease of doing business in India, the requirement of minimum capital for Public company is withdrawn.

Q. Can procedure for public limited company registration be done totally online?

A. Yes, the company can be incorporated online and you don’t need to be present in person. We take care of all the formalities with ease. Raag Consultants is a leading brand in company registration in India.